In a landmark move poised to reshape Africa’s financial landscape, the Pan-African Payment and Settlement System (PAPSS) and Mercury Payment Services have officially launched PAPSSCARD. This significant event took place during the 32nd Afreximbank Annual Meetings in Abuja, Nigeria, on June 27, 2025. The launch ceremony was a high-profile affair, 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. Esteemed dignitaries, including current and former African and Caribbean heads of state, Central Bank Governors, Afreximbank executives, and representatives from the AfCFTA Secretariat, were in attendance, underscoring the initiative's strategic importance.

PAPSSCARD is a pioneering joint venture born from the collaboration between PAPSS, an initiative spearheaded by Afreximbank, and Mercury, a leading payment technology provider headquartered in the UAE. This new continental card scheme and switch is meticulously designed to connect national payment switches across Africa. Its primary objective is to deliver a Pan-African interoperable payment solution with broad regional and global acceptance, fostering an environment where domestic payment schemes across the continent can thrive under a unified brand. Mercury’s proprietary “Scheme In a Box” platform played a crucial role in streamlining the development and deployment of this modern payment scheme.

The launch signifies a decisive step towards Africa’s financial independence, trade integration, and economic resilience. For too long, the continent’s reliance on external payment systems like Visa or Mastercard has resulted in higher fees, increased costs, data exposure, and a loss of economic value. PAPSSCARD aims to fundamentally alter this dynamic by ensuring that the entire payment processing ecosystem remains within Africa. This approach will retain data sovereignty, significantly reduce transaction costs, and preserve value chains within local economies, empowering Africans to move money swiftly, securely, and affordably across their borders.

Speaking at the launch, Mike Ogbalu III, CEO of PAPSS, articulated the profound significance of this partnership, stating that 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." He further described PAPSSCARD as "a powerful symbol of progress," emphasizing that it represents a continent-wide financial infrastructure built to reflect the unique ways Africans trade, interact, and grow. Muzaffar Khokhar, Mercury’s Executive Chairman, expressed honor in collaborating on this transformative initiative, highlighting Mercury’s commitment to building infrastructure that empowers regional economies. He confidently predicted that PAPSSCARD would soon become "the most trusted and loved African payments brand." Muzaffer Hamid, Mercury’s CEO, reinforced this vision, stating that the goal is to establish an independent, efficient, and secure payment network that supports each nation's ecosystem while fostering trust, reliability, and regional growth.

PAPSSCARD is engineered to unlock new opportunities for a diverse range of stakeholders across the continent. This includes corporates and merchants seeking streamlined, pan-African payment solutions, governments and public institutions aiming to reduce operational costs, and banks and fintechs exploring infrastructure-light, high-impact payment tools. Crucially, it also targets consumers and individuals who need accessible, secure, and affordable banking options. John Bosco Sebabi, Acting CEO of PAPSSCARD, underscored this broad impact, noting that the initiative is not just about commerce but about "enabling people and businesses to fully participate in Africa’s digital economy."

To ensure a smooth launch and widespread adoption, commemorative PAPSSCARDs were issued during the Afreximbank Annual Meetings. The project's seamless rollout was facilitated by strategic partnerships, including Bank of Kigali and I&M Bank Rwanda as issuing banks, Rwanda’s national switch Rswitch (Smart Cash) for processing, and Unified Payments for enabling seamless acceptance across Nigeria. The initiative also enjoys strong backing from African central banks, who are anticipated to play a leading role in facilitating nationwide rollouts, regulatory alignment, and system integration within their respective countries.

Crucially, the PAPSSCARD is designed to align with the ambitious goals of the African Continental Free Trade Area (AfCFTA). It supports Afreximbank’s strategic efforts to boost intra-African trade, promote financial inclusion, especially in underserved regions, support domestic capital retention and data security, and reduce dependence on non-African financial intermediaries. By enabling borderless payments within Africa, PAPSSCARD is set to become a key enabler of AfCFTA’s mission to foster a unified, competitive, and self-sustaining African economy.

As Africa embraces this transformative payment tool, stakeholders are optimistic about its far-reaching ripple effects. From stimulating regional trade and lowering financial transaction costs to creating digital jobs and unlocking innovation, PAPSSCARD is strategically positioned to lead Africa into a new era of economic empowerment. The launch is also expected to pave the way for future integration with digital ID systems, mobile wallets, and Africa-focused fintech ecosystems, further reinforcing the continent’s ability to define its own digital destiny.