A joint venture by the African Export-Import Bank (Afreximbank), the Pan-African Payment and Settlement System (PAPSS), and Mercury Payment Services (MPS) has launched the PAPSSCARD, first Pan-African card scheme of its kind.
- •Most African card payments are routed through global systems causing increased fees and loss of data control.
- •African central banks and payment systems are set to spearhead the continent-wide adoption and rollout of the new PAPSSCARD.
- •PAPSS is a key instrument for the implementation of the African Continental Free Trade Agreement (AfCFTA).
“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. It empowers us to move money swiftly, securely, and affordably across our borders,” Professor Benedict Oramah, Afreximbank President and Chairman of the Board of Directors, said during the launch.
Commemorative cards were unveiled at the 32nd Afreximbank Annual Meetings in Abuja to mark the launch of the card. The commemorative cards were made possible by partnerships with issuing banks – Bank of Kigali and I&M Bank Rwanda; Rswitch, Rwanda’s national switch – Smart Cash; and Unified Payments, ensuring its seamless acceptance throughout Nigeria.
John Bosco Sebabi, the Acting CEO of PAPSSCARD, added that the new payment offering will unlock benefits for a wide range of stakeholders, from corporates and banks to merchants and individuals. He said that the PAPSSCARD card would “reduce costs for public institutions, support innovation across the financial sector, and expand access to secure, modern payment tools for people and businesses across the continent.”
The Pan-African Payment and Settlement System (PAPSS), first announced by the Afreximbank and the African Union in 2019, is a centralised Financial Market Infrastructure that enables the efficient flow of money securely across African borders.
