In a significant step towards financial independence, the continent’s first Pan-African card scheme, PAPSSCARD, was recently unveiled at the 32nd Afreximbank Annual Meetings in Abuja, Nigeria.
The new card represents a major leap in Africa’s efforts to achieve financial sovereignty by building resilient and independent payment systems, easing people travel and boosting trade integration.
The Pan-African Payment and Settlement System (PAPSS) is a centralised Financial Market Infrastructure that enables the efficient flow of money securely across African borders, minimising risk and contributing to financial integration across the regions. It works in collaboration with Africa’s central banks to provide a payment and settlement service to which commercial banks and licensed payment service providers across the region can connect as ‘Participants.’
Speaking at the launch, Afreximbank President and Chairman of the Board of Directors, Prof. Benedict Oramah, highlighted the significance of PAPSSCARD in reclaiming Africa’s financial autonomy. “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.”
Similarly, CEO of PAPSS, Mike Ogbalu III, described PAPSSCARD as a major advancement in the continent’s financial architecture, noting that it is “more than just a payment tool, it is a powerful symbol of progress and a bold step towards financial independence.” He added that the card reflects Africa’s ability to create practical, home-grown solutions that align with how the continent trades, lives, and grows.
Describing the launch as a milestone in Africa’s move toward financial sovereignty, the Executive Chairman of Mercury, Muzaffer Khokhar, said, “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. The PAPSS Card will become Africa’s most trusted payments brand, strengthening the backbone of the continent’s financial future.”
For the Acting CEO of PAPSSCARD, John Bosco Sebabi, the new payment offering will unlock benefits for a wide range of stakeholders, from corporates and banks to merchants and individuals. According to him, PAPSSCARD card would “reduce costs for public institutions, support innovation across the financial sector, and expand access to secure, modern payment tools for people and businesses across the continent.”
Commemorative cards were unveiled at the 32nd Afreximbank Annual Meetings to mark the launch of the PAPSSCARD. This initiative was made possible by strategic partnerships with issuing banks – Bank of Kigali and I&M Bank Rwanda; Rswitch, Rwanda’s national switch – Smart Cash; and Unified Payments, ensuring its seamless acceptance throughout Nigeria.
A joint-venture between the African Export-Import Bank (Afreximbank), the Pan-African Payment and Settlement System (PAPSS) and Mercury Payment Services (MPS), PAPSSCARD is expected to enable fast, secure, and affordable retail payments across African borders.
As African central banks and payment systems are set to spearhead the continent-wide adoption and rollout of the new PAPSSCARD, processing transactions entirely within the continent through it will help keep value, data, and economic benefit on the continent. This initiative will also significantly advance Afreximbank’s strategy to promote financial inclusion and boost intra-African trade under the African Continental Free Trade Area (AfCFTA), fostering a more integrated and self-sustaining African economy.
Afreximbank and the African Union (AU) first announced PAPSS at the 12th Extraordinary Summit of the AU held in July, 2019, in Niamey, Niger Republic, therefore adopting PAPSS as a key instrument for the implementation of the African Continental Free Trade Agreement (AfCFTA).
