Kenyans are set to benefit from lower transaction costs after Africa took a significant leap toward financial independence with the launch of PAPSSCARD, the continent’s first Pan-African card scheme. 

Officially unveiled on June 27, 2025, during the 32nd Afreximbank Annual Meetings in Abuja, Nigeria, the PAPSSCARD initiative marks a crucial milestone in Africa’s pursuit of financial autonomy. 

It aims to build resilient, homegrown payment infrastructure, ease cross-border travel and enhance trade integration. 

Africa’s launch of the PAPSSCARD—a pioneering, continent-wide payment card scheme—signifies a bold leap toward financial sovereignty and holds tangible benefits for everyday Kenyans. 

At its core, PAPSSCARD enables secure, affordable retail payments fully processed within Africa rather than via global networks, helping to reduce costly foreign transaction fees and retain domestic financial control 

For Kenyan consumers and SMEs, this means lower charges when making payments or receiving money from other African countries. By keeping transaction revenues within the continent, Kenya can boost spending power and reinvest more in its local economy.  

This reduction in friction—including faster settlements—could encourage tighter trade connections with neighbours like Uganda, Tanzania, and Rwanda, offering local traders and small exporters improved access to regional markets. 

Moreover, PAPSSCARD keeps sensitive financial data on the continent, enhancing privacy and financial security for Kenyan cardholders. 

Instead of routing personal or business transaction data through foreign platforms, everything stays protected under African jurisdiction. This helps build trust in digital finance systems and advances cybersecurity resilience in Kenya’s payments infrastructure. 

By lowering the cost of cross-border transactions and simplifying payment processes, PAPSSCARD supports Kenya’s pursuit of inclusive economic growth. Under the African Continental Free Trade Area (AfCFTA), simplified intra-African payment mechanisms are essential for strengthening regional value chains. PAPSSCARD can help integrate Kenya’s informal traders, travel businesses, and SMEs into a fluid pan-African economy—opening pathways for expansion and innovation. 

Additionally, with backing from major regional banks and national payment systems, PAPSSCARD is poised to scale rapidly. Over time, Kenyan financial institutions may adopt the card as a low-cost, interoperable alternative to Mastercard and Visa, particularly for regional transactions. 

Prime Cabinet Secretary Musalia Mudavadi lauded the PAPSSCARD as a major milestone. 

“Kenya is happy to be part of this new journey with PAPSSCARD,’’ said Mudavadi as the new systems developed through a joint venture between the African Export-Import Bank (Afreximbank), the Pan-African Payment and Settlement System (PAPSS), and Mercury Payment Services (MPS), PAPSSCARD was being unveiled. 

Currently, most African card transactions are routed through international systems—leading to higher fees and loss of control over sensitive financial data. 

PAPSSCARD addresses this by ensuring that transactions are processed entirely within the continent, retaining value, data, and economic benefits in Africa. 

Speaking at the launch, Professor Benedict Oramah, President and Chairman of Afreximbank, emphasised the card’s transformative potential: 

“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 toward strengthening intra-African trade and preserving value within the continent.” 

Mike Ogbalu III, CEO of PAPSS, described PAPSSCARD as more than just a payment solution. 

“It’s a powerful symbol of progress and a bold step towards financial independence,” he said. “The card showcases Africa’s capacity to develop practical, homegrown solutions aligned with the way the continent trades, lives, and grows.” 

Muzaffer Khokhar, Executive Chairman of Mercury, highlighted the card’s broader implications for Africa’s financial ecosystem. 

“This is a milestone for financial sovereignty. We are proud to support a system built by Africa, for Africa. It represents innovation, trust, and a major stride in shaping the continent’s financial future. We believe PAPSSCARD will become Africa’s most trusted payments brand.” 

John Bosco Sebabi, Acting CEO of PAPSSCARD, added that the new platform would deliver widespread benefits across the financial landscape—from corporations and banks to merchants and individuals. 

“The PAPSSCARD will help reduce costs for public institutions, fuel innovation in the financial sector, and expand access to secure, modern payment tools across Africa,” he said. 

To mark the launch, commemorative cards were unveiled at the event, developed in partnership with issuing banks including Bank of Kigali and I&M Bank Rwanda. Technical partners such as Rswitch (Rwanda’s national switch), Smart Cash, and Unified Payments are supporting seamless rollout and usage, especially in markets like Nigeria. 

African central banks and payment institutions are set to drive the card’s adoption across the continent.  

The initiative aligns closely with Afreximbank’s broader strategy to deepen financial inclusion and accelerate intra-African trade under the African Continental Free Trade Area (AfCFTA)—laying the foundation for a more integrated and self-reliant African economy. 

Nigeria President Bola Tinubu, and African billionaire and Philanthropist Tony Elumelu also graced the occasion among other African diplomats, media, business and political elites.