PAPSS and Mercury launch PAPSSCARD

In a major step to advance regional financial inclusion and payment systems sovereignty across Africa, PAPSSCARD was officially launched at the 32nd Afreximbank’s Annual Meetings in Abuja, Nigeria on 27th June 2025. The ceremony was led by H.E. Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, alongside Mike Ogbalu III, CEO of Pan-African Payment & Settlement System (PAPSS), and Mercury’s Executive Chairman Muzaffar Khokhar and CEO Muzaffer Hamid. Distinguished guests included current and former Heads of State from African and Caribbean countries, Central Bank Governors, Afreximbank Executives and members of the AfCFTA Secretariat.

PAPSSCARD is a joint venture between PAPSS, an initiative of Afreximbank, and Mercury Payment Services (Mercury). As a continental card scheme & switch, PAPSSCARD aims to connect national payment switches across the continent and provide a Pan-African interoperable card payments brand with regional and global acceptance of domestic payment schemes in Africa.

“We are honoured to partner with PAPSS to incubate and launch this groundbreaking regional payments initiative," said Muzaffar Khokhar, Executive Chairman of Mercury. "Mercury is actively working with Central Banks, and National payment utilities across Middle East and Africa to design and develop payment infrastructure technology and services. Our mission is to make PAPSSCARD the most loved African payments brand in the near future.”

Mike Ogbalu III, CEO of PAPSS, said that the official launch of the PAPSSCARD is a defining moment in Africa’s journey toward true financial sovereignty and integration. "Through this partnership, we are enabling seamless, secure, and affordable payments that transcend borders, empowering people and businesses across our continent," Ogbalu said. "The PAPSSCARD is not just a payments solution; it is another engine of the PAPSS ecosystem and squarely falls under our mandate of facilitating cross-border payments within Africa. It serves as the foundation for a new era of intra-African trade and prosperity, demonstrating what we can achieve with collective vision and collaboration."

Muzaffer Hamid, CEO of Mercury, added: “The launch of PAPSSCARD marks a significant milestone in our journey towards enhancing Africa's payment landscape. With this initiative, we aim to build an independent and seamless payment network that supports and strengthens every African nations’ payments ecosystem. Our commitment is to make the PAPSSCARD a symbol of trust and efficiency across the continent.”

Mercury is a Middle East Africa focussed, multifaceted payment technology infrastructure and services provider to Central Banks and National payment utilities. Mercury has developed a “Scheme In a Box“ platform that simplifies the deployment of payments schemes.

Mercury is headquartered in United Arab Emirates.

For more information, visit: . https://mercury-pay.com/