The African Export-Import Bank (Afreximbank), has launched the Pan-African Payment and Settlement System (PAPSS) credit and debit card in Abuja, Nigeria.

The partnership with MercuryPaY, a digital payment solutions firm, at the 2025 Afreximbank Annual Meetings in Abuja, Nigeria is a major milestone in Africa’s financial integration journey, bringing the continent closer to seamless cross-border commerce.

The PAPPS card allows holders to spend their national currencies across the 16 countries where the system is currently operational, eliminating the costly need for currency conversion through external intermediaries.

The first ever Pan-African card scheme is expected to revolutionise the way individuals, Small and Medium-sized Enterprises (SMEs) and large businesses transact across the continent.

Professor Benedict Oramah, Afreximbank’s outgoing president, noted that the PAPSS credit and debit card would solve the challenges associated with high cost of transaction fees and unfavourable exchange rates, which has historically drained billions from African economies.

He stated that the card system would also ensure that data and value remained within enabling retail payments, sovereignty and interoperability, supporting seamless cross-border trade.

Already, some 160 commercial banks have been onboarded on PAPSS, which has processed US$68 billion in trade payments since its launch in 2020 and facilitated US$33bn in Letter of Credit issuances and confirmations for corporates and banks in over 30 countries.

Prof Oramah said with the card system, “an Egyptian can buy stocks on the Nigerian stock exchange using Egyptian Pounds; a Kenyan entity can issue bonds listed on the Nairobi Stock Exchange and a Ghanaian can invest in it using Ghana cedis.”

“Gradually, we will achieve convergence in our capital and financial markets and pave the way for a single currency one day in the future. I urge all African countries, banks and businesses to embrace the card system.”

Currently, PAPSS integrates 42 separate payment systems that previously existed across the continent, enabling real-time payments in local currencies and dramatically reducing transaction costs for businesses and individuals.

Backed by a robust US$3bn clearing and settlement fund from Afreximbank, PAPSS operates in partnership with the African Continental Free Trade Agreement (AfCFTA) Secretariat and the African Union Commission.

A key innovation within the PAPSS ecosystem is the African Currency Marketplace, now fully operational and facilitating the trading of African currencies.

The marketplace addresses the longstanding problem of trapped funds in different African countries, providing a mechanism for businesses to repatriate earnings without relying on external financial institutions that often impose punitive exchange rates.

The system’s expansion beyond Africa gained momentum with the Caribbean Community (CARICOM) central banks endorsing PAPSS for implementation of the Caribbean Community’s payment system just weeks ago.

This development opens the possibility for eventual integration between African and Caribbean payment networks, strengthening ties within what Afreximbank terms “Global Africa” and creating a vast financial ecosystem spanning two continents, Prof Oramah said.