FirstBank has integrated its LIT mobile banking app with the Pan-African Payment and Settlement System (PAPSS), enabling instant cross-border transactions in local African currencies. The integration, confirmed in April 2024, allows users across Africa to send and receive money directly through the LIT App without relying on third-party intermediaries or foreign currencies. PAPSS, a continental initiative backed by the African Export-Import Bank and endorsed by the African Central Banks, aims to simplify intra-African trade by settling payments in local currencies within seconds. FirstBank is the first major Nigerian financial institution to adopt the platform at the retail banking level. The move supports the African Continental Free Trade Area (AfCFTA) agenda by reducing transaction costs and settlement times. A bank spokesperson said the integration reflects FirstBank's commitment to "driving financial inclusion and seamless trade across Africa." The service is live and available to all LIT App users.
FirstBank's rollout of PAPSS through its LIT App marks a rare instance of a Nigerian institution leading rather than following in continental financial innovation. While many local banks wait for regulatory nudges, FirstBank has taken a proactive step by embedding a pan-African payment solution directly into a consumer-facing app used by millions.
The significance lies not just in technology but in timing. With AfCFTA struggling to gain practical traction, the ability to move money across borders in local currencies breaks a major bottleneck. The fact that PAPSS bypasses the dollar and reduces settlement from days to seconds addresses a long-standing friction point for small traders and freelancers who previously paid heavy fees via informal channels or Western-based platforms. FirstBank's early adoption gives it a strategic edge in shaping Africa's financial rails.
Ordinary Nigerians—especially diaspora workers, digital freelancers, and small business owners—now have a faster, cheaper way to transact across African markets. This could boost informal trade and remittance flows that have long operated in the shadows due to cost and complexity.
It also signals a shift: African solutions, built by Africans for Africans, are beginning to define the continent's financial future—without waiting for Western approval.
