Dubai-Based Mercury Payment Services Collaborates With Africa-Based PAPSS to Launch Pan-African Payment Scheme, PAPSSCARD

Entrepreneur

01-07-2025

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Dubai-based digital payments platform Mercury Payment Services (Mercury) has collaborated with the Pan African Payments Settlement System (PAPSS) -an initiative of the African Export-Import Bank (Afreximbank)- to launch PAPSSCARD, a continental card scheme and switch that aims to connect national payment switches across the continent and provide a Pan-African interoperable card payments brand with regional and global acceptance of domestic payment schemes in Africa.
The announcement was made at the 32nd Afreximbank's Annual Meetings in Abuja, Nigeria on June 27, 2025. As such, this joint initiative seeks to advance regional financial inclusion and payment systems sovereignty across Africa.
The ceremony was led by H.E. Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, alongside Mike Ogbalu III, CEO of PAPSS, and Mercury's Executive Chairman Muzaffar Khokhar and CEO Muzaffer Hamid. Other guests included current and former Heads of State from African and Caribbean countries, Central Bank Governors, Afreximbank Executives and members of the AfCFTA Secretariat.
"Mercury is actively working with Central Banks, and National payment utilities across Middle East and Africa to design and develop payment infrastructure technology and services," Muzaffar Khokhar, Executive Chairman of Mercury, said. "Our mission is to make PAPSSCARD the most loved African payments brand in the near future."
On his part, Mike Ogbalu III, CEO of PAPSS, added: "The official launch of the PAPSSCARD is a defining moment in Africa's journey toward true financial sovereignty and integration. Through this partnership, we are enabling seamless, secure, and affordable payments that transcend borders, empowering people and businesses across our continent. The PAPSSCARD is not just a payments solution; it is another engine of the PAPSS ecosystem and squarely falls under our mandate of facilitating cross-border payments within Africa. It serves as the foundation for a new era of intra-African trade and prosperity, demonstrating what we can achieve with collective vision and collaboration."
"The launch of PAPSSCARD marks a significant milestone in our journey towards enhancing Africa's payment landscape," added Muzaffer Hamid, CEO of Mercury. "With this initiative, we aim to build an independent and seamless payment network that supports and strengthens every African nations' payments ecosystem. Our commitment is to make the PAPSSCARD a symbol of trust and efficiency across the continent."
As a Middle East Africa-focused, multifaceted payment technology infrastructure and services provider to Central Banks and National payment utilities, Mercury has developed a "Scheme In a Box" platform that simplifies the deployment of payments schemes.