FirstBank Integrates PAPSS for Seamless Payments in Africa

FirstBank, Nigeria’s leading financial institution, has incorporated the Pan African Payment Settlement System (PAPSS) into its LIT App, FirstMobile, and FirstOnline platforms. PAPSS, launched in January 2022 by Afreximbank and the African Continental Free Trade Area (AfCFTA), serves as a centralized financial market infrastructure for real-time cross-border payments in local currencies across Africa.

This system addresses the challenges of high costs and delays associated with traditional correspondent banking, allowing businesses to conduct transactions efficiently. With transaction fees capped at $16 and payments completed within minutes, PAPSS enhances the ease of cross-border payments.

The platform supports financial inclusion and economic integration, crucial for unlocking intra-African trade. However, documentation rules apply for transactions exceeding $2,000 for individuals and $5,000 for corporates.

The Central Bank of Nigeria (CBN) has facilitated this initiative, which is expected to boost the adoption of digital products for cross-border transactions and intra-Africa trade.