In a major stride toward economic integration, African nations have launched PAPSSCARD, the first-ever Pan-African payment card designed to facilitate seamless cross-border transactions.
According to nairametrics.com, the initiative aims to strengthen trade across the continent by reducing reliance on foreign payment systems and promoting financial sovereignty within the framework of the African Continental Free Trade Area (AfCFTA).
The initiative was officially unveiled during the 32nd Annual Meetings of the African Export-Import Bank (Afreximbank), held in Abuja, Nigeria.
The PAPSSCARD is a joint venture between Afreximbank, the Pan-African Payment and Settlement System (PAPSS), and Mercury Payment Services (MPS).
Designed to facilitate fast, secure, and cost-effective retail transactions across African borders, the card is expected to transform the continent’s payment infrastructure by reducing reliance on foreign systems.
Ending dependence on foreign payment systems
Currently, most card-based transactions in Africa are routed through global payment systems, resulting in high transaction fees and limited control over financial data.
The PAPSSCARD addresses these issues by ensuring that transactions are processed entirely within the continent, allowing Africa to retain the value, data, and economic benefit of its payments.
“For too long, Africa’s reliance on external payment systems has impeded trade, increased costs, and compromised control over our financial data,” said President and Chairman of Afreximbank, Prof. Benedict Oramah.
“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,” he added.
A symbol of financial independence
According to the CEO of PAPSS, Mike Ogbalu III, the new card represents more than just a technological advancement—it is a “powerful symbol of progress” and a bold move toward financial self-reliance.
“This is a practical, home-grown solution that reflects how Africa trades, lives, and grows,” he added.
Executive Chairman of Mercury, Muzaffer Khokhar, echoed similar sentiments, describing the launch as a milestone in Africa’s journey toward financial sovereignty.
“This is about innovation and building trust in African systems. PAPSSCARD will become Africa’s most trusted payments brand,” he said.
- The PAPSSCARD is expected to benefit a wide spectrum of users—from governments and banks to merchants and everyday consumers.
- Acting CEO of PAPSSCARD, John Bosco Sebabi, said the new offering would help reduce transaction costs for public institutions, drive financial sector innovation, and improve access to modern, secure payment tools across Africa.
- The unveiling at the Afreximbank meetings also included the launch of commemorative cards.
Key strategic partners involved in the rollout include issuing banks Bank of Kigali and I&M Bank Rwanda, Rwanda’s national switch Smart Cash (Rswitch), and Nigeria’s Unified Payments, which ensures widespread acceptance in the country.
More insights
The initiative aligns closely with Afreximbank’s broader strategy to promote financial inclusion and deepen intra-African trade under the African Continental Free Trade Area (AfCFTA).
With support from central banks and national payment systems, the continent-wide adoption of the PAPSSCARD is expected to accelerate regional integration and build a more self-sustaining African economy.
