Africa has made a landmark move toward financial independence with the launch of PAPSSCARD, the continent’s first unified Pan-African card payment system.
The card was unveiled during the 32nd Annual Meetings of the African Export-Import Bank (Afreximbank) held in Abuja, Nigeria, marking a bold step in Africa’s ongoing effort to reclaim control over its financial infrastructure and trade systems.
The PAPSSCARD is a product of a tripartite collaboration between Afreximbank, the Pan-African Payment and Settlement System (PAPSS), and Mercury Payment Services (MPS). It is designed to serve as a home-grown solution for retail payments across Africa, allowing secure, fast, and low-cost transactions without reliance on global payment networks such as Visa or Mastercard.
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But the card is only the latest chapter in a larger financial infrastructure shift led by PAPSS.
PAPSS: A Step Toward Africa’s Financial Reclamation
Launched in January 2022 by Afreximbank in partnership with the African Union (AU) and the African Continental Free Trade Area (AfCFTA) Secretariat, PAPSS was created to modernize cross-border payments and eliminate the major hurdles stifling African trade.
PAPSS operates as a centralized payment and settlement platform that enables instant and secure transactions in local currencies across African borders. It is the first system of its kind on the continent that allows buyers in one African country to pay sellers in another without needing to convert funds into foreign currencies like the US dollar or euro.
Unlike traditional cross-border transactions, which involve a maze of correspondent banks, currency conversions, and intermediary charges, PAPSS facilitates direct local currency settlement. This not only simplifies and speeds up transactions, but also cuts foreign exchange costs, reduces dependency on external systems, and enhances monetary sovereignty.
By May 2025, the system had already onboarded over 150 banks across 16 African countries, including Nigeria, Ghana, Rwanda, and Egypt. Nigeria’s participation is considered both symbolic and strategic, given its status as Africa’s largest economy and its substantial role in regional trade flows.
A Card for Everyday Use—and a Shift in Power
The introduction of PAPSSCARD now extends that infrastructure directly to consumers, businesses, and public institutions. It is the first card that allows users to transact across African countries in their local currencies, processed entirely within Africa’s financial network.
Prof. Benedict Oramah, President and Chairman of Afreximbank, described the card as a pivotal tool in Africa’s push for economic autonomy.
“For too long, Africa’s reliance on external payment systems has impeded trade, increased costs, and compromised control over our financial data,” said President and Chairman of Afreximbank, Prof. Benedict Oramah.
“PAPSSCARD changes that. It empowers us 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,” he added.
According to Mike Ogbalu III, CEO of PAPSS, the card embodies a deeper mission beyond convenience.
“This is a symbol of progress and self-reliance. It’s a product built by Africans for Africans—designed to work with how we trade and live,” he said.
Muzaffer Khokhar, Executive Chairman of Mercury Payment Services, reinforced the card’s symbolic weight saying, “This is about creating trust in African systems. The PAPSSCARD will become Africa’s most trusted payments brand.”
Strategic Rollout: From Kigali to Lagos
The rollout involves a wide array of strategic partners. Bank of Kigali and I&M Bank Rwanda are among the early issuing institutions, while Smart Cash (Rswitch), Rwanda’s national switch, and Unified Payments in Nigeria are working to integrate the card into local systems.
According to John Bosco Sebabi, Acting CEO of PAPSSCARD, the card will drive financial innovation, reduce transaction costs for governments and businesses, and expand access to modern financial tools for the underserved.
The launch in Nigeria was accompanied by the release of commemorative cards, symbolizing both the historical and operational importance of the initiative.
Aligned With AfCFTA’s Vision
The PAPSSCARD and its supporting infrastructure dovetail with the goals of the AfCFTA, which aims to boost intra-African trade by removing barriers and harmonizing regulations across the continent. Financial integration has long been a weak link in Africa’s economic chain. PAPSS and the new PAPSSCARD aim to close that gap, offering seamless transaction support for goods and services exchanged under AfCFTA protocols.
This development also supports Afreximbank’s broader objective of building self-sustaining trade ecosystems within Africa, reducing the continent’s exposure to external shocks, and fortifying its economic resilience.
While early adoption looks promising, the long-term success of the PAPSSCARD will hinge on interoperability, consumer trust, and the scaling of acceptance infrastructure, particularly in underserved regions. Analysts also say integration with mobile money platforms and fintech ecosystems will be essential to maximize reach.
Many believe the PAPSS initiative is a milestone in Africa’s quest for its own payment system. For the first time, Africa is building a financial future anchored in its own institutions, data, and digital rails—not those controlled from outside the continent.