Africa launches PAPSSCARD to boost intra-continental trade, financial sovereignty

Africa has launched its first-ever Pan-African payment card, PAPSSCARD, in a move aimed at enhancing financial sovereignty, reducing transaction costs, and boosting intra-continental trade.

The card was officially unveiled on June 27 during the 32nd African Export-Import Bank (Afreximbank) Annual Meetings held in Abuja, Nigeria.

It is a joint initiative between Afreximbank, the Pan-African Payment and Settlement System (PAPSS), and Mercury Payment Services.

The PAPSSCARD is reportedly designed to enable fast, secure, and affordable retail transactions across African borders, eliminating the need to process payments through external systems.

This shift is expected to reduce costs and increase control over financial data and transaction value, which are currently routed through global networks.

Former Afreximbank President and Board Chairman, Professor Benedict Oramah, said the new payment system is a significant step towards financial autonomy for the continent.

“For too long, Africa’s reliance on external payment systems has impeded trade, increased costs, and compromised financial data control,” said Oramah.

He said: “PAPSSCARD changes that and allows us to retain value within the continent.”

PAPSS Chief Executive Officer, Mike Ogbalu III, described the card as a strategic addition to the continent’s financial infrastructure, aligning with African realities and trade patterns.

Mercury Executive Chairman, Muzaffer Khokhar, said the initiative reflected Africa’s ability to build innovative, sovereign financial systems.

The card will be rolled out through partnerships with issuing banks such as Bank of Kigali, I&M Bank Rwanda, Rswitch (Smart Cash), and Unified Payments in Nigeria.

Acting Chief Executive Officer of PAPSSCARD, John Bosco Sebabi, said the product was expected to support both public and private sector users by reducing transaction costs, encouraging innovation, and expanding access to secure digital payment options.

African central banks and payment platforms are expected to play a key role in facilitating adoption of PAPSSCARD across the continent.

The initiative forms part of broader efforts to support the African Continental Free Trade Area (AfCFTA) and build a more integrated and self-reliant African economy.

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