From Victor Osula, Abuja
In a landmark step toward financial sovereignty and economic integration, Africa has launched its first continent-wide card scheme, PAPSSCARD, designed to facilitate seamless, secure, and cost-effective transactions across African borders.
The PAPSSCARD was formally unveiled on June 27 during the 32nd Annual Meetings of the African Export-Import Bank (Afreximbank) held in Abuja, Nigeria.
The launch represents a strategic milestone in Africa’s efforts to build resilient, independent payment infrastructure that supports the goals of the African Continental Free Trade Area (AfCFTA).
A joint initiative of Afreximbank, the Pan-African Payment and Settlement System (PAPSS), and Mercury Payment Services (MPS), PAPSSCARD is expected to transform the retail payments landscape by enabling fast and affordable cross-border transactions across African nations.
Speaking at the unveiling ceremony, Prof. Benedict Oramah, outgoing President of Afreximbank and Chairman of the Board of Directors, emphasised the significance of the innovation in shifting Africa’s payment architecture away from external dependencies.
“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,” he said.
Mike Ogbalu III, CEO of PAPSS, described the new card scheme as more than a financial tool, calling it “a powerful symbol of progress and a bold step towards financial independence.”
“PAPSSCARD reflects Africa’s ability to create practical, home-grown solutions tailored to the way we trade, live, and grow,” he added.
Muzaffer Khokhar, Executive Chairman of Mercury, stated that the launch represents a decisive move toward financial sovereignty.
“This is about sovereignty, innovation, and trust in African systems. PAPSSCARD will become Africa’s most trusted payments brand, strengthening the backbone of the continent’s financial future,” he said.
John Bosco Sebabi, Acting CEO of PAPSSCARD, highlighted the wide-ranging impact the platform will have across the financial ecosystem.
“It will reduce costs for public institutions, support innovation in the financial sector, and expand access to secure, modern payment tools for businesses and individuals across Africa,” he said.
The PAPSS platform itself is a centralised financial market infrastructure developed by Afreximbank in collaboration with the African Union (AU).
It enables secure and efficient cross-border payments by integrating commercial banks and licensed payment service providers across African regions.
Initially launched in January 2022 in Accra, Ghana, PAPSS was adopted as a key implementation instrument of AfCFTA at the AU’s Twelfth Extraordinary Summit in 2019. It has since received mandates from successive AU sessions to facilitate continent-wide deployment.
Commemorative PAPSSCARDs were presented at the Abuja launch, with issuing support from Bank of Kigali, I&M Bank Rwanda, Rswitch (Rwanda’s national switch), SmartCash, and Unified Payments. These strategic partnerships will ensure widespread acceptance of the card in Nigeria and other markets.
With strong backing from African central banks and financial institutions, the rollout of PAPSSCARD is poised to deepen financial inclusion, enhance regional trade, and drive Africa toward a more integrated and self-sustaining economy.
