Africa: Launch of PAPSSCARD, the first pan-African payment card to strengthen the continent’s financial independence
Africa has taken a major step toward economic sovereignty with the launch of PAPSSCARD, the first pan-African payment card, unveiled on June 27, 2025, during the 32nd Annual Meetings of Afreximbank in Abuja, Nigeria. The result of a partnership between the Pan-African Payment and Settlement System (PAPSS) and Mercury Payment Services (MPS), PAPSSCARD aims to reduce the continent’s dependence on international payment systems, which are often costly and ill-suited to Africa’s realities.
Unlike traditional cards, where transactions are processed through global networks, PAPSSCARD handles all payments within the continent. This not only helps lower costs but also preserves Africa’s economic value and financial data. The card facilitates real-time cross-border transactions, thereby supporting intra-African trade. “For too long, our reliance on foreign payment systems has held back our development. PAPSSCARD is a major step toward a more self-reliant African financial system,” said Benedict Oramah, President of Afreximbank.
Designed for governments, banks, businesses, and individuals, the card aims to enhance the efficiency of public payments and boost fintech innovation. Mike Ogbalu III, CEO of PAPSS, described the card as “a powerful symbol of progress and financial independence for Africa.” According to Muzaffer Khokhar, Executive Chairman of Mercury, PAPSSCARD is set to become “the continent’s most trusted payment brand,” laying the foundation for an integrated African financial system.
The launch is backed by several technical and banking partners — including Bank of Kigali, I&M Bank Rwanda, Rswitch, and Unified Payments Nigeria — ensuring a gradual rollout across the continent. This initiative aligns fully with the goals of the African Continental Free Trade Area (AfCFTA) and Afreximbank’s strategy to promote financial inclusion, regional economic integration, and African monetary sovereignty.
