Kenyans are set to reap the benefits of reduced transaction costs following the unveiling of PAPSSCARD Africa’s first Pan-African card scheme positioning the continent one step closer to financial independence.

Launched on June 27, 2025, during the 32nd Afreximbank Annual Meetings in Abuja, Nigeria, the PAPSSCARD initiative marks a defining moment in the continent’s push to build a self-sustaining financial ecosystem.

It is designed to strengthen Africa’s payment infrastructure, enhance cross-border mobility, and promote deeper trade integration.

By offering a secure and cost-effective platform for retail payments that are fully processed within Africa, PAPSSCARD eliminates dependence on global networks like Visa and Mastercard. This not only curbs excessive transaction fees but also empowers countries like Kenya to retain more financial value and control within their borders.

For Kenyan consumers and small businesses, the card translates into tangible benefits cheaper transfers and payments across African countries. It also promises to streamline regional trade, especially with neighboring economies like Tanzania, Uganda, and Rwanda, enabling local traders and exporters to expand their reach.

Importantly, the card ensures that all transaction data remains on the continent, bolstering privacy and financial sovereignty. Unlike traditional systems where data flows through foreign platforms, PAPSSCARD keeps sensitive information under African jurisdiction enhancing cybersecurity and user confidence.

The initiative is a crucial enabler for Kenya’s ambition to achieve inclusive economic development. With simplified cross-border transactions under the African Continental Free Trade Area (AfCFTA), the card can help unlock new opportunities for informal traders, tourism operators, and SMEs creating a more connected and innovative pan-African economy.

Backed by Afreximbank, PAPSS, and Mercury Payment Services, the scheme is poised for wide adoption. Kenyan financial institutions are expected to incorporate it as a cost-effective, interoperable alternative to existing international cards, particularly for regional transactions.

Prime Cabinet Secretary Musalia Mudavadi praised the development, describing it as a transformative milestone. “Kenya is proud to join hands with other African nations in this historic step forward with PAPSSCARD,” he said during the launch.

Currently, most African card transactions are routed through external systems, leading to higher fees and data exposure. PAPSSCARD addresses this by ensuring all transactions are processed within the continent, keeping economic and digital value in Africa.

Speaking at the launch, Afreximbank President Prof. Benedict Oramah underlined the card’s significance:

“For too long, Africa’s reliance on foreign payment platforms has driven up costs and limited our control. PAPSSCARD changes that it’s a game-changer for trade, affordability, and data ownership.”

Mike Ogbalu III, CEO of PAPSS, described the card as a powerful emblem of African innovation:

“This is more than a payment tool it reflects our capacity to craft solutions that suit our realities, foster independence, and power growth.”

Mercury Executive Chairman Muzaffer Khokhar echoed this sentiment:

“This marks a turning point in Africa’s financial journey. We are proud to contribute to a platform built by and for Africans. PAPSSCARD stands for innovation, trust, and the continent’s financial future.”

John Bosco Sebabi, Acting CEO of PAPSSCARD, highlighted its wide-ranging impact:

“From government institutions to individual users, PAPSSCARD will drive down costs, fuel digital innovation, and broaden access to modern financial services.”

To commemorate the launch, custom PAPSSCARDs were unveiled in partnership with issuing banks like Bank of Kigali and I&M Bank Rwanda. Technical partners such as Rswitch, Smart Cash, and Unified Payments are facilitating smooth rollout, particularly in early markets like Nigeria.

The project enjoys strong support from central banks and financial regulators across Africa, who are expected to drive its expansion continent-wide.

Aligned with Afreximbank’s broader goals under AfCFTA, PAPSSCARD is a major leap toward deeper financial inclusion and intra-African trade, laying the groundwork for a more interconnected and self-reliant economy.

The launch event drew high-level guests including Nigeria’s President Bola Tinubu, billionaire entrepreneur Tony Elumelu, African diplomats, media professionals, and top business leaders.