By zainab.joaque@awokonewspapersl.com
Freetown, SIERRA LEONE, July 3rd, 2025 – Africa is charting a bold course toward financial sovereignty with the launch of PAPSSCARD, the continent’s first-ever Pan-African card payment system. Unveiled on June 27 at the 32nd Afreximbank Annual Meetings in Abuja, Nigeria, the card represents a landmark shift in how Africans will trade, travel, and transact.
Developed through a powerful alliance between the African Export-Import Bank (Afreximbank), the Pan-African Payment and Settlement System (PAPSS), and Mercury Payment Services (MPS), PAPSSCARD is set to revolutionize the continent’s payment landscape. It offers a fast, secure, and cost-efficient alternative to foreign payment systems that have long dominated Africa’s financial transactions.
Currently, most card payments across Africa are routed through international networks, racking up high fees and resulting in the loss of valuable financial data to external entities. PAPSSCARD changes this dynamic by processing payments entirely within Africa—keeping both money and data on the continent.
“This is a game-changer,” declared Professor Benedict Oramah, President and Chairman of Afreximbank. “For too long, Africa’s over-reliance on foreign payment platforms has hindered trade, driven up costs, and compromised our control over financial data. PAPSSCARD empowers Africans to transact quickly, securely, and affordably across borders while retaining our economic value.”
Described by PAPSS CEO Mike Ogbalu III as “a symbol of Africa’s progress,” PAPSSCARD embodies a growing confidence in African-grown solutions. “It’s more than a payment card,” Ogbalu emphasized. “It’s a reflection of our capacity to create tools that align with how Africa trades, lives, and evolves.”
Mercury Payment Services Executive Chairman Muzaffer Khokhar called the launch “a milestone in Africa’s journey toward financial sovereignty,” noting the card will soon become the continent’s most trusted and reliable brand for payments.
John Bosco Sebabi, Acting CEO of PAPSSCARD, highlighted its wide-reaching impact—from corporate clients and banks to small merchants and everyday users. “This card will reduce costs for institutions, boost innovation, and expand access to secure, modern financial tools,” he said.
The launch event included the presentation of commemorative PAPSSCARDs, supported by a robust network of issuing partners including Rwanda’s Bank of Kigali, I&M Bank Rwanda, Rswitch, Smart Cash, and Unified Payments. This ensures the card’s immediate usability in Nigeria and soon, other African markets.
Backed by the African Union and central banks across the region, PAPSSCARD is poised to accelerate adoption continent-wide. It fits seamlessly within the framework of the African Continental Free Trade Area (AfCFTA), supporting a vision of deeper financial integration and self-sustaining growth.
Launched in 2022, the broader PAPSS infrastructure already facilitates secure, real-time cross-border transactions. The introduction of PAPSSCARD now adds a retail dimension to this powerful financial ecosystem—signaling a decisive move toward homegrown financial control and continental prosperity.
As Africa embraces this historic innovation, PAPSSCARD stands not just as a payment method, but as a bold declaration of Africa’s readiness to shape its own financial destiny. ZIJ/3/7/2025