• New card enables African payments without using US or European networks

• Aims to lower costs, protect financial data, and boost intra-African trade

• Rollout follows strong growth of PAPSS system, now active in 16 countries

Afreximbank unveiled its new Papsscard system on June 30, introducing a pan-African payment card designed to simplify money transfers and payments across African countries.

The card allows transactions to be processed entirely within Africa, bypassing major international banking networks often based in Europe or the United States. Those external networks increase costs for users and transfer sensitive financial data outside the continent. By keeping operations within Africa, Papsscard seeks to preserve economic value and data security at the regional level.

Papsscard is a joint initiative between Afreximbank, the Pan-African Payment and Settlement System (PAPSS), and Mercury Payment Services (MPS). The new tool will enable African banks to build independent payment infrastructure, while offering businesses opportunities to lower payment processing costs. The initiative also aims to strengthen intra-African trade, which accounted for only 15% of Africa’s total trade in 2023, compared to over 60% within Europe. Afreximbank plans a phased rollout with support from central banks and national payment systems.

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

Still, Papsscard faces challenges in achieving widespread adoption. Many African countries, especially in rural areas, lack the technological infrastructure needed to support modern payment systems. Cybersecurity will also be essential to protect banking data processed locally. Competition could intensify as global players like Visa and MasterCard may lower fees or launch Africa-focused services to defend their market share.

A Long-Term Strategy for a Growing Market

Africa’s cross-border payments market is expected to expand rapidly, growing from $329 billion in 2025 to $1 trillion by 2035, with an average annual growth rate of 12%, according to a study by Oui Capital released on May 27, 2025.

Papsscard builds on the momentum of PAPSS, a pan-African payment and settlement platform launched by Afreximbank three years ago. PAPSS was designed to simplify cross-border transactions within Africa and is now operational in 16 countries. In Ghana, 80% of banks are connected to the system.

In a June 2025 interview with Agence Ecofin, John Bosco Sebabi, Deputy CEO of PAPSS, confirmed that the system will gradually expand across all African regions, through both traditional banking channels and mobile applications.

Sebabi said trade follows where payment systems are efficient, calling payment barriers one of the biggest obstacles to commerce on the continent. He identified four main challenges to cross-border payments in Africa: slow transaction times, with some taking up to five days; high costs; inaccessibility for unbanked populations; and a lack of transparency.

Papsscard aims to address these issues with a low-cost solution tailored to Africa’s specific needs, as the continent accelerates its digital transformation.