A major stride towards African financial independence has been achieved with the launch of PAPSSCARD—the first Pan-African card scheme designed to ease and secure cross-border payments in local currencies. The initiative is the result of a strategic partnership between the African Export-Import Bank (Afreximbank), the Pan-African Payment and Settlement System (PAPSS), and Mercury Payment Services (MPS).
Speaking at the launch event in Abuja, Afreximbank President, Professor Benedict Oramah, described the card as a game-changer. He stressed that Africa’s dependency on external payment systems has long hindered trade, escalated transaction costs, and left the continent vulnerable in terms of data control. According to him, PAPSSCARD will allow Africans to move money across borders swiftly, securely, and affordably—boosting intra-African trade and retaining value within the continent.
Historically, African businesses have relied on banks outside the continent to process international transactions—a system that is both time-consuming and costly. Experts have repeatedly cited this challenge as a key factor behind the continent’s low intra-African trade volume.
The PAPSSCARD complements ongoing efforts by the African Continental Free Trade Area (AfCFTA) to enhance regional trade. Since its launch in 2022, PAPSS has been building infrastructure to facilitate seamless payments between African nations using their local currencies.
The rollout of PAPSSCARD will involve strong collaboration with central banks and payment infrastructure providers across the continent. So far, partnerships have been established with the Bank of Kigali, I&M Bank Rwanda, Rswitch, and Unified Payments to support its adoption and deployment.
Mercury’s Executive Chairman, Muzaffer Khokhar, emphasized that the initiative reflects Africa’s push for sovereignty, innovation, and trust in its own financial systems. He described PAPSSCARD as a product designed by Africa for Africa, projecting it to become the continent’s most trusted payment brand.
In Nigeria, the launch introduces competition to the domestic card market. The Central Bank of Nigeria’s national card scheme, AfriGO, has made headway over the past year through collaborations with fintechs like OPay and Moniepoint. Banks such as Sterling Bank and Access Bank have also begun issuing AfriGO cards.
As PAPSSCARD begins its rollout, it is expected to play a crucial role in advancing the goals of AfCFTA and transforming how African nations trade and transact with one another.
