FirstBank, PAPSS and the race to own Africa’s payment rails
PAPSS is a real-time, centralized financial market infrastructure which was officially launched in January 2022 by Afreximbank and the African Continental Free Trade Area (AfCFTA). The post FirstBank, PAPSS and the race to own Africa’s payment rails appeared first on Nairametrics .
The Pan African Payment Settlement System (PAPSS) aims to revolutionize cross-border payments in Africa by providing a real-time, centralized financial market infrastructure that enables seamless transfers between African countries in local currencies. Launched in January 2022 by Afreximbank and the African Continental Free Trade Area (AfCFTA), PAPSS is set to transform Africa's payment landscape by reducing costs, simplifying transactions, and improving payment speed.
Nigeria's leading financial institution, FirstBank, has integrated PAPSS into its LIT App, FirstMobile, and FirstOnline, allowing customers to make instant, secure, cross-border payments across Africa with greater ease and convenience.
Brief written by urgent.news from Nairametrics's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
