1 week ago
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FirstBank has announced the palmy integration of the Pan-African Payment and Settlement System (PAPSS) into its flagship integer banking platform, the LIT app. This enables customers to marque instant, secure, and section currency-based cross-border payments crossed Africa.
According to the bank, successful a property connection yesterday, PAPSS, developed by the African Export-Import Bank (Afreximbank) successful collaboration with the African Union and the AfCFTA Secretariat, enables instant, low-cost payments successful section currencies betwixt African countries.
Speaking connected the integration, the radical executive, e-Business and Retail Products astatine FirstBank, Chuma Ezirim, said, “The integration of PAPSS into the LIT app is simply a testament to FirstBank’s committedness to delivering innovative, customer-centric solutions that simplify and heighten fiscal transactions. This milestone aligns with the Bank’s strategical extremity of deepening integer capabilities and expanding entree to seamless cross-border outgo services crossed Africa.”
Commenting connected this collaboration, Mike Ogbalu, CEO of PAPSS, said, “Every clip an individual, an SME oregon a Company sends wealth instantly wrong Africa successful their ain currency, we are not conscionable moving funds, we are connecting ambitions, supporting livelihoods, and bridging dreams crossed borders. This collaboration with FirstBank and their LIT app brings america a measurement person to making African borders invisible to the question of money, truthful that the continent’s entrepreneurs and families tin absorption connected what matters most: gathering their future, not battling outgo barriers.”
The slope said that The LIT App, its innovative integer banking platform, offers a wide scope of features including virtual cards, scheduled payments, and aggregate transfers successful 1 go, designed to conscionable the dynamic needs of customers adding that the summation of PAPSS expands its capabilities to enactment cross-border commerce, particularly for individuals and SMEs engaged successful pan-African business.
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