Afreximbank has announced that it has PAPSSCARD, the continent’s first Pan-African card scheme. It was unveiled on June 27 at the 32nd Afreximbank Annual Meetings in Abuja, Nigeria.
PAPSSCARD is a joint-venture between the African Export-Import Bank (Afreximbank), the Pan-African Payment and Settlement System (PAPSS) and Mercury Payment Services (MPS). It enables retail payments across African borders. Today, most African card payments are routed through global systems causing increased fees and loss of data control.
Speaking at the launch, Afreximbank President and Chairman of the Board of Directors, Professor Benedict Oramah, highlighted the significance of PAPSSCARD in reclaiming Africa’s financial autonomy. “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 towards strengthening intra-African trade and preserving value within the continent.”
Mike Ogbalu III, CEO of PAPSS, described PAPSSCARD as a major advancement in the continent’s financial architecture, noting that it is “more than just a payment tool, it is a powerful symbol of progress and a bold step towards financial independence.” He added that the card reflects Africa’s ability to create practical, home-grown solutions that align with how the continent trades, lives, and grows.
John Bosco Sebabi, Acting CEO of PAPSSCARD, added that the new payment offering will unlock benefits for a wide range of stakeholders, from corporates and banks to merchants and individuals. He said that the PAPSSCARD card would “reduce costs for public institutions, support innovation across the financial sector, and expand access to secure, modern payment tools for people and businesses across the continent.”
Commemorative cards were unveiled at the 32nd Afreximbank Annual Meetings to mark the launch of the PAPSSCARD. This initiative was made possible by strategic partnerships with issuing banks Bank of Kigali and I&M Bank Rwanda, Rswitch, Rwanda’s national switch Smart Cash and Unified Payments.
African central banks and payment systems are set to spearhead the continent-wide adoption and rollout of the new PAPSSCARD.