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AFRICA DECLARES FINANCIAL INDEPENDENCE WITH LAUNCH OF CONTINENT’S FIRST PAYMENT CARD – PAPSSCARD

Africa has launched its first-ever Pan-African payment card, PAPSSCARD, aimed at strengthening financial sovereignty and boosting intra-African trade.

Africa Payment card Financial sovereignty Papsscard Digital transformation.

Africa launch the continent’s first Pan-African card scheme PAPSSCARD, in Abuja, Nigeria.

In a historic move toward financial sovereignty and economic self-determination, Africa has launched its first-ever indigenous payment card, PAPSSCARD, signalling the beginning of a new era in cross-border payments and intra-continental trade.

Unveiled on June 27 at the 32nd Afreximbank Annual Meetings in Abuja, Nigeria, PAPSSCARD is more than a new financial tool, it’s a bold declaration of Africa’s intent to reclaim control of its payment infrastructure, reduce dependence on foreign systems, and keep the economic value generated by its people within its borders.

Developed through a groundbreaking partnership among the African Export-Import Bank (Afreximbank), the Pan-African Payment and Settlement System (PAPSS), and Mercury Payment Services (MPS), PAPSSCARD enables secure, fast, and low-cost retail payments across African countries, eliminating the need to route transactions through external systems that drain value and compromise data sovereignty.

“For too long, Africa’s reliance on external payment systems has impeded trade, increased costs, and compromised control over our financial data,” said Professor Benedict Oramah, Afreximbank President and Chairman. “PAPSSCARD changes that. It empowers us to move money swiftly, securely, and affordably across our borders.“

The current reliance on global card schemes has come at a cost: high fees, sluggish processing, and limited data control. PAPSSCARD flips the script by offering a fully African-operated payment solution, laying the foundation for a resilient financial ecosystem that aligns with the goals of the African Continental Free Trade Area (AfCFTA).

Mike Ogbalu III, CEO of PAPSS, called the card a “symbol of progress,” adding, “This is more than just a payment card; it is a tool, it is a powerful symbol of progress and a bold step towards financial independence.”

The launch, which included the unveiling of commemorative cards, was supported by strategic partnerships with issuing banks such as Bank of Kigali and I&M Bank Rwanda, Rwanda’s national switch Rswitch, and Nigeria’s Unified Payments. These collaborations are critical to ensuring continent-wide adoption and acceptance.

Muzaffer Khokhar, Executive Chairman of Mercury, emphasized the significance of trust in local systems: “This is about sovereignty, innovation, and building trust in African systems to shape the continent’s financial future.”

John Bosco Sebabi, Acting CEO of PAPSSCARD, noted that the new card would benefit a wide array of stakeholders, from banks and corporations to SMEs and individual consumers, by expanding access to modern financial tools and reducing transaction costs for public and private institutions alike.

With African central banks and payment regulators poised to champion the card’s adoption, PAPSSCARD is expected to become a cornerstone of the continent’s financial future, accelerating digital transformation, enabling deeper economic integration, and putting Africa on a path to true financial independence.

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AFRICA DECLARES FINANCIAL INDEPENDENCE WITH LAUNCH OF CONTINENT’S FIRST PAYMENT CARD – PAPSSCARD

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