Africa has taken a major step toward financial autonomy with the launch of PAPSSCARD, the continent’s first Pan-African card scheme.
The new payment card was unveiled on June 27, 2025, during the 32nd Afreximbank Annual Meetings in Abuja, Nigeria.
This initiative aims to strengthen Africa’s financial sovereignty by creating a resilient and independent payment system that simplifies cross-border travel and enhances trade integration, according to Proshare.
PAPSSCARD is a joint venture involving the African Export-Import Bank (Afreximbank), the Pan-African Payment and Settlement System (PAPSS), and Mercury Payment Services (MPS).
The card allows for fast, secure, and affordable retail payments across African countries.
Currently, most card transactions in Africa are processed through international payment systems, which lead to higher fees and loss of control over valuable financial data.
By handling transactions entirely within Africa, PAPSSCARD ensures that value, data, and economic benefits remain on the continent.
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Speaking at the launch, Afreximbank President and Board Chairman, Professor Benedict Oramah, emphasized the importance of this development.
“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 more than a payment tool, calling it “a powerful symbol of progress and a bold step towards financial independence.”
He stressed that the card demonstrates Africa’s capability to develop practical, home-grown solutions tailored to the continent’s unique trade and economic realities.
Mercury’s Executive Chairman, Muzaffer Khokhar, called the launch a milestone in Africa’s journey to financial sovereignty.
“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, highlighted the card’s broad benefits, explaining that it will reduce costs for public institutions, encourage innovation in the financial sector, and improve access to secure, modern payment options for individuals and businesses across Africa.
To celebrate the launch, commemorative cards were revealed at the Afreximbank Annual Meetings.
The rollout was made possible through strategic partnerships with issuing banks such as Bank of Kigali and I&M Bank Rwanda, Rwanda’s national switch Rswitch via Smart Cash, and Unified Payments, which ensures seamless acceptance in Nigeria.
African central banks and payment systems are expected to lead the continent-wide adoption of PAPSSCARD.
This initiative supports Afreximbank’s strategy to promote financial inclusion and stimulate intra-African trade under the African Continental Free Trade Area (AfCFTA), moving Africa toward a more integrated and self-reliant economy.
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