The first Pan-African card scheme has been launched to enhance the continent’s financial sovereignty.
The Papsscard is a collaboration between the African Export-Import Bank, the Pan-African Payment and Settlement System (Papss), and Mercury Payment Services. Current card payments in Africa are mostly processed through global systems, leading to higher fees and loss of data control. By managing transactions exclusively within Africa, Papsscard aims to retain value, data, and economic advantages on the continent.
Benedict Oramah, chairman of the African Export-Import Bank, stated: “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. This is a transformative step toward strengthening intra-African trade and preserving value within the continent.”