In a major stride towards financial autonomy and regional trade integration, African countries have launched PAPSSCARD, the continent's first unified card payment system. The launch took place during the 32nd Annual Meetings of the African Export-Import Bank (Afreximbank) in Abuja, Nigeria.
PAPSSCARD is the result of a collaboration between Afreximbank, the Pan-African Payment and Settlement System (PAPSS), and Mercury Payment Services (MPS). The PAPSSCARD is designed to enable instant, secure, and seamless payments across African borders using local currencies, significantly reducing the need for third-party currencies like the U.S. dollar or euro.
Speaking at the launch, stakeholders emphasized that PAPSSCARD is expected to lower transaction costs, eliminate exchange rate complexities, and increase financial inclusion across the continent. The card system also seeks to support small and medium-sized enterprises (SMEs), which often face barriers to accessing regional markets due to payment difficulties.
With its rollout, PAPSSCARD is positioned to become a cornerstone of Africa's digital financial infrastructure, supporting the long-term vision of a self-sufficient and interconnected African economy.
