Traders travelling across Africa will not need to convert their currency following the unveiling of PAPSSCARD, the continent’s first Pan-African card scheme.
Unveiled at the 32nd Afreximbank Annual Meetings in Abuja, Nigeria, the initiative marks a major milestone in Africa’s push for self-reliant payment systems, seamless travel, and stronger trade integration.
Developed through a partnership between Afreximbank, the Pan-African Payment and Settlement System (PAPSS), and Mercury Payment Services (MPS), PAPSSCARD enables fast, secure, and low-cost retail payments across African borders.
Unlike current systems that route transactions through global networks—driving up costs and ceding control of financial data—the new card processes payments entirely within Africa, keeping value and economic benefits on the continent.
PAPSSCARD A Step Toward Financial Sovereignty
Speaking at the launch, Prof. Benedict Oramah, President of Afreximbank, emphasized the card’s role in reclaiming Africa’s financial autonomy.
“For too long, Africa’s reliance on external payment systems has stifled trade, inflated costs, and weakened control over our financial data,” he said. “PAPSSCARD changes that. It allows us to move money swiftly, securely, and affordably across borders—a transformative step for intra-African trade and economic resilience.”
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Mike Ogbalu III, CEO of PAPSS, hailed the card as a breakthrough in Africa’s financial infrastructure, calling it “more than a payment tool—it’s a symbol of progress and a bold stride toward financial independence.” He added that the innovation reflects Africa’s capacity to develop homegrown solutions tailored to its economic needs.
Building Trust in African Systems
Muzaffer Khokhar, Executive Chairman of Mercury, described the launch as a defining moment in Africa’s financial evolution. “We are proud to support a system built by Africa, for Africa,” he said. “This is about sovereignty, innovation, and fostering trust in African systems to shape the continent’s financial future.”
John Bosco Sebabi, Acting CEO of PAPSSCARD, highlighted the card’s far-reaching benefits, from reducing costs for public institutions to expanding secure digital payments for businesses and individuals. “PAPSSCARD will drive financial inclusion, spur innovation, and empower economies across Africa,” he stated.
Strategic Partnerships Drive Rollout
Commemorative cards were unveiled at the Afreximbank meetings, with key partners including Bank of Kigali, I&M Bank Rwanda, Rswitch (Rwanda’s national switch), Smart Cash, and Unified Payments (Nigeria) ensuring seamless acceptance.
African central banks and payment systems will lead the continent-wide adoption of PAPSSCARD, aligning with Afreximbank’s strategy to enhance financial inclusion and boost trade under the African Continental Free Trade Area (AfCFTA). The move signals a new era of economic integration, positioning Africa for a more self-sufficient and prosperous future.
