FirstBank Integrates PAPSS for Seamless Payments in Africa
The Pan-African Payment and Settlement System (PAPSS) is designed to facilitate payments between African countries in local currencies, developed by the African Union, Afreximbank, and the AfCFTA Secretariat. FirstBank is helping customers adopt PAPSS for seamless transactions.
Before PAPSS, transferring money from Nigeria to Ghana involved currency conversion and delays of 3-5 days. With PAPSS, payments are completed in minutes, directly between African banks.
FirstBank has integrated PAPSS into its LIT App, FirstMobile, and FirstOnline platforms, allowing users to pay suppliers in Ghana using Naira without foreign currency conversions. PAPSS supports payments in 42 African currencies across over 15 countries, with a transaction limit of up to the Naira equivalent of $2,000 per month on digital channels.
Customers can pay suppliers, send money to family, and pay for services across participating countries. To use PAPSS, customers need a FirstBank account and must provide beneficiary details to initiate transfers.
Plus234Feed summary based on reporting from Legit.ng. Read the original report below.
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