PAPSSCARD: Africa's First Continental Card Scheme to Transform Cross-Border Payments

In a historic step toward regional financial integration, the African Export-Import Bank (Afreximbank), the Pan-African Payment and Settlement System (PAPSS), and Mercury Payment Services (MPS) have jointly introduced PAPSSCARD — Africa’s first continent-wide card scheme, reports PaySpace Magazine. Announced at the 32nd Afreximbank Annual Meetings in Abuja on June 27, this initiative aims to simplify, secure, and reduce the cost of retail payments across African borders.

Built to operate within the existing PAPSS infrastructure, PAPSSCARD enables real-time card transactions in local currencies among participating African nations. This innovation drastically reduces transaction costs by routing payments through local clearing networks rather than relying on international rails. It also enhances financial inclusion by expanding access to secure digital payments across underserved markets.

The card leverages EMV standards and tokenization for fraud prevention and interoperability. From a technical perspective, PAPSSCARD is powered by an open-API architecture that complies with ISO 20022 standards, simplifying integration for banks, gateways, and fintechs. The system’s distributed ledger–inspired hub-and-spoke model ensures real-time gross settlement, transparency, and seamless auditability.

Although early-stage acceptance among merchants and ATMs may be limited, the long-term advantages are far-reaching. African consumers, travelers, and businesses will enjoy frictionless payments in local currencies, avoiding foreign exchange fees and the complexity of multi-currency banking. Small and medium-sized merchants can now sell cross-border without relying on expensive global card networks.

With over 80% of African exports currently going outside the continent—often under non-preferential trade terms—PAPSSCARD may play a crucial role in reshaping Africa's trade flows by removing friction in domestic commerce. Still, the card’s success depends on consistent regulatory alignment across African countries, strong public awareness campaigns, and affordable integration for smaller financial institutions.

This development also marks a pivotal moment for Africa’s financial sovereignty. As global tensions highlight the vulnerability of relying on non-domestic infrastructure, Africa is stepping forward to regain control of its financial data and payment rails. While only a third of payment volume in the Middle East & Africa is currently routed through domestic schemes, PAPSSCARD could signal a shift away from global card dependency and toward a more autonomous financial future for Africa.

Founding partners emphasized that PAPSSCARD is more than just a card — it's a vehicle for inclusive growth, financial independence, and a step toward a fully integrated African economic community.