Latest news with #PAPSSCARD
Entrepreneur
01-07-2025
- Business
- Entrepreneur
Dubai-Based Mercury Payment Services Collaborates With Africa-Based PAPSS to Launch Pan-African Payment Scheme, PAPSSCARD
You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media. 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.
Al-Ahram Weekly
30-06-2025
- Business
- Al-Ahram Weekly
Africa launches 1st Pan-African card scheme, PAPSSCARD, to boost financial sovereignty - Economy
Africa has marked a significant step towards financial independence following the launch of PAPSSCARD, the continent's first Pan-African card scheme. 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. Follow us on: Facebook Instagram Whatsapp Short link:
Khaleej Times
30-06-2025
- Business
- Khaleej Times
PAPSS and Mercury unveil PAPSSCARD to drive Africa's financial integration
In a landmark move to strengthen financial inclusion and payment sovereignty across Africa, the Pan-African Payment and Settlement System (PAPSS) and Mercury Payment Services have officially launched PAPSSCARD during the 32nd Afreximbank Annual Meetings in Abuja. The launch ceremony was presided over by 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. The event welcomed esteemed dignitaries, including current and former African and Caribbean heads of state, Central Bank Governors, Afreximbank executives, and representatives from the AfCFTA Secretariat. PAPSSCARD is a pioneering joint venture between PAPSS, an initiative spearheaded by Afreximbank, and Mercury, a leading payment technology provider in the Middle East and Africa. The card serves as a continental card scheme and switch, designed to connect national payment switches across Africa. It aims to deliver a Pan-African interoperable payment solution with broad regional and global acceptance, enabling domestic payment schemes across the continent to thrive under a unified brand. Speaking at the launch, Khokhar said: "We are honoured to collaborate with PAPSS on this transformative initiative. At Mercury, we are working closely with Central Banks and national payment utilities to build infrastructure that empowers regional economies. We're confident that PAPSSCARD will soon become the most trusted and loved African payments brand." Mike Ogbalu III, CEO of PAPSS, emphasised the significance of the partnership: "This launch represents a defining moment in Africa's pursuit of financial independence. PAPSSCARD is more than just a card—it is a strategic tool within the PAPSS ecosystem to facilitate seamless, secure, and cost-effective cross-border payments. This innovation stands as a testament to what African collaboration can achieve." Hamid added: "PAPSSCARD signifies a bold leap forward for Africa's payments infrastructure. Our goal is to establish an independent, efficient, and secure payment network that supports each nation's ecosystem while fostering trust, reliability, and regional growth." Headquartered in the UAE, Mercury is a multifaceted fintech firm providing cutting-edge payment infrastructure and services to Central Banks and national payment systems. Its proprietary 'Scheme In a Box' platform streamlines the development and deployment of modern payment schemes across emerging markets.
Zawya
30-06-2025
- Business
- Zawya
Africa Launches First Pan-African Card Scheme
Africa has marked a significant step towards financial independence following the launch of PAPSSCARD, the continent's first Pan-African card scheme. Unveiled on June 27 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. Today, most African card payments are routed through global systems causing increased fees and loss of data control. By processing transactions entirely within the continent, PAPSSCARD keeps value, data, and economic benefit in Africa. Speaking at the launch, 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. 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.' Mike Ogbalu III, CEO of PAPSS, 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 how the continent trades, lives, and grows. Muzaffer Khokhar, Executive Chairman of Mercury, said the launch represents a milestone in Africa's move toward financial sovereignty. 'We are proud to support a system built by Africa, for Africa. This is about sovereignty, innovation, and building trust in African systems to shape the continent's financial future. The PAPSS Card will become Africa's most trusted payments brand, strengthening the backbone of the continent's financial future." John Bosco Sebabi, Acting CEO of PAPSSCARD, added that the new payment offering will unlock benefits for a wide range of stakeholders, from corporates and banks to merchants and individuals. He said that the PAPSSCARD card 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.' Commemorative cards were unveiled at the 32nd Afreximbank Annual Meetings 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 switch - Smart Cash; 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. Distributed by APO Group on behalf of Afreximbank. Contact person: Papa Thiongane communications@ About PAPSS: The Pan-African Payment and Settlement System – PAPSS is a centralised Financial Market Infrastructure that enables the efficient flow of money securely across African borders, minimising risk and contributing to financial integration across the regions. PAPSS works in collaboration with Africa's central banks to provide a payment and settlement service to which commercial banks and licensed payment service providers across the region can connect as 'Participants.' Afreximbank and the African Union ('AU') first announced PAPSS at the Twelfth Extraordinary Summit of the African Union held on July 7, 2019, in Niamey, Niger Republic, therefore adopting PAPSS as a key instrument for the implementation of the African Continental Free Trade Agreement (AfCFTA). Further, in its thirteenth (13th) extraordinary session, held on December 5, 2020, the assembly of the African Union directed Afreximbank and the AfCFTA secretariat to finalise, among others, work on the Pan-African Payments and Settlements System (PAPSS). The 35th Ordinary Session of the Assembly of the AU further directed the AfCFTA and Afreximbank to deploy the system to cover the entire continent. PAPSS was officially launched in Accra, Ghana, on January 13, 2022, thus making it available for use by the public. For more information, visit:
