First Pan-African Card, PAPSSCARD, Launched To Power Intra-Africa Trade
Africa has achieved a significant milestone towards financial independence with the launch of PAPSSCARD, the continent’s first Pan-African card scheme. Unveiled on June 27 at the 32nd Afreximbank Annual Meetings in Abuja, Nigeria, this new card represents a crucial step in Africa’s pursuit of financial sovereignty by establishing resilient and independent payment systems, facilitating travel, and bolstering trade integration across the continent.
PAPSSCARD operates as a joint venture involving the African Export-Import Bank (Afreximbank), the Pan-African Payment and Settlement System (PAPSS), and Mercury Payment Services (MPS). It is designed to enable fast, secure, and affordable retail payments across African borders. Currently, a majority of African card transactions are processed through global systems, leading to increased costs and reduced control over data. By handling transactions entirely within Africa, PAPSSCARD ensures that value, data, and economic benefits remain on the continent.
Speaking at the launch event, Professor Benedict Oramah, President and Chairman of the Board of Directors at Afreximbank, emphasised the card’s role in reclaiming Africa’s financial autonomy. He stated, “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 a major advancement in the continent’s financial architecture. He noted that it is “more than just a payment tool; it is a powerful symbol of progress and a bold step towards financial independence,” reflecting Africa’s capacity to develop practical, home-grown solutions tailored to the continent’s unique economic landscape.
Muzaffer Khokhar, Executive Chairman of Mercury, highlighted the launch as a milestone in Africa’s journey towards financial sovereignty. He commented, “We are proud to support a system built by Africa, for Africa. This is about sovereignty, innovation, and building trust in African systems to shape the continent’s financial future. The PAPSS Card will become Africa’s most trusted payments brand, strengthening the backbone of the continent’s financial future.”
John Bosco Sebabi, Acting CEO of PAPSSCARD, added that the new payment solution will provide benefits to a wide range of stakeholders, including corporates, banks, merchants, and individuals. He indicated that the card would “reduce costs for public institutions, support innovation across the financial sector, and expand access to secure, modern payment tools for people and businesses across the continent.”
Commemorative cards were presented at the Afreximbank Annual Meetings to mark the official launch. The successful implementation of PAPSSCARD has been facilitated by strategic partnerships with issuing banks such as Bank of Kigali and I&M Bank Rwanda, Rwanda’s national switch Rswitch and Smart Cash, and Unified Payments in Nigeria, ensuring seamless acceptance.
African central banks and payment systems are positioned to lead the continent-wide adoption and rollout of PAPSSCARD. This initiative is expected to significantly contribute to Afreximbank’s strategy of promoting financial inclusion and boosting intra-African trade under the African Continental Free Trade Area (AfCFTA), thereby fostering a more integrated and self-sustaining African economy.
About PAPSS:
The Pan-African Payment and Settlement System (PAPSS) is a centralised Financial Market Infrastructure designed to enable the secure and efficient flow of money across African borders, minimising risk and promoting financial integration. PAPSS collaborates with African central banks to offer a payment and settlement service to which commercial banks and licensed payment service providers can connect. First announced by Afreximbank and the African Union (AU) in 2019 as a key instrument for implementing the AfCFTA, PAPSS received directives from the AU Assembly in 2020 and 2022 for finalisation and continent-wide deployment. It was officially launched for public use in Accra, Ghana, on January 13, 2022. For more information, visit: www.PAPSS.com.
