Africa has taken a bold step toward financial independence by launching PAPSSCARD, the first Pan-African payment card. Officials unveiled the new card on June 27 at the 32nd Afreximbank Annual Meetings in Abuja, Nigeria. This card aims to strengthen Africa’s economy by making payments across the continent faster, safer, and more affordable.
The PAPSSCARD is a joint project between Afreximbank, the Pan-African Payment and Settlement System (PAPSS), and Mercury Payment Services (MPS). It allows people to make cross-border retail payments without depending on foreign systems. Today, many card transactions in Africa go through global networks, which increase costs and reduce control over data. PAPSSCARD solves this by keeping all transactions within Africa, helping the continent keep its money, data, and benefits.
PAPSSCARD Aims to Fix Cross-Border Payment Challenges
At the launch, Professor Benedict Oramah, President of Afreximbank, said the new card will reduce trade costs and give Africa more control over its finances. “PAPSSCARD lets us move money quickly and securely across African borders. It will boost trade and keep value within the continent,” he said.
Mike Ogbalu III, CEO of PAPSS, described the card as a major milestone in Africa’s financial journey. “This isn’t just a payment tool. It shows our ability to create solutions that work for how Africa does business,” he said.
Muzaffer Khokhar, Executive Chairman of Mercury, also praised the launch. He said PAPSSCARD will help build trust in Africa’s financial systems. “This is about creating something by Africa, for Africa. PAPSSCARD will become the most trusted payment brand on the continent,” he said.
John Bosco Sebabi, Acting CEO of PAPSSCARD, added that the card will benefit banks, businesses, government offices, and everyday people. “It will cut costs for public institutions, support new ideas in finance, and give more people access to modern, secure ways to pay,” he said.
At the event, officials also launched commemorative PAPSSCARDs. Key partners supporting the project include Bank of Kigali and I&M Bank Rwanda. Rwanda’s national switch, Smart Cash (Rswitch), and Nigeria’s Unified Payments are also helping make the card widely accepted.
African central banks and payment platforms are expected to support the rollout of PAPSSCARD across the continent. This move supports Afreximbank’s goal to increase financial access and grow trade through the African Continental Free Trade Area (AfCFTA). The card is expected to help Africa build a stronger and more self-reliant economy.RD is expected to speed up regional integration and build a stronger, more independent African economy.
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