Africa’s first payment and settlement card scheme has been unveiled to ease the constraints to people travelling and boosting trade integration in the continent.
The official unveiling of the card performed on Friday during the just- concluded 32nd Afreximbank Annual Meetings in Abuja, marks the first concrete step by Africa to achieve financial sovereignty by building an independent payment and settlement system for trade and other business transactions.
The new PAPSSCARD is a novel joint-venture between the African Export-Import Bank (Afreximbank), the Pan-African Payment and Settlement System (PAPSS) and Mercury Payment Services (MPS).
The card is expected to enable fast, secure, and affordable retail payments for trade and other transactions across African borders.
To carry out payments for transactions, goods and services, most African card payments have to be routed through global payment and settlement systems resulting in increased transaction fees and loss of data control.
By processing transactions entirely within the continent through PAPSSCARD, Africans are confident they would keep the value, data, and economic benefits within Africa.
The immediate past President of Afreximbank and Chairman of the Board of Directors, Prof Benedict Oramah, who performed the commemorative unveiling of the card during the meeting highlighted the significance of PAPSSCARD as a tool to reclaim Africa’s financial autonomy.
“For too long, Africa’s reliance on external payment systems impeded trade, increased costs, and compromised control over our financial data. The coming of PAPSSCARD will change all that. It will empower Africans 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,” Prof Oramah said.
The CEO of PAPSS, Mike Ogbalu III, described PAPSSCARD as a major advancement in the continent’s financial architecture.
He noted that the card was “more than just a payment tool, but a powerful symbol of progress and a bold step towards financial independence.”
Ogbalu said the card was a reflection of Africa’s ability to create practical, home-grown solutions that align with how the continent trades, lives, and grows.
The Executive Chairman of Mercury, Muzaffer Khokhar, said the unveiling of the card represents a milestone in Africa’s move toward financial sovereignty.
“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 payment brand, strengthening the backbone of the continent’s financial future,” Khokhar said.
The Acting CEO of PAPSSCARD, John Bosco Sebabi, said the new payment offering would unlock benefits for a wide range of stakeholders, from corporates and banks to merchants and individuals.
He said 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.”
The PAPSSCARD initiative was undertaken by strategic partnerships with issuing banks, including the Bank of Kigali and I&M Bank Rwanda; Rwanda’s national switch, Rswitch, Smart Cash, and Unified Payments, ensuring its seamless acceptance throughout Nigeria.
During the AAGM2025, delegates said African central banks and payment systems are set to spearhead the continent-wide adoption and rollout of the new PAPSSCARD.
The delegates said the initiative would significantly advance Afreximbank’s strategy to promote financial inclusion and boost intra-African trade under the African Continental Free Trade Area (AfCFTA), fostering a more integrated and self-sustaining African economy.
The PAPSS is a centralised financial market infrastructure that enables the efficient flow of money securely across African borders, minimising risks and contributing to financial integration across the regions.
PAPSS works in collaboration with Africa’s central banks to provide a payment and settlement service to which commercial banks and licensed payment service providers across the region can connect as ‘Participants.’
Afreximbank and the African Union first announced PAPSS at the 12th Extraordinary Summit of the African Union held on July 7, 2019, in Niamey, Niger Republic.
PAPSS was later adopted as a key instrument for the implementation of the African Continental Free Trade Agreement (AfCFTA).
During its 13th extraordinary session, held on December 5, 2020, the African Union Assembly directed Afreximbank and the AfCFTA secretariat to finalise, among others, work on the PAPSS, while the 35th Ordinary Session of the Assembly further directed both organizations to deploy the system to cover the entire continent.
PAPSS was officially launched in Accra, Ghana, on January 13, 2022, making it available for use by the public out the continent.
