Africa launches 1st Pan-African card scheme, PAPSSCARD, to boost financial sovereignty - Economy
Launched Friday at the 32nd Afreximbank Annual Meetings in Abuja, Nigeria, the new card represents a major leap in Africa's efforts to achieve financial sovereignty by building resilient and independent payment systems, easing people travel and boosting trade integration.
PAPSSCARD, a joint-venture between the African Export-Import Bank (Afreximbank), the Pan-African Payment and Settlement System (PAPSS) and Mercury Payment Services (MPS), enables fast, secure, and affordable retail payments across African borders.
While most African card payments are currently routed through global systems, leading to increased fees and loss of data control, PAPSSCARD changes the game by processing transactions entirely within the continent, keeping value, data, and economic benefit in Africa.
Speaking during the launching event, 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,' Oramah said.
'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.'
Additionally, CEO of PAPSS Mike Ogbalu III 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 the way the continent trades, lives, and grows.
Furthermore, Executive Chairman of Mercury Muzaffar Khokhar described the step as a milestone in Africa's move toward financial sovereignty.
'We are proud to support a system built by Africa, and for Africa. This is about sovereignty, innovation, and building trust in African systems to shape the continent's financial future,' Khokhar said during his speech.
'The PAPSSCARD will become Africa's most trusted payments brand, strengthening the backbone of the continent's financial future.'
Moreover, Acting CEO of PAPSSCARD John Bosco Sebabi said that the new payment offering will unlock benefits for a wide range of stakeholders, from corporates and banks to merchants and individuals.
He noted that the PAPSSCARD 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.
During the event, commemorative cards were unveiled 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 e-payment switch - SmartCash; and Unified Payments, ensuring its seamless acceptance throughout Nigeria.
African central banks and payment systems are set to spearhead the continent-wide adoption and rollout of the new PAPSSCARD.
This initiative will significantly advance Afreximbank's strategy to promote financial inclusion and boost intra-African trade under the African Continental Free Trade Area (AfCFTA), fostering a more integrated and self-sustaining African economy.
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