African leaders have unveiled PAPSSCARD, the first-ever pan-African payment card designed to reduce reliance on foreign financial systems and strengthen trade across the continent.
Developed by the Pan-African Payment and Settlement System (PAPSS) in collaboration with Mercury Payment Services (MPS), the card allows secure, same-day cross-border payments entirely within Africa—keeping transaction data and economic value on the continent.
It targets governments, banks, merchants, and individuals while supporting central banks and fostering fintech innovation.
The initiative is part of Afreximbank’s broader push to advance financial inclusion and enhance intra-African trade under the African Continental Free Trade Area (AfCFTA).
Strategic partnerships with institutions such as Bank of Kigali, I&M Bank Rwanda, Rswitch in Rwanda, and Unified Payments in Nigeria are expected to facilitate smooth adoption.
Promoters say PAPSSCARD represents a bold move toward financial independence and positions Africa to develop local solutions tailored to its unique economic and social landscape.
