Africa’s first Pan-African card scheme, PAPSSCARD, was officially launched on Monday in Abuja, marking a milestone in the continent’s push for financial sovereignty and trade integration.
The launch followed the unveiling of the card last week at the 32nd Annual Meetings of the African Export-Import Bank (Afreximbank), also held in Abuja. The new initiative is a joint project of Afreximbank, the Pan-African Payment and Settlement System (PAPSS), and Mercury Payment Services (MPS).
PAPSSCARD is designed to enable fast, secure, and cost-effective retail payments across African borders. Unlike most card transactions in Africa that are processed through global systems, resulting in high fees and data exposure, PAPSSCARD allows transactions to be processed entirely within the continent—retaining economic value and enhancing data control.
Speaking at the launch, President and Chairman of Afreximbank, Prof. Benedict Oramah, said the card would reduce Africa’s reliance on external financial systems and help reclaim control over intra-continental transactions.
“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,” Oramah said. “It empowers us to move money swiftly, securely, and affordably across our borders and strengthens intra-African trade.”
Chief Executive of PAPSS, Mike Ogbalu III, described the card as a major innovation in Africa’s financial infrastructure. “This is more than just a payment tool. It’s a symbol of progress and a bold step towards financial independence,” he said, noting that it reflects Africa’s capacity to design home-grown solutions tailored to the continent’s needs.
Executive Chairman of MPS, Muzaffer Khokhar, also praised the initiative, saying: “This is about sovereignty, innovation, and building trust in African systems to shape the continent’s financial future. The PAPSSCARD will become Africa’s most trusted payments brand.”
Acting Chief Executive of PAPSSCARD, John Bosco Sebabi, highlighted the card’s potential to benefit a wide range of users, including individuals, merchants, banks, and public institutions. He said the card would support innovation, lower transaction costs, and expand access to modern financial services across the continent.
Commemorative PAPSSCARDs were unveiled during the Afreximbank meetings to mark the official rollout. The launch was supported by several strategic partners, including issuing banks such as Bank of Kigali and I&M Bank Rwanda; Rwanda’s national switch, Rswitch; Smart Cash; and Nigeria-based Unified Payments, ensuring initial widespread acceptance.
According to Afreximbank, African central banks and financial institutions are expected to drive the card’s adoption and rollout across the continent. The initiative aligns with Afreximbank’s broader goal to promote financial inclusion and enhance intra-African trade under the African Continental Free Trade Area (AfCFTA).
With PAPSSCARD, Africa takes a major step toward building an integrated, independent, and resilient economic system.
