On June 27, 2025, Africa marked a historic milestone with the launch of PAPSSCARD, the continent’s first Pan-African card scheme, unveiled at the 32nd Afreximbank Annual Meetings in Abuja, Nigeria.
This groundbreaking initiative, a collaboration between the African Export-Import Bank (Afreximbank), the Pan-African Payment and Settlement System (PAPSS), and Mercury Payment Services (MPS), is set to disrupt cross-border payments, promote financial inclusion, and boost intra-African trade under the African Continental Free Trade Area (AfCFTA).
What is PAPSSCARD?
PAPSSCARD is Africa’s first homegrown card scheme, designed to facilitate fast, secure, and affordable retail payments across African borders.
Unlike traditional card payments, which often rely on global systems like Visa or Mastercard, PAPSSCARD processes transactions entirely within the continent.
This reduces dependency on external payment networks, lowers transaction fees, and ensures that economic value and data remain in Africa.
The initiative aligns with Afreximbank’s mission to promote financial sovereignty and support the AfCFTA’s goal of creating a unified African market.
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How PAPSSCARD Works
PAPSSCARD leverages the PAPSS infrastructure, a centralised financial market system launched in January 2022 by Afreximbank and the African Union.
PAPSS enables instant cross-border payments in local currencies, supported by a $3 billion clearing and settlement fund from Afreximbank.
The card integrates with central banks, commercial banks, and payment switches across 16 African countries, with 150+ commercial banks connected as of May 2025. Key features include:
- Instant Payments: Transactions are processed in seconds, improving efficiency.
- Local Currency Transactions: Eliminates the need for currency conversion, reducing costs.
- Secure Infrastructure: Ensures data privacy and compliance with global standards.
- Wide Accessibility: Targets governments, businesses, and individuals, with streamlined KYC/AML requirements for small transactions.
Strategic Partnerships Driving Adoption
The success of PAPSSCARD hinges on its partnerships with key financial institutions:
- Bank of Kigali and I&M Bank Rwanda: Issuing banks ensuring card availability.
- Rswitch (Rwanda’s national switch) and Smart Cash: Facilitating seamless transactions in Rwanda.
- Unified Payments: Ensuring widespread acceptance in Nigeria, a major African market.
African central banks are also spearheading the continent-wide rollout, with 16 countries, including Zambia, Malawi, Kenya, and Tunisia, already integrated into the PAPSS network.
The Bigger Picture: Financial Sovereignty and AfCFTA
The launch of PAPSSCARD aligns with Afreximbank’s broader strategy to close Africa’s $120 billion annual trade finance gap.
By promoting local currency settlements, PAPSSCARD minimizes foreign exchange volatility and reduces reliance on the US dollar and euro. This strengthens Africa’s financial autonomy and supports the AfCFTA’s vision of a self-sustaining economy.
Muzaffer Khokhar, Executive Chairman of Mercury Payment Services, envisions PAPSSCARD as “Africa’s most trusted payments brand,” promoting innovation and trust in African systems.
The card’s rollout is also expanding beyond Africa, with the Caribbean Community (CARICOM) endorsing PAPSS for its payment system, hinting at a future global African financial ecosystem.
Challenges and Future Outlook
While PAPSSCARD is a significant step forward, challenges remain:
- Adoption Scale: Expanding to all 54 African countries requires coordination among central banks and financial institutions.
- Infrastructure Gaps: Some regions may lack the digital infrastructure needed for seamless adoption.
- Competition: Global payment giants may resist losing market share in Africa.
Despite these hurdles, the initiative’s momentum is strong. Afreximbank plans to increase trade finance to $40 billion by 2026, with PAPSSCARD playing a central role. The card’s success will depend on continued collaboration and investment in digital infrastructure.
Why PAPSSCARD Matters
PAPSSCARD is more than a payment tool; it’s a symbol of Africa’s determination to control its financial destiny. By reducing transaction costs, enhancing data sovereignty, and promoting intra-African trade, it paves the way for a more integrated and prosperous continent.
As Mike Ogbalu III noted, “It reflects Africa’s ability to create practical, home-grown solutions that align with how the continent trades, lives, and grows.”
For businesses, SMEs, and individuals, PAPSSCARD offers a gateway to seamless cross-border commerce. For Africa, it’s a bold step toward economic independence and a stronger presence in the global financial landscape.
Ronnie Paul is a seasoned writer and analyst with a prolific portfolio of over 1,000 published articles, specialising in fintech, cryptocurrency, and digital finance at Africa Digest News.
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