Africa Launches Its First Pan-African Card Scheme
Africa has officially introduced its first-ever Pan-African payment card, aimed at reducing reliance on costly global payment networks.
This initiative marks a crucial step towards achieving financial independence, as the continent seeks to retain more value from transactions within its borders.
The card was announced on June 27 during the 32nd Afreximbank Annual Meetings in Abuja, Nigeria.
Dubbed PAPSSCARD, this payment solution is a collaborative effort by Afreximbank, the Pan-African Payment and Settlement System (PAPSS), and Mercury Payment Services.
At present, most card transactions in Africa rely on international networks, which not only increase costs but also limit control over data management.
“Our long-standing reliance on foreign payment systems has obstructed trade, raised costs, and threatened our data governance.
PAPSSCARD tackles these challenges,” stated Benedict Oramah, President of Afreximbank. He added that it facilitates quick, secure, and economical money transfers across borders.
“This represents a significant leap forward in enhancing intra-African trade and protecting value within the continent,” he remarked.
Mike Ogbalu III, CEO of PAPSS, described PAPSSCARD as “not just a payment tool; it symbolizes a major milestone and a decisive step toward financial autonomy.”
Muzaffer Khokhar, Executive Chairman of Mercury, expressed pride in supporting an African-developed system designed for local needs. “This project embodies sovereignty, innovation, and building trust in African solutions to shape our financial future,” he noted.
John Bosco Sebabi, Acting CEO of PAPSSCARD, indicated that the card would “reduce costs for public institutions while fostering innovation across the financial sector. It will also improve access to reliable and contemporary payment solutions for individuals and businesses throughout the continent.”
During the meetings in Abuja, commemorative cards were distributed. The issuing partners include Bank of Kigali, I&M Bank Rwanda, Rwanda’s national switch Rswitch, and Nigeria’s Unified Payments.
These partnerships are anticipated to promote widespread acceptance and seamless integration across various platforms. The implementation will be led by African central banks along with national payment systems.
This initiative aligns with Afreximbank’s objective to enhance financial inclusion and stimulate intra-African trade through the African Continental Free Trade Area.
PAPSS was initially announced at an African Union summit in Niger in 2019 and subsequently launched in Accra, Ghana on January 13, 2022.
It serves as the foundational structure for PAPSSCARD by connecting central banks with licensed providers to create a comprehensive financial network across the continent.
