Africa Launches First Pan-African Card Scheme – PAPSSCARD – to Boost Financial Independence

Africa has taken a landmark step toward financial sovereignty with the launch of PAPSSCARD, the continent’s first homegrown pan-African card scheme. Unveiled on June 27 at the 32nd Afreximbank Annual Meetings in Abuja, Nigeria, the initiative marks a pivotal move to reclaim control over cross-border payments, reduce dependency on global payment networks, and drive economic integration.

Developed as a joint venture between the African Export-Import Bank (Afreximbank), the Pan-African Payment and Settlement System (PAPSS), and Mercury Payment Services (MPS), PAPSSCARD enables fast, secure, and cost-effective retail transactions across African borders. Currently, most card payments in Africa are processed through international systems, leading to higher fees, slower settlements, and loss of critical financial data.

By keeping transaction processing local, PAPSSCARD ensures that value, data, and economic benefits remain within Africa – supporting regional trade, innovation, and financial inclusion.

Speaking at the launch, Benedict Oramah, outgoing President and Chairman of Afreximbank, emphasized the transformative potential of the new card scheme:

“For too long, Africa has relied on external payment systems that have slowed trade, inflated costs, and weakened our control over financial data. PAPSSCARD changes that dynamic. It empowers us to move money swiftly, securely, and affordably across borders strengthening intra-African trade and preserving value at home.”

The rollout of PAPSSCARD will be led by African central banks and national payment systems, aligning with Afreximbank’s broader strategy to support the African Continental Free Trade Area (AfCFTA). By enabling seamless digital payments, the initiative is expected to accelerate regional integration and foster a more resilient, self-sustaining African economy.

This milestone underscores Africa’s growing push for financial autonomy and technological self-reliance in an increasingly digital world.