Africa Launches First Card Scheme for Cross-Border Payments

AFRICAN BUSINESS AND ECONOMYJuly 7, 2025 at 11:50 AM UTC

TLDR

Africa has launched its first pan-African payment card system, PAPSSCARD, aiming to cut dependence on foreign card networks
The PAPSSCARD is a joint venture by Afreximbank, the Pan-African Payment and Settlement System (PAPSS), and Mercury Payment Services (MPS)
PAPSSCARD will be usable across national borders, reducing the cost of intra-African trade and payment transactions routed through global networks like Visa or Mastercard

Africa has launched its first pan-African payment card system, PAPSSCARD, aiming to cut dependence on foreign card networks and retain more financial value on the continent. The announcement was made at the 32nd Afreximbank Annual Meetings in Abuja, Nigeria.

The PAPSSCARD is a joint venture by Afreximbank, the Pan-African Payment and Settlement System (PAPSS), and Mercury Payment Services (MPS). It is designed to process retail card transactions entirely within Africa, lowering fees and improving data sovereignty.

PAPSSCARD will be usable across national borders, reducing the cost of intra-African trade and payment transactions routed through global networks like Visa or Mastercard. Partners include Bank of Kigali, I&M Bank Rwanda, Nigeria’s Unified Payments, and Rwanda’s national switch Rswitch.

Leaders say the card marks a shift toward economic self-reliance. “PAPSSCARD empowers us to move money swiftly, securely, and affordably across borders,” said Afreximbank President Benedict Oramah. Commemorative cards were also launched during the unveiling.

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Key Takeaways

Africa’s payment ecosystem has long been dominated by foreign intermediaries, leading to capital flight and high processing costs. With PAPSSCARD, the continent gains its first fully localized retail card infrastructure, aligned with AfCFTA’s goal of boosting intra-African trade. By keeping transaction settlement within Africa’s financial system, the card helps central banks manage currency flows, supports regulatory compliance, and fosters homegrown fintech innovation. It also levels the playing field for smaller merchants and fintechs locked out of expensive global systems. If widely adopted, PAPSSCARD could reduce Africa’s reliance on external networks, conserve foreign exchange, and improve financial inclusion.

Economy

Cross-Border Payments

PAPSSCARD

PAPSS

Afreximbank

Fintech

Digital Payments

E-commerce

Trade

Mercury Payment Services