The first Pan-African payment card is now launched. The initiative aims to strengthen the financial sovereignty of African countries and expand cross-border trade.
The Pan-African Payment and Settlement System (PAPSS), a platform designed to simplify and speed up cross-border payments between African countries, announced the creation of PAPSSCARD, a new unified payment card intended to provide fast, secure, and low-cost transactions across African nations.
The initiative was launched in collaboration with Afreximbank, Africa’s trade finance bank, and the FinTech company Mercury Payment Services (MPS). The card enables retail payments within the continent, bypassing international gateways and global payment systems. The project aims to reduce fees, accelerate transfers, and keep financial data control within the region.
The launch of PAPSSCARD will allow government institutions, banks, businesses, and private users to reduce costs and access modern payment tools. The initiative is also designed to foster the development of FinTech innovations in the region.
Initially, PAPSSCARD will be launched in Nigeria and Rwanda, where local financial institutions have been engaged to ensure the distribution and integration of the payment card:
- Bank of Kigali, Rwanda’s largest commercial bank;
- I&M Bank Rwanda, one of Rwanda’s leading private banks;
- Rswitch (Rwanda), Rwanda’s national payment processing center;
- Smart Cash, a payment system supported by Rswitch;
- Unified Payments, a Nigerian payment solutions and processing provider.
John Bosco Sebabi, Acting CEO of PAPSSCARD, called on African central banks to support scaling the project across the continent. Benedict Oramah, President and Chair of the Board of Directors of Afreximbank, stated that the new card will help Africa regain financial autonomy. “For too long, Africa’s reliance on external payment systems has impeded trade, increased costs, and compromised control over our financial data,” said Oramah.
Mike Ogbalu III, CEO of PAPSS, emphasized that the new card fully reflects the specifics of trade and life on the continent, unlike international payment systems. Muzaffer Khokhar, Executive Chair of Mercury Payment Services, added that PAPSSCARD symbolizes Africa’s sovereignty and technological maturity.
The average fee for remittances to African countries is around 7%, so the region needs more affordable solutions for international transactions. For example, the cross-border payments market in Africa is already actively developed by Ripple through the use of crypto solutions.
