Africa launches PAPSSCARD to reclaim financial sovereignty and boost trade

Africa has taken a major step toward financial self-determination with the launch of PAPSSCARD,the continent’s first Pan-African card scheme.

Announced during the 32nd Afreximbank Annual Meetings in Abuja,Nigeria,the card aims to keep value,data,and economic benefits within Africa by processing payments entirely on the continent. The PAPSSCARD is a joint initiative between the African Export-Import Bank (Afreximbank),the Pan-African Payment and Settlement System (PAPSS),and Mercury Payment Services,designed to serve as both a payment card and an interoperable switch that connects national payment systems across Africa. “For too long,Africa’s reliance on external payment systems has impeded trade,increased costs,and compromised control over our financial data,” said Afreximbank President Professor Benedict Oramah. “PAPSSCARD changes that (in that) it empowers us to move money swiftly,securely,and affordably across our borders.”

The card’s launch is seen as a key pillar in implementing the African Continental Free Trade Area (AfCFTA) by enabling seamless,secure transactions and reducing dependence on foreign systems that often impose high fees. With issuing partners such as Bank of Kigali and I&M Bank Rwanda,and support from central banks,the card is expected to become widely accepted. Leaders believe PAPSSCARD will drive financial inclusion,lower transaction costs,and support innovation — ushering in a new era of African financial integration and sovereignty.