Afrieximbank launches PAPSS Card. Why now and what about AfriGo?

The African Export-Import Bank (Afreximbank) has launched the PAPSS Card, marking a significant stride towards financial independence for the continent. This development closely follows the introduction of Nigeria’s Central Bank’s domestic card scheme, AfriGo.

Afreximbank unveiled the PAPSS Card on June 27 at the 32nd Afreximbank Annual Meetings in Abuja, Nigeria.

The card is a joint venture between Afreximbank, including PAPSS, and Mercury Payment Services (MPS). Mercury Pay is a nine-year-old Middle Eastern company that offers managed services for domestic card schemes, amongst other services.

Muzaffer Khokhar, Executive Chairman of Mercury, said that the launch represents a milestone in Africa’s move toward financial sovereignty. “We are proud to support a system built by Africa, for Africa. This is about sovereignty, innovation, and building trust in African systems to shape the continent’s financial future. The PAPSS Card will become Africa’s most trusted payments brand, strengthening the backbone of the continent’s financial future.”

Currently, a significant portion of African card payments are routed through global systems, resulting in increased fees and a loss of data control. By processing transactions within Africa, PAPSSCard seeks to retain value, data, and economic benefits within the continent.

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Reclaiming Africa’s financial autonomy through PAPSSCard

The President and Board Chair of Afrieximbank, Professor Benedict Oramah, emphasised the importance of the PAPSS Card in reclaiming Africa’s financial autonomy. “For too long, Africa’s reliance on external payment systems has impeded trade, increased costs, and compromised control over our financial data. PAPSS Card changes that,” he stated. “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.”

Mike Ogbalu III, CEO of PAPSS, described PAPSS Card as a major advancement in the continent’s financial architecture and “more than just a payment tool, it is a powerful symbol of progress and a bold step towards financial independence.” He added that the card reflects Africa’s ability to create practical, home-grown solutions that align with how the continent trades, lives, and grows.

John Bosco Sebabi, Acting CEO of PAPSS Card, noted that the new payment offering would unlock benefits for various stakeholders, from corporates and banks to merchants and individuals. He highlighted that the PAPSS Card would reduce costs for public institutions, support innovation across the financial sector, and expand access to secure, modern payment tools for people and businesses across the continent.

Issuing banks like the Bank of Kigali and I&M Bank Rwanda, along with Rwanda’s national switch, Rswitch – Smart Cash, and Unified Payments, are strategic partners in ensuring the seamless acceptance of the card throughout Nigeria.

PAPSS Card versus AfriGo: What’s the Difference?

The PAPSS Card and AfriGo card serve distinct roles in enhancing payment systems across Africa and within Nigeria, respectively.

The PAPSS Card facilitates seamless cross-border transactions across African countries, supporting pan-African trade and reducing reliance on international payment networks. AfriGo, Nigeria’s National Domestic Card Scheme, focuses on expanding domestic payment options within the country.

AfriGo offers consumers more choices, promotes innovation, and provides cost-effective services with lower transaction fees compared to existing cards.

The growing prominence of domestic card schemes like AfriGo is driven in large part by Verve’s remarkable success. Verve, Africa’s leading domestic payment card, has seen its issuing business grow at a rapid 40% year-on-year rate. Also, its recent acceptance on global platforms like AliExpress highlights the increasing competitiveness and reach of domestic cards. Verve’s expansion demonstrates Africans’ growing preference for homegrown payment solutions that combine broad acceptance with convenience and security.

Together, PAPSS Card and AfriGo represent strategic efforts to foster financial inclusion and economic empowerment. While PAPSS focuses on facilitating pan-African trade through cross-border payments, AfriGo strengthens Nigeria’s domestic payment infrastructure. Both initiatives introduce more competition in the payment ecosystem, challenging established players and driving innovation on the continent.