African payments platform launches new card
Mbongeni Mguni | Monday July 7, 2025 06:00
The Pan-African Payment and Settlement System (PAPSS) is a centralised platform that enables participating African countries and their currencies to make payments across the continent’s borders, without the added costs of conversion to hard currencies, particularly the dollar.
PAPSS works in collaboration with Africa’s central banks to provide a payment and settlement service to which commercial banks and licensed payment service providers across the region can connect.
Prior to the operationalisation of PAPSS, the continent was estimated to be losing $5 billion annually through external intermediaries and currency conversions, a situation that was also limiting inter-African trade.
In Abuja last week, at the Afreximbank Annual Meetings, officials launched the PAPSSCARD, the continent’s first Pan-African card scheme described as a major leap in Africa’s efforts to achieve financial sovereignty by “building resilient and independent payment systems, easing people travel and boosting trade integration”.
PAPSSCARD is a joint-venture between the Afreximbank, PAPSS and Mercury Payment Services (MPS), which enables fast, secure, and affordable retail payments across African borders.
“Today, most African card payments are routed through global systems causing increased fees and loss of data control,” a joint statement from the three entities reads. “By processing transactions entirely within the continent, PAPSSCARD keeps value, data, and economic benefit in Africa.”
Speaking at the launch, Afreximbank outgoing President and chairman, Professor Benedict Oramah, highlighted the significance of PAPSSCARD in reclaiming Africa’s financial autonomy.
“For too long, Africa’s reliance on external payment systems has impeded trade, increased costs, and compromised control over our financial data,” he said. “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.”
Mike Ogbalu III, CEO of PAPSS, described PAPSSCARD as a major advancement in the continent’s financial architecture, noting that it is “more than just a payment tool, it is a powerful symbol of progress and a bold step towards financial independence”.
He added that the card reflects Africa’s ability to create practical, home-grown solutions that align with how the continent trades, lives, and grows.
John Bosco Sebabi, 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”.
Commemorative cards were unveiled at the 32nd Afreximbank Annual Meetings to mark the launch of the PAPSSCARD.
African central banks and payment systems are set to spearhead the continent-wide adoption and rollout of the new PAPSSCARD. This initiative will significantly advance Afreximbank’s strategy to promote financial inclusion and boost intra-African trade under the African Continental Free Trade Area (AfCFTA), fostering a more integrated and self-sustaining African economy, officials said.