FirstBank Integrates PAPSS to Strengthen Cross-Border Payments Platform

First Bank of Nigeria Limited has announced the successful integration of the Pan-African Payment and Settlement System (PAPSS) into its cross-border payments platform, marking a significant leap toward enhancing seamless trade and financial transactions across African countries. The initiative aligns with the bank’s commitment to fostering regional financial inclusion and strengthening the framework for intra-African trade under the African Continental Free Trade Area (AfCFTA).

The move is expected to make cross-border payments faster, more secure, and more cost-effective by reducing reliance on third-party foreign currencies such as the U.S. dollar for settlements between African nations. With PAPSS now fully operational within FirstBank’s digital ecosystem, customers can initiate instant payments across African markets in their local currencies, thereby eliminating currency conversion complexities and delays that often hinder regional trade.

Speaking on the integration, FirstBank’s Managing Director and Chief Executive Officer, Dr. Adesola Adeduntan, emphasized that the bank’s collaboration with PAPSS represents a major milestone in the bank’s mission to connect businesses across Africa through technology and innovation. “Our partnership with PAPSS underscores our dedication to simplifying cross-border payments, boosting trade efficiency, and supporting Africa’s economic integration agenda,” he stated.

Adeduntan noted that the integration would particularly benefit small and medium-scale enterprises (SMEs), manufacturers, and exporters who have long struggled with the inefficiencies of traditional cross-border payment systems. According to him, the platform will enable instant settlement, reduce transaction costs, and strengthen trust among African traders by ensuring compliance with international standards for transparency and security.

Developed by the African Export-Import Bank (Afreximbank) in collaboration with the African Union (AU) and the AfCFTA Secretariat, PAPSS serves as the central infrastructure for processing, clearing, and settling cross-border transactions within Africa. It is designed to enable African businesses and individuals to make real-time payments in local currencies, while central banks handle settlements in a unified system that ensures efficiency and cost reduction.

FirstBank’s decision to adopt PAPSS integration into its cross-border payments app is a reflection of its continued leadership in digital innovation. The bank, which has been at the forefront of financial technology in Nigeria and across the continent, has introduced several digital solutions in recent years to enhance financial inclusion and trade facilitation.

With the PAPSS integration, FirstBank customers will now be able to send and receive funds instantly to participating banks in other African countries through the bank’s digital channels such as FirstMobile App, FirstOnline, and FirstMonie. This provides a faster and more convenient alternative to conventional correspondent banking systems, which often take days and involve multiple intermediaries.

In his remarks, Professor Benedict Oramah, President of Afreximbank, commended FirstBank for taking the lead among Nigerian banks in adopting PAPSS. He described the collaboration as a “crucial step toward realizing Africa’s collective goal of payment sovereignty.” According to Oramah, “PAPSS is not just a payment system — it is an enabler of continental trade, a facilitator of growth, and a catalyst for reducing Africa’s dependence on external currencies.”

The integration comes at a time when trade and payment digitization are being recognized as key drivers for sustainable economic growth across Africa. By providing a unified payments infrastructure, PAPSS aims to increase intra-African trade from its current levels of less than 20 percent to over 50 percent in the coming years.

Industry analysts have hailed the development as a significant move that could revolutionize the African payments landscape. Financial expert Tunde Akinyemi noted that the initiative would help Africa retain more value within the continent, boost liquidity, and enhance economic resilience. “This is a turning point for regional trade and financial integration. The seamless flow of funds within Africa will encourage more businesses to trade across borders without worrying about currency exchange barriers,” he said.

The integration also underscores FirstBank’s strategic alignment with Africa’s digital transformation agenda. The bank has been investing heavily in fintech partnerships, digital banking infrastructure, and artificial intelligence to improve user experience and transaction security.

A key advantage of the PAPSS-powered cross-border payment platform is its ability to comply with central bank regulations in participating countries, ensuring that transactions are conducted within a secure and legally recognized framework. It also supports anti-money laundering (AML) and know-your-customer (KYC) standards, giving users the confidence to transact safely.

In addition, the integration allows FirstBank to position itself as a major enabler of the AfCFTA objectives, which include creating a single market for goods and services across Africa. By simplifying payment processes, the bank is helping to break down barriers that have historically impeded the flow of trade, investments, and remittances across the continent.

Through PAPSS, the settlement of transactions that previously required conversion into dollars or euros can now be done directly in local African currencies, such as the naira, cedi, or shilling. This advancement will help conserve foreign exchange reserves and strengthen the local economies of participating nations.

Looking ahead, FirstBank plans to expand its digital footprint further by onboarding more businesses, exporters, and diaspora remittance partners onto the PAPSS-enabled platform. The bank also expressed optimism that the initiative would enhance Nigeria’s position as a leading trade and financial hub in Africa.

As African economies continue to embrace regional cooperation and financial integration, FirstBank’s adoption of PAPSS stands as a testament to its pioneering role in driving innovation across the banking sector. The bank’s leadership believes that the new payment infrastructure will not only simplify transactions but also deepen trust, improve efficiency, and empower African businesses to thrive in a globally competitive market.

With this milestone, FirstBank has once again reaffirmed its status as one of Africa’s foremost financial institutions — a bank that continues to bridge borders, empower businesses, and advance the vision of a financially integrated Africa.