Africa has launched its first Pan-African card payment scheme, PAPSSCARD, to strengthen trade integration and promote financial independence. The initiative was unveiled during the 32nd Annual Meetings of the African Export-Import Bank (Afreximbank) in Abuja, Nigeria.

*Key Features of PAPSSCARD:*

- *Joint Venture*: PAPSSCARD is a collaboration between Afreximbank, the Pan-African Payment and Settlement System (PAPSS), and Mercury Payment Services (MPS).

- *Fast and Secure Transactions*: The card facilitates fast, secure, and cost-effective retail transactions across African borders, reducing reliance on foreign systems.

- *Financial Independence*: PAPSSCARD ensures transactions are processed entirely within the continent, allowing Africa to retain the value, data, and economic benefit of its payments ¹ ².

*Benefits:*

- *Reduced Transaction Costs*: PAPSSCARD helps reduce transaction costs for public institutions and individuals.

- *Increased Financial Inclusion*: The initiative promotes financial inclusion and deepens intra-African trade under the African Continental Free Trade Area (AfCFTA).

- *Improved Access to Modern Payment Tools*: PAPSSCARD improves access to modern, secure payment tools across Africa ².

*Strategic Partners:*

- *Issuing Banks*: Bank of Kigali and I&M Bank Rwanda are key partners in the rollout.

- *National Switch*: Rwanda's national switch, Smart Cash (Rswitch), and Nigeria's Unified Payments ensure widespread acceptance in their respective countries ³.