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A new Pan-African card scheme, Papsscard, has officially launched through a strategic partnership between the African Export-Import Bank (Afreximbank), the Pan-African Payment and Settlement System (PAPSS), and Mercury Payment Services.
The initiative is designed to localise card transactions within Africa, addressing long-standing concerns over the continent’s reliance on international payment networks that often result in higher transaction fees and the outsourcing of valuable financial data.
Currently, a majority of African card payments are routed through global systems, incurring substantial processing costs and leading to a loss of transaction data control. Papsscard seeks to change that by ensuring transactions are fully processed within the continent, thus retaining value and reinforcing Africa’s financial independence.
“For too long, Africa’s reliance on external payment systems has impeded trade, increased costs, and compromised control over our financial data,” said Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank.
“Papsscard changes that. 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.”
The rollout of Papsscard aligns with broader efforts under the African Continental Free Trade Area (AfCFTA) to accelerate intra-African trade and economic integration. By reducing dependence on non-African infrastructure, the card scheme is expected to boost financial inclusion, enhance transaction efficiency, and promote greater data sovereignty.
Further details on the card’s interoperability, issuer partnerships, and rollout schedule are expected in the coming months. Stakeholders say Papsscard represents a significant leap forward in building a self-reliant digital payments ecosystem tailored to the needs of African economies.
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