A partnership between the African Export-Import Bank (Afreximbank), the Pan-African Payment and Settlement System (PAPSS) and Mercury Payment Services (MPS) has birthed PAPSSCARD, billed as the first Pan-African card scheme on the continent.
“For too long, Africa’s reliance on external payment systems has impeded trade, increased costs, and compromised control over our financial data. PAPSSCARD changes that,” Afreximbank President and Chairman of the Board of Directors, Professor Benedict Oramah, said at the launch in Abuja last week.
“It empowers us to move money swiftly, securely, and affordably across our borders. It is a transformative step towards strengthening intra-African trade and preserving value within the continent,” he added.
Making international payments by African businesses is largely reliant on banking counterparts outside the continent. This increases both the time and cost of international transactions and has been identified by experts as one of the reasons behind the low intra-African trade.
In recent years, initiatives like the African Continental Free Trade Area (AfCFTA) have moved to improve intra-African trade and subsequently thrust payments in their crosshairs. PAPSS, launched in 2022 to complement the implementation of the AfCFTA, is building payment infrastructure to enable cross-border payments in local African currencies.
Central banks and payment infrastructure providers across the continent are expected to drive the roll-out of PAPSSCARD in the coming months. Partnerships have already been struck with the Bank of Kigali, I&M Bank Rwanda, Rswitch, and Unified Payments to drive its adoption.
“We are proud to support a system built by Africa for Africa. This is about sovereignty, innovation, and building trust in African systems to shape the continent’s financial future. The PAPSS Card will become Africa’s most trusted payments brand, strengthening the backbone of the continent’s financial future,” Muzaffer Khokhar, Executive Chairman of Mercury, said at the launch.
The launch of PAPSSCARD will see increased competition among card services providers, especially in Nigeria, where the Central Bank of Nigeria has its card scheme, AfriGO. In the last year, the card scheme has inked partnerships with fintechs such as OPay and Moniepoint, while banks such as Sterling Bank and Access Bank have begun issuing AfriGo cards.
