ABUJA – Africa launched its first Pan-African payment card to reduce reliance on costly global systems, marking a step toward financial independence as the continent seeks to keep more transaction value within its borders.
The card was officially launched June 27 at the 32nd Afreximbank (African Export-Import Bank) Annual Meetings in Abuja, Nigeria.
PAPSSCARD is a collaboration between Afreximbank, the Pan-African Payment and Settlement System (PAPSS), and Mercury Payment Services.
It enables secure, affordable, and real-time payments across African borders by keeping all transactions within the continent.
Most African card payments currently route through global systems, increasing costs and limiting data control.
“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,” Afreximbank President Benedict Oramah said.
“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,” he added.
PAPSS CEO Mike Ogbalu III described PAPSSCARD as “more than just a payment tool, it is a powerful symbol of progress and a bold step towards financial independence.”
“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,” Mercury Executive Chairman Muzaffer Khokhar said.
Acting CEO of PAPSSCARD John Bosco Sebabi said the card would “reduce costs for public institutions, support innovation across the financial sector, and expand access to secure, modern payment tools for people and businesses across the continent.”
Commemorative cards were presented during the Abuja meetings. Issuing partners include Bank of Kigali, I&M Bank Rwanda, Rwanda’s national switch Rswitch, and Nigeria’s Unified Payments.
These partnerships will ensure broad acceptance and smooth integration. African central banks and national payment systems will lead the continent-wide rollout.
The initiative aligns with Afreximbank’s mission to promote financial inclusion and intra-African trade through the African Continental Free Trade Area.
PAPSS was announced in 2019 at an African Union summit in Niger and launched in Accra, Ghana, on Jan. 13, 2022.
It serves as the infrastructure behind PAPSSCARD, connecting central banks and licensed providers to create a continent-wide financial network.
