The African Export-Import Bank (Afreximbank), has teamed up with the Pan-African Payment and Settlement System (PAPSS) and Mercury Payment Services (MPS) to launch the first pan-African card scheme, with a plan to reclaim the continent’s financial autonomy.
Through the launch of the new PAPSSCARD card scheme, the three entities hope to significantly bolster efforts to achieve financial sovereignty across Africa by building resilient and independent payment systems, easing travel and boosting trade integration.
By combining efforts, Afreximbank, PAPSS and MPS plan to enable fast, secure, and affordable retail payments across African borders.
Currently, most African card payments are routed through global systems causing increased fees and loss of data control. In a move to overcome this challenge, PAPSSCARD processes transactions entirely within the continent, ensuring all value, data and economic benefit is kept in Africa.
“For too long, Africa’s reliance on external payment systems has impeded trade, increased costs, and compromised control over our financial data,” said Benedict Oramah, president and chairman of the board of directors at Afreximbank. “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.”
Supporting a more self-sustaining African economy
Unveiled on 17 June at the 32nd Afreximbank Annual Meetings in Abuja, Nigeria, the new card scheme was launched alongside commemorative cards, and was made possible by strategic partnerships with issuing banks, Bank of Kigali and I&M Bank Rwanda; Rswitch, Rwanda’s national switch – Smart Cash; as well as Unified Payments, ensuring acceptance throughout Nigeria.
John Bosco Sebabi, acting CEO of PAPSSCARD, also believes the new payment offering will unlock benefits for a wide range of stakeholders, from corporates and banks to merchants and individuals. He also says 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.”
This initiative plans to 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.
