In a landmark move to strengthen financial inclusion and payment sovereignty across Africa, the Pan-African Payment and Settlement System (PAPSS) and Mercury Payment Services have officially launched PAPSSCARD during the 32nd Afreximbank Annual Meetings in Abuja.

The launch ceremony was presided over by Professor Benedict Oramah, president and chairman of the board of directors of Afreximbank, alongside Mike Ogbalu III, CEO of PAPSS, and Mercury’s executive chairman Muzaffar Khokhar and CEO Muzaffer Hamid. The event welcomed esteemed dignitaries, including current and former African and Caribbean heads of state, Central Bank Governors, Afreximbank executives, and representatives from the AfCFTA Secretariat.

PAPSSCARD is a pioneering joint venture between PAPSS, an initiative spearheaded by Afreximbank, and Mercury, a leading payment technology provider in the Middle East and Africa. The card serves as a continental card scheme and switch, designed to connect national payment switches across Africa. It aims to deliver a Pan-African interoperable payment solution with broad regional and global acceptance, enabling domestic payment schemes across the continent to thrive under a unified brand.

Speaking at the launch, Khokhar said: "We are honoured to collaborate with PAPSS on this transformative initiative. At Mercury, we are working closely with Central Banks and national payment utilities to build infrastructure that empowers regional economies. We’re confident that PAPSSCARD will soon become the most trusted and loved African payments brand."

Mike Ogbalu III, CEO of PAPSS, emphasised the significance of the partnership: "This launch represents a defining moment in Africa’s pursuit of financial independence. PAPSSCARD is more than just a card—it is a strategic tool within the PAPSS ecosystem to facilitate seamless, secure, and cost-effective cross-border payments. This innovation stands as a testament to what African collaboration can achieve."

Hamid added: "PAPSSCARD signifies a bold leap forward for Africa’s payments infrastructure. Our goal is to establish an independent, efficient, and secure payment network that supports each nation's ecosystem while fostering trust, reliability, and regional growth."

Headquartered in the UAE, Mercury is a multifaceted fintech firm providing cutting-edge payment infrastructure and services to Central Banks and national payment systems. Its proprietary “Scheme In a Box” platform streamlines the development and deployment of modern payment schemes across emerging markets.

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