Quick Summary:
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PAPSSCARD was launched at the Afreximbank Annual Meetings in Abuja as Africa’s first continental payment card.
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The card is a collaboration between Afreximbank, PAPSS, and Mercury Payment Services.
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It enables cross-border transactions to be processed entirely within Africa, reducing costs and dependence on foreign systems.
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Key partners include banks from Rwanda and Nigeria, with the card expected to benefit consumers, businesses, and governments continent-wide.
Africa has made a historic move toward financial independence with the launch of PAPSSCARD, the continent’s first Pan-African card payment scheme. The card was officially unveiled during the 32nd Annual Meetings of the African Export-Import Bank (Afreximbank) held in Abuja, Nigeria.
PAPSSCARD is a collaboration between Afreximbank, the Pan-African Payment and Settlement System (PAPSS), and Mercury Payment Services (MPS). It aims to enable fast, secure, and affordable retail transactions across African borders, transforming the continent’s payment infrastructure.
Ending Dependence on Foreign Payment Systems
Currently, most card transactions in Africa rely on global payment systems. This dependence leads to high transaction fees and limits Africa’s control over its financial data.
PAPSSCARD addresses these challenges by processing transactions entirely within Africa. This allows the continent to keep the economic benefits, data, and value generated by its payments.
Prof. Benedict Oramah, President and Chairman of Afreximbank, said,
“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.”
He added that the card empowers Africa to move money swiftly, securely, and affordably across borders, strengthening intra-African trade.
A Symbol of Financial Independence
Mike Ogbalu III, CEO of PAPSS, described PAPSSCARD as more than just a technology—it is a “powerful symbol of progress” and a bold step towards financial self-reliance.
“This is a practical, home-grown solution that reflects how Africa trades, lives, and grows,” he said.
Muzaffer Khokhar, Executive Chairman of Mercury, also called the launch a milestone for Africa’s financial sovereignty. He emphasized that PAPSSCARD will build trust in African payment systems and become the continent’s most trusted payment brand.
Broad Benefits for All Users
The PAPSSCARD will benefit a wide range of users, including governments, banks, merchants, and everyday consumers.
John Bosco Sebabi, Acting CEO of PAPSSCARD, highlighted that the card will reduce transaction costs for public institutions, encourage innovation in the financial sector, and improve access to secure payment tools across Africa.
The launch also featured commemorative cards, adding a celebratory touch to the event.
Key Partners and Strategic Rollout
Key partners in the PAPSSCARD rollout include issuing banks Bank of Kigali and I&M Bank Rwanda, Rwanda’s national switch Smart Cash (Rswitch), and Nigeria’s Unified Payments, ensuring wide acceptance of the card in Nigeria.
Driving Financial Inclusion and Regional Integration
The PAPSSCARD initiative supports Afreximbank’s larger goal of promoting financial inclusion and boosting intra-African trade under the African Continental Free Trade Area (AfCFTA).
With backing from central banks and national payment systems, the adoption of PAPSSCARD is expected to accelerate regional integration and help build a self-sustaining African economy.