PAPSSCARD, Africa’s first Pan-African card payment system, was introduced on June 27, 2025, marking a significant step towards the continent’s financial independence.
This unique card, which was unveiled at the 32nd Annual Meetings of the African Export-Import Bank (Afreximbank) in Abuja, Nigeria, promises to transform cross-border retail payments by promoting economic control, lowering costs, and keeping transactions inside Africa.
Ending dependence on foreign payment systems
For years, African card transactions have depended heavily on global payment networks, leading to high fees and a loss of control over financial data.
PAPSSCARD directly addresses these challenges by processing payments entirely within the continent.
This means Africa retains its transactions’ value, data, and economic benefits instead of outsourcing them to foreign systems.
Professor Benedict Oramah, Afreximbank’s President and Chairman, emphasised this shift: “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”.
This initiative is expected to lower transaction fees, making trade and travel across African countries more seamless and affordable.
A symbol of financial Independence and Innovation
PAPSSCARD is more than a payment tool; it is a powerful symbol of progress toward financial self-reliance.
Mike Ogbalu III, CEO of PAPSS, described the card as “a practical, home-grown solution that reflects how Africa trades, lives, and grows”.
The card was developed through a partnership between Afreximbank, the Pan-African Payment and Settlement System (PAPSS), and Mercury Payment Services (MPS), highlighting a collaborative effort to build trusted African financial infrastructure.
Muzaffer Khokhar, Executive Chairman of Mercury, added, “This is about innovation and building trust in African systems. PAPSSCARD will become Africa’s most trusted payments brand”.
Acting CEO of PAPSSCARD, John Bosco Sebabi, noted the card’s broad benefits: it will reduce costs for public institutions, foster financial sector innovation, and expand access to secure payment tools for individuals and businesses across Africa.
The card operates in 16 countries and is supported by key partners like Bank of Kigali, I&M Bank Rwanda, Rwanda’s national switch Smart Cash, and Nigeria’s Unified Payments, ensuring wide acceptance.
PAPSSCARD aligns with Afreximbank’s strategy to deepen intra-African trade under the African Continental Free Trade Area (AfCFTA), promoting a more integrated and self-sustaining African economy.
With PAPSSCARD, Africa is not just improving payments but reclaiming control over its financial future, empowering millions to transact easily and confidently across borders.