Africa Launches PAPSSCARD, the First Pan-African Payment Card

Africa has taken a bold leap toward financial sovereignty with the launch of PAPSSCARD, the continent’s first Pan-African payment card scheme. The initiative was unveiled on June 27 during the 32nd Afreximbank Annual Meetings in Abuja, Nigeria, marking a significant milestone in Africa’s journey toward independent and integrated financial systems.

PAPSSCARD is a joint venture between the African Export-Import Bank (Afreximbank), the Pan-African Payment and Settlement System (PAPSS), and Mercury Payment Services (MPS). The card enables fast, secure, and affordable cross-border retail payments within Africa—eliminating the need for transactions to be routed through external global payment systems.

Currently, the majority of African card payments are processed via foreign infrastructure, incurring high fees and resulting in data loss and capital flight. PAPSSCARD is designed to reverse this trend by ensuring that value, data, and transaction fees remain within Africa, thereby strengthening the continent’s financial ecosystem.

A Symbol of Financial Independence

At the launch, Professor Benedict Oramah, President and Chairman of the Board of Afreximbank, underscored the significance of the initiative:

“For too long, Africa’s reliance on external payment systems has impeded trade, increased costs, and compromised control over our financial data. PAPSSCARD changes that. It empowers us to move money swiftly, securely, and affordably across our borders. It is a transformative step towards strengthening intra-African trade and preserving value within the continent.”

Mike Ogbalu III, CEO of PAPSS, described PAPSSCARD as more than just a payment solution:

“It is a powerful symbol of progress and a bold step towards financial independence. It reflects Africa’s ability to create practical, home-grown solutions aligned with how the continent trades, lives, and grows.”

Muzaffer Khokhar, Executive Chairman of Mercury, echoed these sentiments:

“This is about sovereignty, innovation, and building trust in African systems. The PAPSSCARD will become Africa’s most trusted payments brand, strengthening the backbone of the continent’s financial future.”

Driving Inclusion and Innovation

John Bosco Sebabi, Acting CEO of PAPSSCARD, noted the wide-ranging benefits of the new payment system:

“PAPSSCARD will reduce costs for public institutions, support innovation across the financial sector, and expand access to modern, secure payment tools for people and businesses across Africa.”

During the launch, commemorative cards were unveiled, marking a symbolic start to the system’s rollout. Strategic partnerships with leading issuing banks such as Bank of Kigali and I&M Bank Rwanda, national switch Rswitch, Smart Cash, and Unified Payments have already been established to ensure broad acceptance, particularly within Nigeria.

Towards a Self-Reliant African Economy

African central banks and national payment systems are set to play a leading role in rolling out PAPSSCARD across the continent. The initiative directly supports the goals of the African Continental Free Trade Area (AfCFTA), facilitating intra-African commerce and reducing dependency on foreign financial structures.

The move is aligned with Afreximbank’s strategy to deepen financial inclusion, promote local innovation, and build a self-sustaining Pan-African economy.

About PAPSS

The Pan-African Payment and Settlement System (PAPSS) is a centralised financial infrastructure enabling the secure, efficient movement of money across African borders. Established by Afreximbank in collaboration with the African Union, PAPSS was first adopted at the AU Summit in Niamey in 2019 and officially launched for public use in Accra, Ghana, in January 2022. It serves as a cornerstone of the AfCFTA by minimising cross-border payment risks and simplifying intra-African trade.

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Source: Afreximbank