FirstBank Integrates PAPSS into LIT App for Seamless Cross-Border Funds Throughout Africa

FirstBank, the premier financial institution in West Africa and a number one monetary inclusion service supplier, is thrilled to announce the profitable integration of the Pan-African Fee and Settlement System (PAPSS) into its flagship digital banking platform, the LIT app, enabling prospects to make on the spot, safe, and native currency-based cross-border funds throughout Africa.

PAPSS, developed by the African Export-Import Financial institution (Afreximbank) in collaboration with the African Union and the AfCFTA Secretariat, permits on the spot, low-cost funds in native currencies between African international locations.

Talking on the mixing, the Group Govt, e-Enterprise and Retail Merchandise at FirstBank, Chuma Ezirim, stated, “The combination of PAPSS into the LIT app is a testomony to FirstBank’s dedication to delivering modern, customer-centric options that simplify and improve monetary transactions. This milestone aligns with the Financial institution’s strategic aim of deepening digital capabilities and increasing entry to seamless cross-border cost companies throughout Africa.”

Commenting on this collaboration, Mike Ogbalu, CEO of PAPSS stated, “Each time a person, an SME or a Firm sends cash immediately inside Africa in their very own foreign money, we’re not simply shifting funds, we’re connecting ambitions, supporting livelihoods, and bridging desires throughout borders. This collaboration with FirstBank and their LIT app brings us a step nearer to creating African borders invisible to motion of cash, in order that the continent’s entrepreneurs and households can deal with what issues most: constructing their future, not battling cost obstacles.”

The LIT App, FirstBank’s modern digital banking platform, presents a variety of options together with digital playing cards, scheduled funds, and a number of transfers in a single go, designed to satisfy the dynamic wants of shoppers. The addition of PAPSS expands its capabilities to help cross-border commerce, particularly for people and SMEs engaged in pan-African enterprise.

With PAPSS now stay on the LIT App, FirstBank is breaking down obstacles to funds, commerce and monetary inclusion throughout Africa. Clients can now ship funds conveniently to different international locations in Naira, with no need US greenback, GBP or Euro conversions. This landmark integration permits real-time cross-border funds in native African currencies, reduces transaction prices, and improves settlement effectivity. It additionally expands entry to digital banking companies, promotes monetary inclusion, helps SMEs and fosters development beneath the African Continental Free Commerce Space (AfCFTA).

This integration of PAPSS to the LIT app reinforces FirstBank’s management in digital banking innovation and helps the African Continental Free Commerce Space (AfCFTA) agenda by simplifying intra-African transactions.

About FirstBank

First Bank of Nigeria Restricted “FirstBank”, established in 1894, is the premier financial institution in West Africa, a number one monetary inclusion companies supplier in Africa, and a digital banking large.

FirstBank’s worldwide footprints reduce throughout three continents ─ Africa, Europe and Asia, with FirstBank UK Restricted in London and Paris; FirstBank in The Democratic Republic of Congo, Ghana, The Gambia, Guinea and Sierra Leone; FBNBank in Senegal; and a FirstBank Consultant Workplace in Beijing, China. All of the subsidiary banks are totally registered by their respective Central Banks to supply full banking companies.

Apart from offering home banking companies, the subsidiaries additionally have interaction in worldwide cross-border transactions with FirstBank’s non-Nigerian subsidiaries, and the consultant workplaces in Paris and China facilitate commerce flows from Asia and Europe into Nigeria and different African international locations.

For over 13 a long time, FirstBank has constructed an excellent repute for strong relationships, good company governance, and a robust liquidity place, and has been on the forefront of selling digital cost within the nation with over 13 million playing cards issued to prospects (the primary financial institution to realize such a milestone in Nigeria). FirstBank has continued to make vital investments in expertise, innovation and transformation, and its cashless transaction drive has been steadily accentuated with just about over 25 million lively FirstBank prospects signed up on digital channels together with the USSD Fast Banking service by means of the nationally famend *894# Banking code.

With over 43 million buyer accounts (together with digital wallets) unfold throughout Nigeria, UK and sub-Saharan Africa, the Financial institution offers a complete vary of retail and wholesale monetary companies by means of greater than 820 enterprise workplaces and over 280,000 agent places unfold throughout 772 out of the 774 Native Authorities Areas in Nigeria.

Along with banking options and companies, FirstBank offers pension fund custody companies in Nigeria by means of First Pension Custodian Nigeria Restricted and nominee and related companies by means of First Nominees Nigeria Restricted.

FirstBank’s dedication to Range is proven in its insurance policies, partnerships and initiatives similar to its workers’ ratio of feminine to male (about 41%:59%; and 37% ladies in administration roles) in addition to the FirstBank Ladies Community, an initiative that seeks to deal with the gender hole and improve the participation of ladies in any respect ranges throughout the organisation.  As well as, the Financial institution’s membership of the UN Ladies is an affirmation of a deliberate coverage that’s in step with UN Ladies’s Ladies Empowerment’s Ideas (WEPs) ─ Equal Alternative, Inclusion, and Nondiscrimination.

For six consecutive years (2011 – 2016), FirstBank was named “Most Useful Financial institution Model in Nigeria” by the globally famend The Banker Journal of the Monetary Occasions Group and “Greatest Retail Financial institution in Nigeria” eight instances in a row, 2011 – 2018, by the Asian Banker Worldwide Excellence in Retail Monetary Providers Awards.

Considerably, FirstBank’s World Credit score Ranking was A+ with a constructive outlook whereas scores by Fitch and Commonplace & Poor’s have been A (nga) and ngBBB+ respectively each with Steady outlooks as at September 2023. FirstBank maintained the identical stage of worldwide credit score scores because the sovereign; a milestone that was achieved in 2022 for the primary time since 2015.

In 2024, FirstBank obtained notable worldwide awards and accolades. A few of these embrace Nigeria’s Greatest Financial institution for ESG 2024 and Nigeria’s Greatest Financial institution for Corporates 2024 each awarded by Euromoney Awards for Excellence; Greatest SME Financial institution in Africa and in Nigeria by The Asian Banker World Awards; Greatest Non-public Financial institution in Nigeria and Greatest Non-public Financial institution for Sustainable Investing in Africa by World Finance Awards; Greatest Company Financial institution in Nigeria 2024, Greatest CSR Financial institution in Nigeria 2024, Greatest Retail Financial institution in Nigeria 2024, Greatest SME Financial institution in Nigeria 2024 and Greatest Non-public Financial institution in Nigeria 2024 all awarded by the World Banking and Finance Awards.

FirstBank has continued to realize huge acclaim on the worldwide stage with a number of worldwide awards and recognitions obtained thus far in 2025 which incorporates Greatest SME Financial institution in Nigeria 2025 and Greatest SME Financial institution in Africa 2025 by The Asian Banker; Greatest Non-public Financial institution in Nigeria 2025 and Greatest Non-public Financial institution for Sustainable Investing in Africa 2025 by World Finance Awards; SME Financier of the Yr in Nigeria 2025 by The Digital Banker World SME Banking Innovation Awards; Greatest Retail Financial institution in Nigeria 2025 and Greatest Financial institution for Empowering Ladies Entrepreneurs in Nigeria 2025 all by The Annual World Economics Awards.

Our imaginative and prescient is “To be Africa’s Financial institution of first selection” and our mission is “To stay true to our title by offering the perfect monetary companies doable”. This dedication is anchored on our core values of EPIC – Entrepreneurship, Professionalism, Innovation and Buyer-Centricity. Our strategic ambition is “To ship accelerated development in profitability by means of customer-led innovation and disciplined execution.”