A new partnership between the African Export-Import Bank (Afreximbank), the Pan-African Payment and Settlement System (PAPSS), and Mercury Payment Services (MPS) has resulted in the launch of PAPSSCARD, which is being heralded as the first Pan-African card scheme on the continent.

“For too long, Africa’s dependence on external payment systems has hampered trade, driven up costs, and limited our control over financial data,” said Professor Benedict Oramah, President and Chairman of the Board of Directors at Afreximbank, during the launch event in Abuja last week.

“PAPSSCARD addresses this challenge. It gives us the ability to move money across borders swiftly, securely, and affordably. This is a transformative development aimed at boosting intra-African trade and keeping value within the continent,” he continued.

Currently, African businesses rely heavily on overseas banking counterparts for international payments. This practice not only increases transaction costs and processing times but has also been cited by experts as a major barrier to the growth of intra-African trade.

In recent years, the African Continental Free Trade Area (AfCFTA) has taken steps to enhance trade within the continent, with cross-border payments becoming a key focus area. PAPSS, introduced in 2022 to support AfCFTA implementation, is developing payment infrastructure to facilitate cross-border transactions in local African currencies.

The roll-out of PAPSSCARD is expected to be spearheaded by central banks and payment infrastructure providers throughout the continent. Strategic partnerships have already been established with the Bank of Kigali, I&M Bank Rwanda, Rswitch, and Unified Payments to support its deployment.

“We are honoured to back a system created by Africa, for Africa. This is about asserting sovereignty, driving innovation, and fostering trust in African financial systems. PAPSSCARD will emerge as Africa’s most trusted payment brand and will serve as a pillar of the continent’s financial progress,” said Muzaffer Khokhar, Executive Chairman of Mercury, during the launch.

The introduction of PAPSSCARD is expected to intensify competition among card service providers, especially in Nigeria, where the Central Bank of Nigeria has rolled out its own card scheme, AfriGO. Over the past year, AfriGO has secured collaborations with fintech companies like OPay and Moniepoint, while banks such as Sterling Bank and Access Bank have commenced issuing AfriGO cards.

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