Africa has launched its first ever Pan-African Card Scheme – ‘PAPSSCARD’. Africa has reached a new milestone in its quest for financial autonomy with the launch of PAPSSCARD, as the first Pan-African card scheme of the continent.
Reportedly, the scheme was officially unveiled on June 27, 2025 at the 32nd Afreximbank Annual Meetings which was held in Abuja, Nigeria. The launch of PAPSSCARD marked a bold step towards strengthening intra-African trade, enhancing payment sovereignty and deepening financial integration across the continent.
The scheme was developed through a joint venture by the officials between Afreximbank, as the Pan-African Payment And Settlement System – PAPSS, and Mercury Payment Services (MPS), PAPSSCARD enables fast, secure and affordable retail payments across African borders.
Unlike the card transaction system currently going on in Africa, this scheme is routed through global systems, which is leading to high fees and a loss of data control. PAPSSCARD processes transactions that can be made entirely within the continent only, by keeping the economic value and critical data within Africa.
As per the sources, the card reinforces commitment promised by Afreximbank to developing Africa-owned financial infrastructure that supports trade under the certified African Continental Free Trade Area (AfCFTA).
PAPSSCARD is designed to reduce operational costs, ease travelling, and provide a modern payment tool for individuals, merchants, banks as well as public institutions.
Notably, Afreximbank also commemorated the official launch of PAPSSCARD and unveiled the first set of it. This was made possible through partnerships with Bank of Kigali Plc and I&M Bank (in Rwanda) Plc. Rwanda’s national switch – RSwitch (the Smart Cash) and Unified Payments in Nigeria were also part of it.
Furthermore, these partnerships ensure immediate usability across key markets. With these central banks and national payment systems leading the charge, PAPSSCARD is all set to roll out across the continent. The newly launched system empowers Africa to take ownership of its financial systems and reinforces its drive for economic self-determination.