The African Export-Import Bank (Afreximbank), the Pan-African Payment and Settlement System (PAPSS) and Mercury Payment Services (MPS) have announced the launch of PAPSSCARD, the continent’s first Pan-African card scheme.
This new card represents a major leap in Africa’s efforts to achieve financial sovereignty by building independent payment systems, easing people’s travel and boosting trade integration.
“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,” said Afreximbank President and Chairman of the Board of Directors, Professor Benedict Oramah.
PAPSSCARD enables fast, secure, and affordable retail payments across African borders. At the moment, most African card payments are routed through global systems causing increased fees and loss of data control. By processing transactions entirely within the continent, PAPSSCARD keeps value, data, and economic benefits in Africa.
Mike Ogbalu III, CEO of PAPSS, said, “PAPSSCARD is more than just a payment tool, it is a powerful symbol of progress and a bold step towards financial independence.”
Muzaffer Khokhar, Executive Chairman of Mercury, 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.”
John Bosco Sebabi, Acting CEO of PAPSSCARD, said that the 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.”
Also Read: How PAPSS Is Simplifying Africa’s Cross-Border Payments Landscape
