FirstBank has integrated the Pan-African Payment and Settlement System (PAPSS) into its LIT app, enabling customers to make instant, secure, and local currency-based cross-border payments across Africa, reports ITREALMS.
This integration reduces transaction costs, improves settlement efficiency, and increases access to digital banking services.
The integration of PAPSS into the LIT app is a testament to FirstBank's commitment to delivering innovative, customer-centric solutions that simplify and enhance financial transactions.
This milestone aligns with the Bank's strategic goal of deepening digital capabilities and expanding access to seamless cross-border payment services across Africa.
With PAPSS now live on the LIT App, FirstBank is breaking down barriers to payments, trade, and financial inclusion across Africa.
Customers can now send funds conveniently to other countries in Naira, without needing US dollar, GBP, or Euro conversions.
This landmark integration enables real-time cross-border payments in local African currencies, expands access to digital banking services, promotes financial inclusion, supports SMEs, and fosters growth under the African Continental Free Trade Area (AfCFTA).
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