By: Goodluck E. Adubazi – Abuja.
Africa marked a significant step towards financial independence on June 30, 2025, in Abuja with the launch of PAPSSCARD, the continent’s first Pan-African card scheme. The card was unveiled on June 27 during the 32nd Afreximbank Annual Meetings held in Abuja, Nigeria.
The new card represents a major leap in Africa’s efforts to achieve financial sovereignty by building resilient and independent payment systems, easing travel, and boosting trade integration.
PAPSSCARD is a joint venture between the African Export-Import Bank (Afreximbank), the Pan-African Payment and Settlement System (PAPSS), and Mercury Payment Services (MPS). It enables fast, secure, and affordable retail payments across African borders. Currently, most African card payments are routed through global systems, resulting in increased fees and loss of data control. By processing transactions entirely within the continent, PAPSSCARD retains value, data, and economic benefits within Africa.
Speaking at the launch, Afreximbank President and Chairman of the Board of Directors, Professor Benedict Oramah, emphasized the significance of PAPSSCARD in reclaiming Africa’s financial autonomy.
“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 a major advancement in the continent’s financial architecture, noting that it is “more than just a payment tool, it is a powerful symbol of progress and a bold step towards financial independence.” He added that the card reflects Africa’s ability to create practical, home-grown solutions that align with how the continent trades, lives, and grows.
Muzaffer Khokhar, Executive Chairman of Mercury, said the launch represents a milestone in Africa’s move toward 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 PAPSSCARD will become Africa’s most trusted payments brand, strengthening the backbone of the continent’s financial future.”
John Bosco Sebabi, Acting CEO of PAPSSCARD, added that the new payment offering will unlock benefits for a wide range of stakeholders—from corporates and banks to merchants and individuals. He said the PAPSSCARD 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 unveiled at the 32nd Afreximbank Annual Meetings to mark the launch of PAPSSCARD.
This initiative was made possible by strategic partnerships with issuing banks, Bank of Kigali and I\&M Bank Rwanda; Rwanda’s national switch, Rswitch (Smart Cash); and Unified Payments—ensuring its seamless acceptance throughout Nigeria.
African central banks and payment systems are set to spearhead the continent-wide adoption and rollout of the new PAPSSCARD. This initiative will significantly advance Afreximbank’s strategy to promote financial inclusion and boost intra-African trade under the African Continental Free Trade Area (AfCFTA), fostering a more integrated and self-sustaining African economy.
About PAPSS
The Pan-African Payment and Settlement System (PAPSS) is a centralized Financial Market Infrastructure that enables the efficient and secure flow of money across African borders, minimizing risk and promoting financial integration. PAPSS works in collaboration with Africa’s central banks to provide a payment and settlement service that commercial banks and licensed payment service providers across the region can connect to as “Participants.”
Afreximbank and the African Union (AU) first announced PAPSS at the Twelfth Extraordinary Summit of the African Union held on July 7, 2019, in Niamey, Niger Republic, adopting it as a key instrument for implementing the African Continental Free Trade Agreement (AfCFTA). At its Thirteenth Extraordinary Session on December 5, 2020, the AU Assembly directed Afreximbank and the AfCFTA Secretariat to finalize work on PAPSS. The 35th Ordinary Session of the AU Assembly further directed that the system be deployed across the continent. PAPSS was officially launched in Accra, Ghana, on January 13, 2022, making it publicly available.
