This launch is a decisive step towards the continent’s financial sovereignty, with expected positive impacts on trade, fintech innovation and financial inclusion on a pan-African scale.

A Major Step Towards the Continent’s Financial Independence

On June 27, 2025, during the 32nd Annual Afreximbank Assemblies in Abuja, Africa marked a historic milestone with the launch of PAPSSCARD, its first pan-African payment card. This innovation aims to reduce the continent’s dependence on international payment systems such as Visa or Mastercard by enabling fast, secure, and affordable transactions between African countries, fully processed within the continent.

PAPSSCARD: A Tool to Boost Intra-African Trade

Developed by the Pan-African Payment and Settlement System (PAPSS) in partnership with Mercury Payment Services, PAPSSCARD facilitates real-time cross-border payments by eliminating high fees and delays associated with foreign systems. The card keeps the value and financial data on African soil, thereby strengthening the continent’s economic sovereignty.

It targets a wide range of users: governments, banks, merchants, and individuals. Supporting central banks and encouraging fintech innovation, it fits into a broader economic integration strategy driven by the African Continental Free Trade Area (AfCFTA).

A Pan-African Strategy for Integration and Innovation

The launch of PAPSSCARD relies on strategic partnerships with issuing banks such as Bank of Kigali and I&M Bank Rwanda, as well as national operators like Rswitch in Rwanda and Unified Payments in Nigeria, ensuring smooth adoption across the continent.

Mike Ogbalu III, CEO of PAPSS, emphasized that this card is more than just a payment method: it symbolizes a bold step towards African financial autonomy and the continent’s ability to develop solutions tailored to its economic realities.

PAPSS: A Key Infrastructure for Economic Development

Initially launched in 2022 within the West African monetary zone, PAPSS is a platform that enables instant payments in local currencies across African borders. Before its existence, over 80% of African cross-border payments were cleared abroad, causing delays, high costs, and loss of control over financial data.

Thanks to PAPSS, transactions are now cleared and settled the same day within the continent, promoting intra-African trade, reducing costs, and opening new opportunities for SMEs and local investors.

Towards a More Integrated and Autonomous African Economy

By aligning with the dynamics of PAPSS and AfCFTA, PAPSSCARD contributes to building a more integrated, autonomous, and competitive African economy on the global stage. It offers a concrete response to historical challenges related to fragmented payment systems and dependence on international networks.