That vision came to life in Abuja, as Africa launched its very first Pan-African payment card — the PAPSSCARD.

At the grand gathering of the 32nd Afreximbank Annual Meetings, beneath the bright lights and hopeful eyes, leaders, innovators, and visionaries unveiled what might become one of the most transformative tools in Africa’s financial future.

For decades, every swipe and click made by African consumers silently traveled through foreign lands — through global payment systems that charged high fees and siphoned away control. But now, Africa is reclaiming its own story, one transaction at a time.

What Is PAPSSCARD?

At its core, PAPSSCARD is more than plastic and chips. It’s a symbol of sovereignty.

Created by Afreximbank, in partnership with PAPSS (Pan-African Payment and Settlement System) and Mercury Payment Services, this card will allow seamless, secure, and low-cost retail payments across African borders — all while keeping value, data, and control right here on the continent.

Why It Matters

Until now, most African card transactions had to pass through systems based in Europe or America, incurring unnecessary charges, delays, and data vulnerabilities.

But PAPSSCARD is different.

It’s processed entirely within Africa.
It speaks the financial language of the continent.
And it’s designed for how Africa trades, travels, and grows.

“This card is about more than money. It’s about autonomy,” said Prof. Benedict Oramah, President of Afreximbank.
“It will power intra-African trade and protect the economic dignity of our people.”

A Chorus of Confidence

From the boardroom to the marketplace, leaders across sectors echoed the sentiment:

• Mike Ogbalu III, CEO of PAPSS, called it a “symbol of progress.”
• Muzaffer Khokhar, chairman of Mercury Payment Services, described it as “a bold stride toward financial sovereignty.”
• And John Bosco Sebabi, acting CEO of PAPSSCARD, reminded everyone: “This isn’t just for big banks — it’s for the merchant in Accra, the tailor in Kigali, and the traveler crossing borders with ease.”

Built in Africa, For Africa

The pilot rollout began with issuing banks in Rwanda and Nigeria, and more are joining quickly. Powered by Smart Cash, Rswitch, Unified Payments, and others, the system is primed to scale continent-wide.

More than a card, PAPSSCARD is the infrastructure of African dreams — part of a wider AfCFTA vision to unlock a single African market through integrated trade and digital finance.

The Future, Swiped

In a continent of 1.4 billion people, PAPSSCARD could become the most important card in your wallet — one that reflects not just your identity, but your continent’s pride.

Africa is no longer waiting to be included.
It is building its own systems.
And this card is just the beginning.

Want to learn more or get involved in the PAPSSCARD movement?
Visit here.

Disclosed in a statement on the bank’s website, the fund was launched under its Creative Africa Nexus Programme (CANEX), and will be financed through its development impact investment arm, the Fund for Export-Development in Africa (FEDA).

This initiative builds on the bank’s commitment made during the CANEX Weekend (CANEX WKND 2024), held in Algiers, Algeria, in  October 2024. At the event, the Bank announced plans to launch a private equity film fund through FEDA, targeting film production and distribution across Africa. The goal is to enable African filmmakers to create content that resonates globally.

The fund aims to address challenges such as limited access to production facilities and equipment, shortage of advanced post-production resources, and lack of sufficient exhibition infrastructure, all of which continue to hinder the  African film industry despite revenue generation and job creation.

Commenting on the development, Benedict Oramah, President of Afreximbank, stated:

“Through investments in the film sector, alongside initiatives such as the CANEX Shorts Awards, Afrexiimbankis committed to celebrating and amplifying a diverse range of African voices and experiences, thereby catalyzing the creative industry and unleashing the creative industry’s potential to drive economic growth across Africa.”

Marlene Ngooyi, CEO of FEDA, noted that the fund’s objective extends beyond film financing. She described it as a catalyst for building a sustainable film sector that empowers Africa’s creative talents and supports broader economic transformation.

Viola Davis, co-founder of JVL Media LLC, welcomed the initiative, saying it provides opportunities for African creators to thrive on a global scale, creating a more inclusive global film industry.