Africa has entered a new era of financial independence with the official launch of PAPSSCARD, the continent’s first Pan-African card scheme. Unveiled during the 32nd Afreximbank Annual Meetings in Abuja, Nigeria, on June 27, the initiative marks a critical step in building resilient financial systems that support intra-African commerce. It promises to simplify cross-border payments, encourage trade, and reduce dependency on external financial infrastructures.
The Power Behind the PAPSSCARD
The PAPSSCARD is a result of collaboration between the African Export-Import Bank (Afreximbank), the Pan-African Payment and Settlement System (PAPSS), and Mercury Payment Services (MPS). Unlike traditional global card systems that route African transactions through external servers, the PAPSSCARD keeps the entire transaction process within the continent. This shift reduces fees, improves data sovereignty, and ensures the economic value remains in Africa.
Voices of Leadership and Vision
Professor Benedict Oramah, President of Afreximbank, emphasized the importance of the card in reclaiming control over Africa’s financial ecosystem. He described the current reliance on external systems as a costly limitation and called PAPSSCARD a “transformative step” that will drive efficiency, reduce costs, and safeguard Africa’s financial data. His remarks highlight a wider strategy to bolster the continent’s internal financial strength through self-managed systems.
Symbol of Progress and Innovation
Mike Ogbalu III, CEO of PAPSS, praised the card not just as a transactional tool but as a “powerful symbol” of Africa’s growing capability to engineer its own financial solutions. He noted that PAPSSCARD aligns with the unique realities of African trade, culture, and growth needs, offering a secure, affordable alternative to existing systems. The card is expected to serve as a foundation for further digital financial innovations across Africa.
Sovereignty Meets Scalability
Mercury’s Executive Chairman, Muzaffer Khokhar, expressed pride in backing a platform built “by Africa, for Africa.” He stressed the role of the PAPSSCARD in fostering trust and innovation in African financial systems, describing it as a cornerstone for the continent’s long-term economic development. This collaboration reflects a broader shift toward building scalable, African-owned digital infrastructure.
Expanding Benefits for All Stakeholders
John Bosco Sebabi, Acting CEO of PAPSSCARD, outlined the broad utility of the new card for institutions, enterprises, and individuals. From reducing costs for governments to modernizing retail payments for merchants, the card aims to be a game-changer across sectors. It will also support innovation within the financial sector while expanding access to modern payment tools for underserved populations.
Strategic Partnerships and Launch Details
The official launch included the unveiling of commemorative cards and partnerships with key institutions to ensure immediate utility and acceptance. Issuing banks such as Bank of Kigali and I&M Bank Rwanda, along with Rwanda’s Smart Cash (Rswitch) and Nigeria’s Unified Payments, are critical to the card’s initial rollout. These strategic alliances are designed to guarantee widespread adoption and smooth user experience across African borders.
Driving Financial Integration Through Policy Support
The rollout of PAPSSCARD is supported by central banks and financial institutions committed to deepening financial inclusion under the African Continental Free Trade Area (AfCFTA). By providing an integrated platform for cross-border retail payments, the card will strengthen Afreximbank’s mission of fostering economic unity. It aligns with policy objectives to enhance intra-African trade and ensure Africa’s economies can operate independently of foreign financial networks.
The launch of the PAPSSCARD is more than just a technological advancement—it is a continental statement of intent. It signals Africa’s determination to own its financial future, build sovereign systems, and create inclusive economic frameworks. As the continent continues to invest in home-grown solutions, the PAPSSCARD stands as a flagship example of innovation driven by African vision and leadership.