The African Export-Import Bank has unveiled the PAPSSCARD, a new payments card designed to deepen financial integration across Africa and strengthen the continent’s control over cross-border transactions.

Launched in partnership with Mercury Payment Services, the PAPSSCARD builds on the Pan-African Payment and Settlement System, which was established in 2022 to enable intra-African trade using local currencies. PAPSS currently links 15 central banks and more than 150 commercial banks across the continent, including 22 banks in Nigeria.

With the PAPSSCARD, Afreximbank is aiming to keep financial data, value, and transactions within Africa—cutting down reliance on international payment systems like Visa and Mastercard. The new card promises faster transaction times, reduced fees, and improved data sovereignty for African nations.

“Today marks another step forward in creating an Africa where value circulates within the continent, not outside it,” Afreximbank President Prof. Benedict Oramah said at the launch ceremony.

The PAPSSCARD enters a global landscape where regional payment sovereignty is gaining traction. In Europe, the European Payments Initiative and the European Payments Alliance recently joined forces to develop a system that links cross-border transactions across the EU, echoing Africa’s aspirations.

This is not Africa’s first move toward payment independence. In 2023, Nigeria’s Central Bank introduced AfriGo, a domestic card scheme aimed at reducing dependence on foreign networks. While AfriGo focuses on national use, PAPSS and its card expand the vision continent-wide.

Despite the uncertainties, the PAPSSCARD signals a clear intent: Africa is taking charge of its financial destiny—one transaction at a time.