First-Ever Pan-African Payment System Card Empowers Africa's Financial Independence
First-Ever Pan-African Payment System Card Empowers Africa's Financial Independence
PAPSSCARD, a joint venture between Afreximbank, the Pan-African Payment and Settlement System (PAPSS), and Mercury Payment Services, enables fast, secure, and affordable retail payments across African borders.
Why is it revolutionary?
🟠Benedict Oramah, Afreximbank president:
"It is a transformative step towards strengthening intra-African trade and preserving value within the continent."
🟠Mike Ogbalu III, PAPSS CEO:
"It is a powerful symbol of progress and a bold step towards financial independence."
🟠 John Bosco Sebabi, acting CEO of PAPSSCARD:
"[It will] reduce costs for public institutions, support innovation across the financial sector, and expand access to secure, modern payment tools."
What's next? African central banks and payment systems are set to spearhead the continent-wide adoption and rollout of the new PAPSSCARD. The first commemorative PAPSSCARDs have already been unveiled at the 32nd Afreximbank Annual Meetings.
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