Africa has taken a landmark step towards monetary independence with the launch of PAPSSCARD, the continent’s first Pan-African card fee scheme.
The initiative was formally unveiled in the course of the thirty second Annual Conferences of the African Export-Import Bank (Afreximbank), held in Abuja, Nigeria.
The PAPSSCARD is a three way partnership between Afreximbank, the Pan-African Cost and Settlement System (PAPSS), and Mercury Cost Companies (MPS).
Designed to facilitate quick, safe, and cost-effective retail transactions throughout African borders, the cardboard is predicted to rework the continent’s fee infrastructure by lowering reliance on overseas programs.
Ending dependence on overseas fee programs
Presently, most card-based transactions in Africa are routed by way of world fee programs, leading to excessive transaction charges and restricted management over monetary information.
The PAPSSCARD addresses these points by making certain that transactions are processed fully throughout the continent, permitting Africa to retain the worth, information, and financial good thing about its funds.
“For too lengthy, Africa’s reliance on exterior fee programs has impeded commerce, elevated prices, and compromised management over our monetary information,” mentioned President and Chairman of Afreximbank, Prof. Benedict Oramah.
“PAPSSCARD adjustments that. It empowers us to maneuver cash swiftly, securely, and affordably throughout our borders. It’s a transformative step in direction of strengthening intra-African commerce and preserving worth throughout the continent,” he added.
An emblem of monetary independence
In keeping with the CEO of PAPSS, Mike Ogbalu III, the brand new card represents greater than only a technological development—it’s a “highly effective image of progress” and a daring transfer towards monetary self-reliance.
“It is a sensible, home-grown answer that displays how Africa trades, lives, and grows,” he added.
Govt Chairman of Mercury, Muzaffer Khokhar, echoed related sentiments, describing the launch as a milestone in Africa’s journey towards monetary sovereignty.
“That is about innovation and constructing belief in African programs. PAPSSCARD will turn out to be Africa’s most trusted funds model,” he mentioned.
- The PAPSSCARD is predicted to profit a large spectrum of customers—from governments and banks to retailers and on a regular basis customers.
- Appearing CEO of PAPSSCARD, John Bosco Sebabi, mentioned the brand new providing would assist scale back transaction prices for public establishments, drive monetary sector innovation, and enhance entry to fashionable, safe fee instruments throughout Africa.
- The disclosing on the Afreximbank conferences additionally included the launch of commemorative playing cards.
Key strategic companions concerned within the rollout embrace issuing banks Bank of Kigali and I&M Bank Rwanda, Rwanda’s nationwide change Sensible Money (Rswitch), and Nigeria’s Unified Funds, which ensures widespread acceptance within the nation.
Extra insights
The initiative aligns carefully with Afreximbank’s broader technique to advertise monetary inclusion and deepen intra-African commerce underneath the African Continental Free Commerce Space (AfCFTA).
With assist from central banks and nationwide fee programs, the continent-wide adoption of the PAPSSCARD is predicted to speed up regional integration and construct a extra self-sustaining African economic system.
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