PAPSS and Mercury unveil PAPSSCARD to drive Africa’s financial integration

In a landmark move to strengthen financial inclusion and payment sovereignty across Africa, the Pan-African Payment and Settlement System (PAPSS) and Mercury Payment Services (Mercury) have officially launched PAPSSCARD during the 32nd Afreximbank Annual Meetings in Abuja, Nigeria on June 27, 2025.

The launch ceremony was presided over by Professor Benedict Oramah, president and chairman of the board of directors of Afreximbank, alongside Mike Ogbalu III, CEO of PAPSS, and Mercury’s executive chairman Muzaffar Khokhar and CEO Muzaffer Hamid. The event welcomed esteemed dignitaries, including current and former African and Caribbean heads of state, Central Bank Governors, Afreximbank executives, and representatives from the AfCFTA Secretariat.

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PAPSSCARD is a pioneering joint venture between PAPSS, an initiative spearheaded by Afreximbank, and Mercury, a leading payment technology provider in the Middle East and Africa. The card serves as a continental card scheme and switch, designed to connect national payment switches across Africa. It aims to deliver a Pan-African interoperable payment solution with broad regional and global acceptance, enabling domestic payment schemes across the continent to thrive under a unified brand.

Speaking at the launch, Khokhar said: "We are honoured to partner with PAPSS to incubate and launch this groundbreaking regional payments initiative. Mercury is actively working with Central Banks, and National payment utilities across Middle East and Africa to design and develop payment infrastructure technology and services. Our mission is to make PAPSSCARD the most loved African payments brand in the near future.”

Mike Ogbalu III, CEO of PAPSS, emphasised the significance of the partnership: “The official launch of the PAPSSCARD is a defining moment in Africa’s journey toward true financial sovereignty and integration. Through this partnership, we are enabling seamless, secure, and affordable payments that transcend borders, empowering people and businesses across our continent. The PAPSSCARD is not just a payments solution; it is another engine of the PAPSS ecosystem and squarely falls under our mandate of facilitating cross-border payments within Africa. It serves as the foundation for a new era of intra-African trade and prosperity, demonstrating what we can achieve with collective vision and collaboration.”

Hamid added: "The launch of  PAPSSCARD marks a significant milestone in our journey towards enhancing Africa's payment landscape. With this initiative, we aim to build an independent and seamless payment network that supports and strengthens every African nations’ payments ecosystem. Our commitment is to make the PAPSSCARD a symbol of trust and efficiency across the continent."

Headquartered in the UAE, Mercury is a Middle East Africa focussed, multifaceted payment technology infrastructure and services provider to Central Banks and National payment utilities. Mercury has developed a “Scheme in a Box“ platform that simplifies the deployment of payments schemes.

To learn more, visit: https://mercury-pay.com