Africa has taken a decisive step toward financial independence with the launch of PAPSSCARD, its first pan-African payment card, unveiled on June 27 during the 32nd Annual Meetings of Afreximbank in Abuja.
PAPSSCARD, the first pan-African payment card, aims to reduce the continent’s reliance on foreign payment systems and boost intra-African trade, according to its promoters.
Developed by the Pan-African Payment and Settlement System (PAPSS) in partnership with Mercury Payment Services (MPS), this revolutionary card enables fast, secure, and affordable payments across African borders, APA reports.
Unlike current systems where most card payments are processed through global networks, PAPSSCARD handles transactions entirely within the continent.
“For far too long, Africa’s dependence on external payment systems has hampered trade, increased costs, and compromised control over our financial data. PAPSSCARD is a game changer,” said Benedict Oramah, President of Afreximbank and Chair of its Board of Directors, as quoted in the release.
The new card allows for same-day clearing and settlement of transactions between African countries, thereby retaining value, data, and economic benefits within Africa. It is intended for governments, banks, merchants, and individuals, with the goal of supporting central banks and encouraging innovation among fintech companies.
