Africa has taken a major step toward financial independence with the launch of PAPSSCARD, the continent’s first pan-African payment card scheme. The groundbreaking system launched on June 27, 2025, during the 32nd Afreximbank Annual Meetings in Abuja, Nigeria, marking a historic shift away from reliance on foreign payment networks.
Africa has introduced PAPSSCARD, the continent’s first pan-African payment card. It was launched during the 32nd Afreximbank Annual Meetings in Abuja, Nigeria. It gives African countries a way to make payments across borders without relying on foreign networks.
PAPSSCARD represents a joint venture between the African Export-Import Bank (Afreximbank), the Pan-African Payment and Settlement System (PAPSS), and Dubai-based Mercury Payment Services (MPS). Unlike traditional payment cards that route transactions through European or American networks, PAPSSCARD processes all transactions within Africa’s borders.
The system addresses a critical gap in Africa’s financial infrastructure. Currently, most African card payments travel through global networks like Visa and Mastercard, which increases costs and sends valuable financial data outside the continent. PAPSSCARD keeps transaction value, data, and economic benefits within Africa’s economy.
“For too long, Africa’s reliance on external payment systems has impeded trade, increased costs, and compromised control over our financial data,” said Afreximbank President Professor Benedict Oramah at the launch ceremony. “PAPSSCARD empowers us to move money swiftly, securely, and affordably across our borders.”
Pan-African Payment Card Targets Cross-Border Commerce Growth
The timing of PAPSSCARD’s launch aligns with Africa’s growing focus on intra-continental trade. According to the Afreximbank’s Africa Trade Report 2024, intra-African trade reached $192.2 billion in 2023, representing a 3.2% increase from the previous year.
However, intra-African trade still accounts for only 15% of Africa’s total trade volume, compared to over 60% within Europe. Payment system inefficiencies remain one of the biggest obstacles to increased continental commerce.
The African Continental Free Trade Area (AfCFTA) creates additional urgency for improved payment systems. The trade agreement covers 1.3 billion people across 54 countries, but cross-border payment challenges have limited its potential impact.
PAPSSCARD Card Scheme Addresses Four Critical Payment Problems
John Bosco Sebabi, Acting CEO of PAPSSCARD, identified four main challenges that the new system aims to solve:
Speed barriers: Traditional cross-border payments in Africa can take two to five days, sometimes longer. PAPSSCARD enables same-day transactions through local processing networks.
High costs: Current payment systems charge significant fees for currency conversion and international routing. By eliminating foreign exchange requirements for many transactions, PAPSSCARD reduces processing costs.
Limited accessibility: Over 600 million Africans remain unbanked, according to recent AfCFTA data. PAPSSCARD’s design supports both traditional banking and mobile payment channels to expand access.
Lack of transparency: Existing systems provide limited visibility into transaction status and fees. PAPSSCARD offers clear, upfront pricing and real-time transaction tracking.
Mercury Payment Services Brings Technical Expertise to African Card Launch
Mercury Payment Services brings specialized payment technology to the partnership. The Dubai-based company provides card processing infrastructure that supports PAPSSCARD’s technical requirements.
“We are proud to support a system built by Africa, for Africa,” said Muzaffer Khokhar, Executive Chairman of Mercury Payment Services. “This is about sovereignty, innovation, and building trust in African systems to shape the continent’s financial future.”
The partnership includes strategic relationships with issuing banks Bank of Kigali and I&M Bank Rwanda, Rwanda’s national switch Rswitch, and Nigeria’s Unified Payments system. These partnerships ensure PAPSSCARD’s acceptance across major African markets from launch.
African Payment System Builds on PAPSS Network Success
PAPSSCARD leverages the existing PAPSS infrastructure, which has shown strong growth since its 2022 launch. The Pan-African Payment and Settlement System now operates in 16 countries, with 80% of banks in Ghana already connected to the network.
PAPSS has processed millions of transactions worth billions of dollars, demonstrating the demand for efficient cross-border payment solutions. The system allows direct exchange of African currencies, eliminating the need for US dollar or euro intermediaries in many transactions.
“PAPSS works in collaboration with Africa’s central banks to provide a payment and settlement service,” according to official documentation. The system operates as centralized financial market infrastructure that minimizes risk while supporting financial integration across regions.
African Cross-Border Payment Market Expected to Triple by 2035
The launch comes as Africa’s cross-border payments market prepares for explosive growth. Research by Oui Capital projects the market will expand from $329 billion in 2025 to $1 trillion by 2035, representing a 12% average annual growth rate.
This growth trajectory reflects Africa’s increasing digital adoption and economic integration. However, realizing this potential requires payment infrastructure that can handle increased transaction volumes efficiently and affordably.
PAPSSCARD positions Africa to capture more value from this growth by keeping payment processing revenues within the continent. The system also provides African financial institutions with opportunities to develop specialized services for cross-border commerce.
African Financial Inclusion Strategy Targets Unbanked Population
PAPSSCARD forms part of a broader strategy to increase financial inclusion across Africa. The system’s design accommodates both traditional banking customers and mobile money users.
Financial inclusion initiatives become important as Africa’s population and economy grow. The AfCFTA agreement creates opportunities for small and medium enterprises to participate in cross-border trade, but only if they have access to appropriate payment tools.
Mike Ogbalu III, CEO of PAPSS, described the card as “more than just a payment tool” and “a powerful symbol of progress and a bold step towards financial independence.” The system reflects Africa’s growing confidence in developing home-grown financial solutions.
Continental Payment Infrastructure Supports AfCFTA Trade Goals
The launch aligns with African Union directives to develop continental payment infrastructure. The AU’s 35th Ordinary Session specifically directed the AfCFTA and Afreximbank to deploy payment systems across the entire continent.
PAPSSCARD supports AfCFTA’s goal of creating a single continental market for goods and services. Efficient payment systems are essential for realizing the trade agreement’s potential to boost economic growth and job creation.
Central banks across Africa are expected to lead the system’s adoption and rollout. This government-level support provides PAPSSCARD with legitimacy and regulatory backing that private payment systems often lack.
The initiative demonstrates Africa’s commitment to financial sovereignty and economic integration. By developing continental payment infrastructure, Africa reduces its dependence on external financial systems while building capacity for future growth.
PAPSSCARD’s success could inspire similar initiatives in other sectors, contributing to Africa’s broader economic development and technological advancement. The system represents a practical example of how African institutions can collaborate to address shared challenges and opportunities.
