Six Things You Need to Know About PAPSS and FirstBank

If you run a business, pay suppliers across Africa, send money to family members in another African country, or receive payments from customers outside of Nigeria, you have likely experienced the challenges of cross-border transactions. Recurrent delays, high transfer fees, FX headaches, and complex processes have traditionally made intra-African payments more complicated than they should be.

This is exactly what the Pan-African Payment and Settlement System (PAPSS) was designed to solve, and FirstBank is helping customers to adopt it for faster, more seamless payments across Africa.

Here are 6 things you should know about PAPSS and how FirstBank is bringing the benefits closer to you.

1. PAPSS is transforming how Africa pays Africa

PAPSS = Pan-African Payment and Settlement System. It is a payment system developed by the African Union, Afreximbank and the AfCFTA Secretariat to allow people and businesses in Africa to pay each other in their local currencies.

Before PAPSS, if you sent money from Nigeria to Ghana, your Naira would first be converted to FCY, sent through international banks, then converted again to Ghana Cedis. That meant delays of 3-5 days and high costs.

With PAPSS, payments move directly between African banks in minutes.

2. FirstBank has brought PAPSS closer to you

FirstBank has integrated PAPSS into LIT App, FirstMobile and FirstOnline, with no special onboarding required. Just log in to any of the digital platforms, select PAPSS, and transact.

3. You transfer in your local currency, and the recipient receives it in theirs

This is the biggest win. You pay Naira from your FirstBank account in Nigeria; your supplier receives Cedis in their bank in Ghana.

No FCY conversions. No correspondent banks. Just a simple, convenient, and less stressful system.

PAPSS currently supports payments in 42 African currencies across 15+ countries, and more are being added.

4. It’s fast, affordable and available for SMEs and individuals 24/7

Speed: Payments are completed within 120 seconds

Limits:

· Individuals: Up to the Naira equivalent of $2,000 per month on digital channels

· Corporates: Up to the Naira equivalent of $5,000 per month on digital channels.

5. What can you use PAPSS for with FirstBank?

With FirstBank PAPSS, you can:

i. Pay suppliers and vendors across participating African countries

ii. Send money across Africa to family and friends

iii. Pay for services like school fees, medical bills, and subscriptions

iv. Receive payments from customers in other African countries

6. How to start using PAPSS with FirstBank

Ready to go cross-border? All you need to do is:

1. Have a FirstBank account, sign up on the LIT App, FirstMobile or FirstOnline

2. Get the beneficiary details: Full name, bank name, account number, and country

3. Initiate the transfer in Naira

Africa is open for business, and PAPSS is helping make payments match that reality. With FirstBank connecting customers to the platform, sending money across the continent is becoming faster, simpler, and a whole lot less complicated.

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Source: Legit.ng