•Afreximbank’s initiative to lower transaction fees across borders, boost intra-Africa trade, others

James Emejo in Abuja

The continent’s first Pan-African card scheme, PAPSSCARD was launched yesterday in Abuja, marking a significant step towards financial independence.

The new card was unveiled last week at the 32nd Afreximbank Annual Meetings in Abuja.

The breakthrough represented a major leap in the continent’s efforts to achieve financial sovereignty by building resilient and independent payment systems, easing people’s travel, and boosting trade integration.

Essentially, PAPSSCARD, a joint venture between 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.

However, by processing transactions entirely within the continent, PAPSSCARD keeps value, data, and economic benefits in Africa.

Speaking at the launch, Afreximbank President/Chairman, Board of Directors, Prof. Benedict Oramah, highlighted the significance of the card scheme in reclaiming Africa’s financial autonomy.

He said, “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.”

Chief Executive of PAPSS, Mike Ogbalu III, described the card as a major advancement in the continent’s financial architecture, adding that it is “more than just a payment tool, it is a powerful symbol of progress and a bold step towards financial independence.”

He said the card reflected Africa’s ability to create practical, home-grown solutions that align with how the continent trades, lives, and grows.

On his part, Executive Chairman of MPS, Muzaffer Khokhar, said the launch represented a milestone in Africa’s move toward financial sovereignty.

He said, “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.”

Acting Chief Executive of PAPSSCARD, John Bosco Sebabi, said the new payment offering will unlock benefits for a wide range of stakeholders, from corporates and banks to merchants and individuals.

He said 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 card.

The 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.

With the development, African central banks and payment systems are set to spearhead the continent-wide adoption and rollout of the new PAPSSCARD.

The 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, according to a statement by Afreximbank.

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