Africa Unveils PAPSSCARD, Its First Continental Payment Card
In a historic milestone for Africa’s financial independence, the continent has launched PAPSSCARD, the first Pan-African card payment system aimed at revolutionising cross-border transactions and boosting intra-African trade.
The launch was formally announced during the 32nd Annual Meetings of Afreximbank in Abuja, Nigeria.
A joint initiative by:
- African Export-Import Bank (Afreximbank)
- Pan-African Payment and Settlement System (PAPSS)
- Mercury Payment Services (MPS)
The card is designed to enable fast, secure, and cost-effective payments across African countries, without routing transactions through foreign payment systems.
PAPSSCARD: A Game-Changer for African Trade and Payments
Currently, most card transactions in Africa are processed through global networks like Visa and Mastercard, resulting in:
- High transaction fees
- Slow processing times
- Loss of control over financial data
PAPSSCARD eliminates these issues by processing transactions entirely within Africa, allowing the continent to retain:
- Payment value
- Customer data
- Strategic control over financial flows
Leaders Speak: Financial Sovereignty for Africa
Prof. Benedict Oramah, President of Afreximbank:
“PAPSSCARD empowers us to move money swiftly, securely, and affordably. It is a transformative step toward strengthening intra-African trade and preserving value within the continent.”
Mike Ogbalu III, CEO of PAPSS:
“This is more than just technology—it’s a symbol of Africa’s financial self-reliance and growth
Muzaffer Khokhar, Executive Chairman of Mercury:
“PAPSSCARD will become Africa’s most trusted payments brand, showcasing innovation rooted in African needs.”
Benefits of PAPSSCARD for Users Across Africa
The PAPSSCARD is built to serve:
- Governments and public institutions
- Banks and fintechs
- Merchants and SMEs
- Everyday consumers
Key Features Include:
- Low transaction fees
- Instant cross-border payments
- Secure, localised infrastructure
- Full integration with national payment switches
Strategic Partners and Rollout Details
Initial implementation includes strategic partnerships with:
- Bank of Kigali (Rwanda)
- I&M Bank Rwanda
- Rwanda’s national switch: Rswitch (Smart Cash)
- Nigeria’s Unified Payments
These partnerships ensure the card’s wide acceptance in key African markets at launch.
Driving Regional Integration Under AfCFTA
The PAPSSCARD aligns closely with the goals of the African Continental Free Trade Area (AfCFTA) and Afreximbank’s vision of:
- Promoting financial inclusion
- Encouraging innovation in the banking sector
- Building a self-sustaining, digitally connected African economy
According to John Bosco Sebabi, Acting CEO of PAPSSCARD: “This platform will drive down costs, foster innovation, and expand access to modern financial tools for millions across the continent.”
A Leap Toward Africa’s Financial Future
The launch of PAPSSCARD marks a pivotal step in Africa’s journey to financial sovereignty. By reducing dependence on external systems and promoting seamless Pan-African payments, this innovation is expected to be a cornerstone of regional integration, economic growth, and digital transformation across the continent.
