Africa Launches PAPSSCARD to Boost Financial Sovereignty and Trade

In a landmark move set to redefine the African financial landscape, the continent has officially launched PAPSSCARD, its first Pan-African card scheme, during the 32nd Afreximbank Annual Meetings, held on June 27, 2025, in Abuja, Nigeria. The launch marks a decisive step toward financial independence, trade integration, and economic resilience for the African continent.

The Pan-African Payment and Settlement System Card (PAPSSCARD) is the result of a joint venture between the African Export-Import Bank (Afreximbank), the Pan-African Payment and Settlement System (PAPSS), and Mercury Payment Services (MPS). It is being hailed as a transformative innovation in Africa’s quest to build its own financial infrastructure that is modern, inclusive, and designed around African realities and aspirations.

Reclaiming Africa’s Financial Autonomy

Launching the initiative, Professor Benedict Oramah, President and Chairman of the Board of Directors at Afreximbank, highlighted the card's transformational impact on intra-African financial transactions. “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.”

Currently, most card-based transactions in Africa are processed through global systems like Visa or Mastercard, leading to higher fees, data exposure, and loss of economic value. PAPSSCARD aims to change this dynamic by keeping the entire payment processing ecosystem within the continent—retaining data sovereignty, reducing transaction costs, and preserving value chains in local economies.

More Than a Payment Tool: A Symbol of Continental Unity

Mike Ogbalu III, CEO of PAPSS, described PAPSSCARD as "a powerful symbol of progress". He emphasized that the initiative is more than just a card; it is a continent-wide financial infrastructure that reflects the way Africans trade, interact, and grow.

“This card supports Africa’s goals of greater financial inclusion, interconnected markets, and a digitally empowered population. It is built to match the unique needs of African societies, from informal markets to formal banking environments,” said Ogbalu.

Innovation Built for Africa, by Africa

Speaking on behalf of Mercury, Executive Chairman Muzaffer Khokhar underscored the card's symbolic and practical importance: “We are proud to support a system built by Africa, for Africa. This is about sovereignty, innovation, and building trust in African systems to shape the continent’s financial future.”

Khokhar noted that PAPSSCARD would soon become Africa’s most trusted payments brand, laying the foundation for future innovations in domestic digital banking, mobile money interoperability, and cross-border commerce.

John Bosco Sebabi, Acting CEO of PAPSSCARD, added that the card unlocks new opportunities for a wide range of stakeholders, including:

• Corporates and merchants seeking streamlined, pan-African payment solutions

• Governments and public institutions looking to reduce operational costs

• Banks and fintechs exploring infrastructure-light, high-impact payment tools

• Consumers and individuals who need accessible, secure, and affordable banking options

“This is not just about commerce; it is about enabling people and businesses to fully participate in Africa’s digital economy,” Sebabi said.

Seamless Rollout and Strategic Partnerships

To ensure a smooth launch and wide adoption, commemorative PAPSSCARDs were issued during the Afreximbank Annual Meetings in Abuja. Several strategic partnerships made the rollout possible, including:

• Bank of Kigali and I&M Bank Rwanda – as issuing banks

• Rwanda’s national switch, Rswitch (Smart Cash) – for processing

• Unified Payments – enabling seamless acceptance across Nigeria

The project also has strong backing from African central banks, which are expected to play a leading role in facilitating nationwide rollouts, regulatory alignment, and system integration within their respective countries.

Advancing the AfCFTA and Financial Inclusion Goals

The PAPSSCARD is also designed to align with the goals of the African Continental Free Trade Area (AfCFTA), supporting Afreximbank’s strategic efforts to:

• Boost intra-African trade

• Promote financial inclusion, especially in underserved regions

• Support domestic capital retention and data security

• Reduce dependence on non-African financial intermediaries

By enabling borderless payments within Africa, the PAPSSCARD becomes a key enabler of AfCFTA’s mission to foster a unified, competitive, and self-sustaining African economy.

Looking Ahead: A New Era of African Financial Sovereignty

As Africa embraces this transformative payment tool, stakeholders are optimistic about the ripple effects it will create. From stimulating regional trade and lowering financial transaction costs, to creating digital jobs and unlocking innovation, PAPSSCARD is positioned to lead Africa into a new era of economic empowerment.

The launch is also expected to pave the way for future integration with digital ID systems, mobile wallets, and Africa-focused fintech ecosystems, reinforcing the continent’s ability to define its own digital destiny.