The African Export-Import Bank (Afreximbank) has launched PAPSSCARD, introduced as the continent’s first Pan-African card scheme.
Businesses across the continent are largely dependent on overseas banking systems to process international payments.
This reliance brings significant drawbacks, including higher transaction costs and longer processing times. Experts have identified this as one of the major barriers to the growth of intra-African trade.
The rollout of PAPSSCARD is expected to be led by central banks and payment infrastructure providers across Africa. These include the Bank of Kigali, I&M Bank Rwanda, Rswitch, and Unified Payments.
Following the launch of this card, competition among card service providers—particularly in Nigeria—is expected to intensify.