Africa takes step towards financial sovereignty with PAPSSCARD

Africa has embarked on a historic journey towards financial independence with the unveiling of PAPSSCARD, the continent’s first Pan-African card scheme.

Launched on 27 June at the 32nd Afreximbank Annual Meetings in Abuja, Nigeria, PAPSSCARD signifies Africa’s growing determination to reclaim control over its payments infrastructure, reduce reliance on foreign systems, and drive deeper economic integration.

Africa takes step towards financial sovereignty

PAPSSCARD

PAPSSCARD is a collaborative initiative between the African Export-Import Bank (Afreximbank), the Pan-African Payment and Settlement System (PAPSS), and Mercury Payment Services (MPS).

Its purpose is to facilitate seamless, secure, and affordable retail payments across African borders.

Currently, the majority of card transactions on the continent are processed via global networks, resulting in higher fees, exposure of sensitive data, and loss of economic value.

By routing transactions entirely within Africa, PAPSSCARD is designed to keep data, capital flows, and economic benefit within the region.

Professor Benedict Oramah, President of Afreximbank, emphasised the card’s strategic importance: “Africa’s dependence on external payment systems has long constrained trade and increased transaction costs.

PAPSSCARD is transformative, enabling money to move swiftly and securely across borders while preserving financial data sovereignty.”

Echoing this sentiment, Mike Ogbalu III, CEO of PAPSS, described PAPSSCARD as a milestone in Africa’s financial architecture, calling it “a powerful symbol of progress and a practical solution aligned with how Africa trades, lives, and grows.”

Muzaffer Khokhar, Executive Chairman of Mercury, positioned PAPSSCARD as a marker of Africa’s innovation and sovereignty, stating, “This is a system built by Africa, for Africa.

It will become the continent’s most trusted payments brand, strengthening Africa’s financial backbone.”

Commemorative cards were unveiled at the launch, with Bank of Kigali, I&M Bank Rwanda, Rswitch’s Smart Cash in Rwanda, and Unified Payments in Nigeria acting as issuing and acquiring partners to ensure seamless rollout.

John Bosco Sebabi, Acting CEO of PAPSSCARD, highlighted its potential to lower transaction costs for public institutions, drive financial sector innovation, and enhance access to secure payment tools for businesses and consumers alike.

The launch aligns with Afreximbank’s broader strategy to promote financial inclusion and bolster intra-African trade under the African Continental Free Trade Area (AfCFTA), fostering a more integrated and self-sufficient African economy.

Ultimately, PAPSSCARD marks a bold pivot towards an African-led payments landscape rooted in resilience, innovation, and continental unity.