Africa has taken a landmark step toward financial autonomy with the official launch of PAPSSCARD, the continent’s first Pan-African card payment scheme, unveiled at the 32nd Annual Meetings of the African Export-Import Bank (Afreximbank) in Abuja, Nigeria.
A joint initiative by Afreximbank, the Pan-African Payment and Settlement System (PAPSS), and Mercury Payment Services (MPS), PAPSSCARD is designed to process fast, secure, and cost-effective retail transactions entirely within Africa’s borders. The innovation aims to reduce reliance on foreign payment systems that have long imposed high fees and limited the continent’s control over financial data.
“For too long, Africa’s reliance on external payment systems has impeded trade, increased costs, and compromised control over our financial data,” said Prof. Benedict Oramah, President and Chairman of Afreximbank. “PAPSSCARD changes that. It empowers us to move money swiftly, securely, and affordably across our borders.”
The card serves as both a technological and symbolic milestone, championing financial independence and supporting the broader goals of the African Continental Free Trade Area (AfCFTA). According to PAPSS CEO Mike Ogbalu III, “This is a practical, home-grown solution that reflects how Africa trades, lives, and grows.”
Muzaffer Khokhar, Executive Chairman of Mercury, described PAPSSCARD as a “trusted brand in the making,” while acting PAPSSCARD CEO, John Bosco Sebabi, emphasized its potential to cut transaction costs, foster innovation, and improve financial access continent-wide.
The card’s rollout is supported by key partners including Bank of Kigali, I&M Bank Rwanda, Rwanda’s national switch Smart Cash (Rswitch), and Unified Payments of Nigeria, ensuring widespread adoption from government to consumer level.
As Africa advances toward a more integrated and resilient economic future, PAPSSCARD is poised to play a pivotal role in building an inclusive, intra-African payments ecosystem.
