Latest news with #MercuryPaymentServices
Finextra
01-07-2025
- Business
- Finextra
Pan-African card scheme launches
The first Pan-African card scheme has launched in a move designed to bolster the continent's financial sovereignty. 0 The Papsscard is a joint venture between African Export-Import Bank, the Pan-African Payment and Settlement System (Papss) and Mercury Payment Services. They note that most African card payments are currently routed through global systems causing increased fees and loss of data control. By processing transactions entirely within the continent, Papsscard aims to keeps value, data, and economic benefit in Africa. Benedict Oramah, chairman, African Export-Import Bank, says: "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 towards strengthening intra-African trade and preserving value within the continent."
Khaleej Times
30-06-2025
- Business
- Khaleej Times
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 have officially launched PAPSSCARD during the 32nd Afreximbank Annual Meetings in Abuja. 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. 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 collaborate with PAPSS on this transformative initiative. At Mercury, we are working closely with Central Banks and national payment utilities to build infrastructure that empowers regional economies. We're confident that PAPSSCARD will soon become the most trusted and loved African payments brand." Mike Ogbalu III, CEO of PAPSS, emphasised the significance of the partnership: "This launch represents a defining moment in Africa's pursuit of financial independence. PAPSSCARD is more than just a card—it is a strategic tool within the PAPSS ecosystem to facilitate seamless, secure, and cost-effective cross-border payments. This innovation stands as a testament to what African collaboration can achieve." Hamid added: "PAPSSCARD signifies a bold leap forward for Africa's payments infrastructure. Our goal is to establish an independent, efficient, and secure payment network that supports each nation's ecosystem while fostering trust, reliability, and regional growth." Headquartered in the UAE, Mercury is a multifaceted fintech firm providing cutting-edge payment infrastructure and services to Central Banks and national payment systems. Its proprietary 'Scheme In a Box' platform streamlines the development and deployment of modern payment schemes across emerging markets.
Zawya
30-06-2025
- Business
- Zawya
Africa Launches First Pan-African Card Scheme
Africa has marked a significant step towards financial independence following the launch of PAPSSCARD, the continent's first Pan-African card scheme. Unveiled on June 27 at the 32nd Afreximbank Annual Meetings ( in Abuja, Nigeria, the new card represents a major leap in Africa's efforts to achieve financial sovereignty by building resilient and independent payment systems, easing people travel and boosting trade integration. PAPSSCARD, a joint-venture between the African Export-Import Bank (Afreximbank), the Pan-African Payment and Settlement System (PAPSS) and Mercury Payment Services (MPS), enables fast, secure, and affordable retail payments across African borders. Today, most African card payments are routed through global systems causing increased fees and loss of data control. By processing transactions entirely within the continent, PAPSSCARD keeps value, data, and economic benefit in Africa. Speaking at the launch, Afreximbank President and Chairman of the Board of Directors, Professor Benedict Oramah, highlighted the significance of PAPSSCARD in reclaiming Africa's financial autonomy. '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 towards strengthening intra-African trade and preserving value within the continent.' Mike Ogbalu III, CEO of PAPSS, described PAPSSCARD as a major advancement in the continent's financial architecture, noting that it is 'more than just a payment tool, it is a powerful symbol of progress and a bold step towards financial independence.' He added that the card reflects Africa's ability to create practical, home-grown solutions that align with how the continent trades, lives, and grows. Muzaffer Khokhar, Executive Chairman of Mercury, said the launch represents a milestone in Africa's move toward financial sovereignty. 'We are proud to support a system built by Africa, for Africa. This is about sovereignty, innovation, and building trust in African systems to shape the continent's financial future. The PAPSS Card will become Africa's most trusted payments brand, strengthening the backbone of the continent's financial future." John Bosco Sebabi, Acting CEO of PAPSSCARD, added that the new payment offering will unlock benefits for a wide range of stakeholders, from corporates and banks to merchants and individuals. He said that the PAPSSCARD card would 'reduce costs for public institutions, support innovation across the financial sector, and expand access to secure, modern payment tools for people and businesses across the continent.' Commemorative cards were unveiled at the 32nd Afreximbank Annual Meetings to mark the launch of the PAPSSCARD. This initiative was made possible by strategic partnerships with issuing banks - Bank of Kigali and I&M Bank Rwanda; Rswitch, Rwanda's national switch - Smart Cash; and Unified Payments, ensuring its seamless acceptance throughout Nigeria. African central banks and payment systems are set to spearhead the continent-wide adoption and rollout of the new PAPSSCARD. This initiative will significantly advance Afreximbank's strategy to promote financial inclusion and boost intra-African trade under the African Continental Free Trade Area (AfCFTA), fostering a more integrated and self-sustaining African economy. Distributed by APO Group on behalf of Afreximbank. Contact person: Papa Thiongane communications@ About PAPSS: The Pan-African Payment and Settlement System – PAPSS is a centralised Financial Market Infrastructure that enables the efficient flow of money securely across African borders, minimising risk and contributing to financial integration across the regions. PAPSS works in collaboration with Africa's central banks to provide a payment and settlement service to which commercial banks and licensed payment service providers across the region can connect as 'Participants.' Afreximbank and the African Union ('AU') first announced PAPSS at the Twelfth Extraordinary Summit of the African Union held on July 7, 2019, in Niamey, Niger Republic, therefore adopting PAPSS as a key instrument for the implementation of the African Continental Free Trade Agreement (AfCFTA). Further, in its thirteenth (13th) extraordinary session, held on December 5, 2020, the assembly of the African Union directed Afreximbank and the AfCFTA secretariat to finalise, among others, work on the Pan-African Payments and Settlements System (PAPSS). The 35th Ordinary Session of the Assembly of the AU further directed the AfCFTA and Afreximbank to deploy the system to cover the entire continent. PAPSS was officially launched in Accra, Ghana, on January 13, 2022, thus making it available for use by the public. For more information, visit:
