Africa has launched PAPSSCARD, the continent’s first Pan-African card system, marking a significant step toward financial self-sufficiency. The card was unveiled on June 27 at the Afreximbank Annual Meetings in Abuja, Nigeria, and is seen as a milestone in efforts to strengthen Africa’s payment infrastructure and economic integration.
Keeping value and data within Africa
Unlike existing systems that route payments through global networks, PAPSSCARD processes transactions entirely within Africa. This is expected to reduce fees, improve data control, and retain economic benefits on the continent. The initiative is a joint venture between Afreximbank, the Pan-African Payment and Settlement System (PAPSS), and Mercury Payment Services.
Professor Benedict Oramah, President of Afreximbank, emphasized the card’s significance in addressing Africa’s dependence on external systems. “For too long, reliance on external payment systems has impeded trade, increased costs, and compromised control over our financial data,” he said.
A symbol of financial independence
Mike Ogbalu III, CEO of PAPSS, described PAPSSCARD as more than a payment tool, calling it a “powerful symbol of progress” that reflects Africa’s ability to create solutions tailored to its context. Mercury’s Executive Chairman, Muzaffer Khokhar, added that the card is about “sovereignty, innovation, and building trust in African systems.”
The card is expected to benefit banks, businesses, governments, and consumers by enabling faster, more affordable payments while supporting financial inclusion and innovation. African central banks and payment systems will oversee its rollout across the continent, aligning with the goals of the African Continental Free Trade Area to boost intra-African trade and build a more self-sustaining economy.