Africa has achieved a significant milestone in its quest for financial autonomy with the introduction of PAPSSCARD, the continent’s inaugural Pan-African payment card system. The groundbreaking initiative was revealed at the 32nd Annual Meetings of the African Export-Import Bank (Afreximbank) in Abuja, Nigeria.
This collaborative effort brings together Afreximbank, the Pan-African Payment and Settlement System (PAPSS), and Mercury Payment Services (MPS) to create a comprehensive financial solution tailored specifically for African markets.
Revolutionizing Cross-Border Transactions
PAPSSCARD aims to enable rapid, secure, and economical retail payments throughout Africa, fundamentally reshaping the continent’s payment landscape. The system promises to reduce Africa’s historical dependence on international payment networks while keeping financial operations within continental borders.
The current payment ecosystem forces most African card transactions through global systems, creating substantial fees and limiting control over financial information. PAPSSCARD transforms this dynamic by processing all transactions domestically, ensuring that Africa retains both the economic value and data ownership of its payment activities.
Professor Benedict Oramah, President and Chairman of Afreximbank, emphasized the transformative nature of this development: “Africa’s longstanding reliance on external payment infrastructure has hindered trade growth, elevated transaction costs, and undermined our control over financial information. PAPSSCARD fundamentally alters this landscape by enabling swift, secure, and affordable cross-border money transfers. This represents a pivotal advancement in strengthening intra-African commerce while maintaining economic value within our continent.”
Building African Financial Sovereignty
PAPSS CEO Mike Ogbalu III characterized the card as transcending mere technological innovation, positioning it as a meaningful symbol of advancement and a decisive move toward financial self-determination. “This represents a practical, indigenous solution that mirrors Africa’s trading patterns, lifestyle, and growth trajectory,” he explained.
Mercury Executive Chairman Muzaffer Khokhar reinforced this perspective, calling the launch a crucial marker in Africa’s path to financial independence. “This initiative centers on innovation and fostering confidence in African financial systems. PAPSSCARD is positioned to become Africa’s premier trusted payment brand,” he stated.
Comprehensive Benefits Across Sectors
The PAPSSCARD system is designed to serve a diverse range of stakeholders, including government entities, financial institutions, merchants, and individual consumers. According to Acting CEO John Bosco Sebabi, the platform will deliver multiple advantages: reducing transaction expenses for public sector organizations, spurring financial sector innovation, and expanding access to contemporary, secure payment technologies throughout Africa.
The launch ceremony at the Afreximbank meetings featured the introduction of special commemorative cards, highlighting the historic nature of this achievement.
Strategic Partnerships Drive Implementation
Several key partners are facilitating the PAPSSCARD rollout across the continent. Bank of Kigali and I&M Bank Rwanda serve as primary issuing institutions, while Rwanda’s national payment switch Smart Cash (Rswitch) provides technical infrastructure. Nigeria’s Unified Payments system ensures broad merchant acceptance within one of Africa’s largest economies.
Alignment with Continental Trade Goals
This initiative directly supports Afreximbank’s comprehensive strategy to enhance financial inclusion and expand intra-African trade within the framework of the African Continental Free Trade Area (AfCFTA). With backing from central banking authorities and national payment infrastructures, widespread PAPSSCARD adoption is anticipated to accelerate regional economic integration and foster a more self-reliant African financial ecosystem.
The launch represents a concrete step toward realizing Africa’s vision of economic independence, reducing external dependencies while strengthening internal financial networks that can support the continent’s growing trade ambitions.
