By Kepher Otieno
Africa has taken a significant leap toward financial independence with the launch of PAPSSCARD, the continent’s first Pan-African card scheme.
Officially unveiled on June 27 during the 32nd Afreximbank Annual Meetings in Abuja, Nigeria, the PAPSSCARD initiative marks a crucial milestone in Africa’s pursuit of financial autonomy.
It aims to build resilient, homegrown payment infrastructure, ease cross-border travel, and enhance trade integration.
President William Ruto was represented at the event by Prime Cabinet Secretary Musalia Mudavadi.
He lauded the PAPSSCARD as a major milestone.
”Kenya is happy to be part of this new journey with PAPSSCARD,” said Mudavadi of the new systems developed through a joint venture between the African Export-Import Bank (Afreximbank), the Pan-African Payment and Settlement System (PAPSS), and Mercury Payment Services (MPS), PAPSSCARD facilitates fast, secure, and affordable retail payments across African borders.
Currently, most African card transactions are routed through international systems leading to higher fees and loss of control over sensitive financial data.
PAPSSCARD addresses this by ensuring that transactions are processed entirely within the continent, retaining value, data, and economic benefits in Africa.
Speaking at the launch, Professor Benedict Oramah, President and Chairman of Afreximbank, emphasized the card’s transformative potential:
“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.
It empowers us to move money swiftly, securely, and affordably across our borders.
It is a transformative step toward strengthening intra-African trade and preserving value within the continent.”
Mike Ogbalu III, CEO of PAPSS, described PAPSSCARD as more than just a payment solution.
“It’s a powerful symbol of progress and a bold step towards financial independence,” he said.
“The card showcases Africa’s capacity to develop practical, homegrown solutions aligned with the way the continent trades, lives, and grows.”
Muzaffer Khokhar, Executive Chairman of Mercury, highlighted the card’s broader implications for Africa’s financial ecosystem.
“This is a milestone for financial sovereignty.
We are proud to support a system built by Africa, for Africa.
It represents innovation, trust, and a major stride in shaping the continent’s financial future.
We believe PAPSSCARD will become Africa’s most trusted payments brand.”
John Bosco Sebabi, Acting CEO of PAPSSCARD, added that the new platform would deliver widespread benefits across the financial landscape—from corporations and banks to merchants and individuals.
“The PAPSSCARD will help reduce costs for public institutions, fuel innovation in the financial sector, and expand access to secure, modern payment tools across Africa,” he said.
To mark the launch, commemorative cards were unveiled at the event, developed in partnership with issuing banks including Bank of Kigali and I&M Bank Rwanda.
Technical partners such as Rswitch (Rwanda’s national switch), Smart Cash, and Unified Payments are supporting seamless rollout and usage, especially in markets like Nigeria.
African central banks and payment institutions are set to drive the card’s adoption across the continent.
The initiative aligns closely with Afreximbank’s broader strategy to deepen financial inclusion and accelerate intra-African trade under the African Continental Free Trade Area (AfCFTA) laying the foundation for a more integrated and self-reliant African economy.
Nigeria President Bola Tinubu, African billionaire and Philanthropist Tony Elumelu also graced the occasion among other African diplomats, media, business and political elites.
About PAPSS
The Pan-African Payment and Settlement System – PAPSS is a centralised Financial Market Infrastructure that enables the efficient flow of money securely across African borders, minimising risk 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 (“AU”) first announced PAPSS at the Twelfth Extraordinary Summit of the African Union held on July 7, 2019, in Niamey, Niger Republic, therefore adopting PAPSS as a key instrument for the implementation of the African Continental Free Trade Agreement (AfCFTA).
Further, in its thirteenth (13th) extraordinary session, held on December 5, 2020, the assembly of the African Union directed Afreximbank and the AfCFTA secretariat to finalise, among others, work on the Pan-African Payments and Settlements System (PAPSS).
The 35th Ordinary Session of the Assembly of the AU further directed the AfCFTA and Afreximbank 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.
