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The first Pan-African card scheme has launched in a move designed to bolster the continent’s financial sovereignty.
Editorial
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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.”
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