Africa has taken a decisive step towards financial independence with the launch of PAPSSCARD, the continent’s first Pan-African payment card scheme. Unveiled at the 32nd Afreximbank Annual Meetings in Abuja on 27 June 2025, the initiative—backed by Afreximbank, PAPSS and Mercury Payment Services—aims to process retail transactions entirely within Africa, reducing costs, retaining data and strengthening intra-continental trade.
PAPSSCARD was launched as a joint venture between the African Export-Import Bank (Afreximbank), the Pan-African Payment and Settlement System (PAPSS) and Mercury Payment Services (MPS). By routing payments through an African clearing and settlement backbone, the card retains economic value within the continent.
Professor Benedict Oramah, President and Board Chair of Afreximbank, described the scheme as “a transformative step towards reclaiming Africa’s financial autonomy, empowering us to move money swiftly, securely and affordably across borders.”
How it works
PAPSSCARD operates on the existing infrastructure of commercial banks and licensed payment service providers connected to PAPSS. Key features include:
Real-time transaction settlement within Africa.
Lower processing fees compared to global networks.
Enhanced control over payment data for central banks and regulators.
Secure EMV-compliant chips and contactless functionality.
Feature | PAPSSCARD | Existing global schemes |
|---|---|---|
Clearing region | Entire African continent | Global hubs (Europe, US) |
Average transaction fee | 0.5–1.0% | 1.2–2.5% |
Data residency | Within continental infrastructure | External jurisdictions |
Settlement time | Seconds to minutes | Minutes to hours |
Strategic partnerships and rollout
The success of PAPSSCARD relies on partnerships with issuing banks and national switches. Initial collaborators include:
Bank of Kigali and I&M Bank Rwanda
Unified Payments and Rswitch (Rwanda’s national switch)
Mercury Payment Services as the technical operator
Rollout will proceed in phases, with early pilots in Nigeria, Rwanda and Ghana, followed by gradual expansion under the African Continental Free Trade Area (AfCFTA) framework. Central banks across participating states will oversee compliance and drive adoption.
Boosting trade integration and inclusion
By keeping transaction processing within Africa, PAPSSCARD aims to:
Reduce reliance on foreign networks and prevent capital flight
Lower transaction costs for merchants and consumers
Enhance data sovereignty and regulatory oversight
Stimulate cross-border commerce, tourism, and investment
John Bosco Sebabi, Acting CEO of PAPSSCARD, emphasised that the card will “unlock benefits for corporates, governments, merchants and individuals, fostering innovation and expanding access to modern payment tools across the continent.”
Ultimately, PAPSSCARD represents a home-grown solution to Africa’s long-standing dependence on external payment systems, signalling a new era of economic integration and financial sovereignty.
