Africa Unveils PAPSSCARD to Power Intra-Continental Payments

Untitled document

Africa Unveils PAPSSCARD to Power Intra-Continental Payments

Africa has launched its first-ever pan-African payment card—PAPSSCARD—designed to facilitate faster, cheaper, and more secure cross-border transactions within the continent. Unveiled at the 32nd Afreximbank Annual Meetings in Abuja, the initiative reflects a broader push to reduce dependency on global payment networks and keep value within Africa’s borders.

The card is a product of a strategic collaboration between the African Export-Import Bank (Afreximbank), the Pan-African Payment and Settlement System (PAPSS), and Mercury Payment Services (MPS).

Moving Africa’s Money, Africa’s Way

Currently, the bulk of card payments made within Africa are routed through external systems—incurring high transaction fees and relinquishing data control. PAPSSCARD aims to change that by processing transactions end-to-end within Africa.

“It empowers us to move money swiftly, securely, and affordably across our borders,” said Benedict Oramah, outgoing Afreximbank President. “It is a transformative step towards preserving value within the continent.”

By bypassing international card rails, the PAPSSCARD not only saves cost but asserts Africa’s digital financial sovereignty, a theme echoed throughout the launch.

Built by Africa, for Africa

Mike Ogbalu III, CEO of PAPSS, described the card as more than a payment tool—“a powerful symbol of progress.” Mercury’s Executive Chairman, Muzaffer Khokhar, called it “a milestone in building trust in African systems,” underscoring a continental ambition to innovate on its own terms.

The initial rollout was supported by several banks and payment processors, including Bank of Kigali, I&M Bank Rwanda, Rswitch (Rwanda’s national switch), Smart Cash, and Nigeria’s Unified Payments.

A Boost for Financial Inclusion and Trade Integration

With backing from central banks and payment systems, the PAPSSCARD is expected to support everything from daily retail payments to larger institutional transactions. Acting PAPSSCARD CEO, John Bosco Sebabi, noted that the card will expand access to modern financial tools, helping small businesses and underserved individuals plug into the broader digital economy.

The launch ties into Afreximbank’s strategy to bolster intra-African trade under the AfCFTA (African Continental Free Trade Area), turning the PAPSSCARD into not just a payment method—but infrastructure for Africa’s next economic leap.