Abuja, Nigeria | 30 June 2025 – Africa has taken a historic leap toward financial sovereignty and payment independence with the official launch of PAPSSCARD, the continent’s first pan-African card scheme. The launch took place on 27 June 2025, during the 32nd Afreximbank Annual Meetings in Abuja, Nigeria, and is seen as a transformational milestone in Africa’s long-standing quest for intra-African financial integration.
The new PAPSSCARD—developed as a joint venture between the African Export-Import Bank (Afreximbank), the Pan-African Payment and Settlement System (PAPSS), and Mercury Payment Services (MPS)—promises fast, secure, and cost-efficient retail payments across African borders without routing through foreign platforms. It is designed to retain value within Africa, protect financial data, and boost trade under the African Continental Free Trade Area (AfCFTA).
“Africa’s moment of financial empowerment” — Prof. Benedict Oramah
Speaking at the unveiling, Professor Benedict Oramah, President and Chairman of the Board of Afreximbank, stressed the strategic importance of the initiative:
“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.”
The launch marks the first time Africa has introduced a unified card payment system managed and processed entirely on the continent.
Symbol of innovation and inclusion
Mike Ogbalu III, CEO of PAPSS, hailed the PAPSSCARD as more than a transaction tool:
“This is not just a card—it is a powerful symbol of progress and a bold step toward financial independence. It shows Africa’s ability to create practical, home-grown solutions that match the way we live, trade, and grow.”
The card addresses long-standing challenges such as high transaction fees, foreign data dependency, and low inclusion in formal payment systems.
Muzaffer Khokhar, Executive Chairman of Mercury Payment Services, emphasized the sovereignty narrative:
“We are proud to support a system built by Africa, for Africa. The PAPSSCARD will become Africa’s most trusted payments brand, strengthening the backbone of the continent’s financial future.”
Practical impact for people and businesses
Acting CEO of PAPSSCARD, John Bosco Sebabi, explained the card’s broader economic impact:
“The PAPSSCARD reduces costs for public institutions, supports innovation across the financial sector, and expands access to secure, modern payment tools. It unlocks benefits for everyone—from corporates and banks to merchants and ordinary citizens.”
To commemorate the launch, ceremonial PAPSSCARDs were unveiled in Abuja. Initial rollout is supported by strategic partners, including:
- Bank of Kigali and I&M Bank Rwanda (issuing partners),
- Rswitch – Rwanda’s national switch under Smart Cash,
- Unified Payments – ensuring local acceptance across Nigeria.
A Pan-African solution for a Pan-African market
Unlike traditional card schemes that rely on global networks, PAPSSCARD processes transactions entirely within Africa, helping:
- Reduce currency exchange bottlenecks
- Improve cross-border settlement speed
- Strengthen local fintech innovation ecosystems
- Retain vital transaction fees within African economies
The African Union and AfCFTA Secretariat have already endorsed PAPSS as a core mechanism for the operationalization of AfCFTA, and its expansion via the PAPSSCARD signals a concrete step in that direction.
What’s next?
Central banks across Africa will play a crucial role in the continent-wide adoption of PAPSSCARD. Full rollout is expected to drive the broader vision of a unified African payments space—underpinned by self-sustaining digital infrastructure.
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Source:
Read official release on PAPSS website
