On June 27, at the 32nd Afreximbank Annual Meetings in Abuja, Nigeria, Africa officially launched PAPSSCARD — the continent’s first pan-African card scheme — as a game-changer for financial independence and intra-African trade.
Why it matters
Most card payments in Africa are currently routed through global systems, leading to high fees and data dependency on external processors. PAPSSCARD aims to localize transactions, reduce costs, and keep value and data on the continent.
Driving the news
The launch is a joint effort by the African Export-Import Bank (Afreximbank), the Pan-African Payment and Settlement System (PAPSS), and Mercury Payment Services (MPS).
- PAPSSCARD enables fast, secure, and affordable retail payments across African borders.
- It is designed to support everyday transactions for individuals, businesses, merchants, and public institutions — cutting costs and expanding access to modern financial tools.
What they’re saying
- “PAPSSCARD empowers us to move money swiftly, securely, and affordably across our borders. It is a transformative step,” said Prof. Benedict Oramah, President and Chairman of Afreximbank.
- “This is more than just a payment tool — it’s a bold step toward financial independence,” added Mike Ogbalu III, CEO of PAPSS.
- “This is about sovereignty, innovation, and building trust in African systems,” said Muzaffer Khokhar, Executive Chairman of Mercury Payment Services.
- “It will unlock benefits for banks, corporates, merchants, and individuals,” noted John Bosco Sebabi, Acting CEO of PAPSSCARD.
Between the lines
- Commemorative cards were unveiled at the launch, supported by issuing banks including Bank of Kigali, I&M Bank Rwanda, and Nigeria’s Unified Payments, with Rswitch as Rwanda’s national switch.
- PAPSSCARD is expected to integrate closely with African central banks and national payment systems to drive widespread adoption.
