FirstBank adds PAPSS to LIT app payments
FirstBank added a Pan-African payment system to its LIT mobile application that lets users transfer money across the continent without converting to foreign currency. The platform connects with infrastructure built by the African Export-Import Bank to process transactions in local currencies between participating nations. Group Executive Chuma Ezirim said the bank wants to expand digital services for customers conducting business throughout the region.
The system reduces costs by eliminating dollar and euro exchanges when Nigerians send funds to recipients in other African countries. Small businesses and individuals can complete real-time transfers through the banking app that previously required multiple conversion steps. PAPSS chief Mike Ogbalu said removing payment obstacles helps entrepreneurs concentrate on operations rather than transaction mechanics. The integration supports continental trade goals under the African Continental Free Trade Area framework.
