African countries to strengthen trade integration with new payment card

African countries have launched a new payment card aimed at boosting trade integration and economic ties. Known as PAPSSCARD, the new payment option is the first Pan-African card payment system on the continent created for seamless transactions and business opertations.

The new payment card was officially launched during the 32nd Annual Meetings of the African Export-Import Bank (Afreximbank), which took place in Abuja, Nigeria.

The PAPSSCARD is a collaborative effort involving Afreximbank, the Pan-African Payment and Settlement System (PAPSS), and Mercury Payment Services (MPS).

Aimed at enabling quick, secure, and cost-efficient retail transactions across African borders, the card is anticipated to revolutionise the continent’s payment framework by diminishing dependence on foreign systems.

At present, the majority of card transactions in Africa are processed through international payment networks, leading to elevated transaction costs and restricted control over financial information.

The PAPSSCARD tackles these challenges by ensuring that transactions are conducted entirely within the continent, enabling Africa to retain the value, data, and economic advantages of its payment processes.

Also, this initiative is closely aligned with Afreximbank’s overarching strategy to enhance financial inclusion and strengthen intra-African trade under the African Continental Free Trade Area (AfCFTA).

With backing from central banks and national payment systems, the continent-wide implementation of the PAPSSCARD is projected to boost regional integration and foster a more self-reliant African economy.

Speaking during the launch, “For too long, Africa’s reliance on external payment systems has impeded trade, increased costs, and compromised control over our financial data,” said President and Chairman of Afreximbank, Prof. Benedict Oramah.

“PAPSSCARD changes that. It empowers us to move money swiftly, securely, and affordably across our borders. It is a transformative step towards strengthening intra-African trade and preserving value within the continent,” he added.