African countries have launched PAPSSCARD, the continent’s first Pan-African card payment scheme marking a significant step toward financial independence.
The initiative was officially unveiled during the 32nd Annual Meetings of the African Export-Import Bank (Afreximbank), held in Abuja, Nigeria.
The PAPSSCARD is a joint venture between Afreximbank, the Pan-African Payment and Settlement System (PAPSS), and Mercury Payment Services (MPS).
It is designed to facilitate fast, secure, and cost-effective retail transactions across African borders, the card is expected to transform the continent’s payment infrastructure by reducing reliance on foreign systems.
Currently, most card-based transactions in Africa are routed through global payment systems, resulting in high transaction fees and limited control over financial data.
The PAPSSCARD addresses these issues by ensuring that transactions are processed entirely within the continent, allowing Africa to retain the value, data, and economic benefit of its payments.
Speaking on the initiative, President and Chairman of Afreximbank, Prof. Benedict Oramah said “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. It is a transformative step towards strengthening intra-African trade and preserving value within the continent,” he added.
According to the CEO of PAPSS, Mike Ogbalu III, the new card represents more than just a technological advancement—it is a “powerful symbol of progress” and a bold move toward financial self-reliance.
“This is a practical, home-grown solution that reflects how Africa trades, lives, and grows,” he added.
Executive Chairman of Mercury, Muzaffer Khokhar, echoed similar sentiments, describing the launch as a milestone in Africa’s journey toward financial sovereignty.
“This is about innovation and building trust in African systems. PAPSSCARD will become Africa’s most trusted payments brand,” he said.
The initiative aligns closely with Afreximbank’s broader strategy to promote financial inclusion and deepen intra-African trade under the African Continental Free Trade Area (AfCFTA).
With support from central banks and national payment systems, the continent-wide adoption of the PAPSSCARD is expected to accelerate regional integration and build a more self-sustaining African economy.