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FirstBank has integrated the Pan-African Payment and Settlement System (PAPSS) into its cross-border payments app, a move designed to simplify trade and transactions across African markets.
The integration allows customers to make instant and secure payments across participating African countries in their local currencies, eliminating the need to route transactions through the U.S. dollar or other foreign intermediaries. The initiative aligns with the bank’s digital transformation strategy and the continent’s broader push for economic integration.
According to FirstBank, the adoption of PAPSS will help reduce transaction costs, shorten settlement times, and enhance the efficiency of regional trade. The Pan-African system, developed by Afreximbank in partnership with the African Union, supports the African Continental Free Trade Area (AfCFTA) goals by creating a unified payments infrastructure.
Analysts say the integration could be a game changer for businesses—especially small and medium enterprises—by removing long-standing financial barriers to cross-border commerce. With faster payments and lower costs, African traders can now participate more fully in regional value chains.
The move underscores FirstBank’s commitment to driving innovation in digital banking. Over the past few years, the bank has invested heavily in building platforms that support real-time financial transactions and expand access to financial services across Africa.
Industry experts believe this step will also enhance monetary policy coordination among African central banks and strengthen the continent’s financial independence. By enabling payments in local currencies, PAPSS reduces reliance on hard currencies and helps conserve foreign reserves.
For consumers and businesses alike, this marks a new chapter in Africa’s journey toward seamless trade connectivity. The success of PAPSS adoption by major banks like FirstBank could accelerate economic integration and redefine how money moves across African borders.
The integration allows customers to make instant and secure payments across participating African countries in their local currencies, eliminating the need to route transactions through the U.S. dollar or other foreign intermediaries. The initiative aligns with the bank’s digital transformation strategy and the continent’s broader push for economic integration.
According to FirstBank, the adoption of PAPSS will help reduce transaction costs, shorten settlement times, and enhance the efficiency of regional trade. The Pan-African system, developed by Afreximbank in partnership with the African Union, supports the African Continental Free Trade Area (AfCFTA) goals by creating a unified payments infrastructure.
Analysts say the integration could be a game changer for businesses—especially small and medium enterprises—by removing long-standing financial barriers to cross-border commerce. With faster payments and lower costs, African traders can now participate more fully in regional value chains.
The move underscores FirstBank’s commitment to driving innovation in digital banking. Over the past few years, the bank has invested heavily in building platforms that support real-time financial transactions and expand access to financial services across Africa.
Industry experts believe this step will also enhance monetary policy coordination among African central banks and strengthen the continent’s financial independence. By enabling payments in local currencies, PAPSS reduces reliance on hard currencies and helps conserve foreign reserves.
For consumers and businesses alike, this marks a new chapter in Africa’s journey toward seamless trade connectivity. The success of PAPSS adoption by major banks like FirstBank could accelerate economic integration and redefine how money moves across African borders.