FirstBank Enhances LIT App with PAPSS Integration

FirstBank, recognized as West Africa's premier financial institution, has integrated the Pan African Payment Settlement System (PAPSS) into its flagship digital banking platform, the LIT app. This integration facilitates live, custom fund transfers across participating African countries, enabling transactions in local currencies.

As a result, FirstBank customers will no longer need to rely on complex correspondent banking arrangements that incur heavy foreign exchange conversion costs when transacting across African borders. The integration aims to improve efficiency and reduce costs, particularly benefiting Nigerian and African users who primarily operate in local currencies.

It simplifies cross-border trade and remittance flows, allowing individuals and businesses to participate more easily in regional markets. This move aligns with the African Continental Free Trade Area (AfCFTA) goals of creating a unified African market and strengthening intra-African commerce.

The LIT app, already featuring virtual cards and scheduled payments, becomes a stronger enabler of pan-African commerce with the PAPSS integration.