In a landmark move to reshape the continent’s financial landscape, the African Export-Import Bank (Afreximbank), the Pan-African Payment and Settlement System (PAPSS), and Mercury Payment Services (MPS) have jointly launched PAPSSCARD—the first-ever Pan-African card scheme designed and built entirely on the continent.
Unveiled in Abuja, Nigeria, the PAPSSCARD is being hailed as a transformative step toward financial sovereignty, cost-efficient trade, and greater economic integration across Africa.
Professor Benedict Oramah, President and Chairman of the Board of Afreximbank, commented:
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.
A Solution to Africa’s Cross-Border Payment Challenges
Historically, African businesses have had to rely on correspondent banks located outside the continent to process cross-border payments—even for transactions between neighboring countries. This dependency has led to delays, high transaction costs, and limited financial autonomy, all of which have been cited as major barriers to intra-African trade.
The launch of PAPSSCARD directly addresses these challenges. It builds on the foundation laid by PAPSS, a cross-border payment infrastructure launched in 2022 to support the African Continental Free Trade Area (AfCFTA). PAPSS enables real-time settlement of payments in local African currencies, eliminating the need for foreign intermediaries.
Driving Adoption Across the Continent
The rollout of PAPSSCARD will be driven by a coalition of central banks, commercial banks, and payment infrastructure providers across Africa. Early adopters include:
- Bank of Kigali
- I&M Bank Rwanda
- Rswitch
- Unified Payments
These partnerships are expected to accelerate the card’s adoption and integration into national payment systems, enabling seamless transactions across borders.
Muzaffer Khokhar, Executive Chairman of Mercury Payment Services, stated:
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 PAPSSCARD will become Africa’s most trusted payments brand.
A Competitive Payments Landscape Emerges
The introduction of PAPSSCARD adds a new layer of competition to Africa’s payments ecosystem, particularly in Nigeria, where the Central Bank of Nigeria (CBN) has already launched its domestic card scheme, AfriGO. Over the past year, AfriGO has gained traction through partnerships with fintechs like OPay and Moniepoint, and banks such as Sterling Bank and Access Bank have begun issuing AfriGO cards.
With PAPSSCARD now entering the scene, consumers and businesses across Africa will benefit from greater choice, lower fees, and enhanced interoperability between national and regional payment systems.
A Step Toward Financial Sovereignty and Integration
The launch of PAPSSCARD is more than a technological milestone—it’s a bold statement of intent. It signals Africa’s readiness to take control of its financial infrastructure, reduce reliance on foreign systems, and unlock the full potential of intra-African trade. As the AfCFTA continues to gain momentum, initiatives like PAPSS and PAPSSCARD will play a critical role in building a unified African market, where money, goods, and services can move freely and efficiently.
