Efforts are intensifying to mainstream the use in Ghana of Africa’s first potentially pan-continental debit payments card – the Pan African Payment and Settlement System (PAPSS) Card. The PAPSS Card is a payment card linked to the PAPSS network, designed to allow individuals and businesses to make cross-border transactions across Africa instantly, without needing to convert into third-party currencies such as the U.S. dollar or euro.
It functions like a debit or prepaid card but is integrated into PAPSS’s multi-currency clearing system, which settles payments directly between African banks and central banks.
However one year after the PAPSS Card was piloted in Ghana and the other member countries of the West African Monetary Zone – Nigeria, Sierra Leone, The Gambia and Liberia – uptake has been minimal, largely due to lack of awareness and roll out.
As a key measure to correct the situation Economy Times has learnt that the Bank of Ghana is engaged in discussions to link the PAPSS Card to MTN MoMo, AT Money, and Telecel Cash platforms to broaden consumer access.
While several thousand transactions valued at an equivalent of over US$ 200 million have been consummated so far across the WAMZ region since PAPSS itself was piloted from 2022, most of these transactions have entailed corporate and interbank payments, with less than 5% having been consumer transactions using PAPSS Cards.
Through this process, a user in Ghana can pay with the PAPSS Card for goods or services in Nigeria, for example. The payment is made in Ghanaian cedis, but the seller receives Nigerian naira — both sides transacting in their local currencies. PAPSS handles the instant currency conversion, clearing, and settlement through the participating banks and central banks.
The African Export-Import Bank (Afreximbank) acts as the guarantor and settlement agent, ensuring liquidity and reliability of payments.
As one of the countries piloting both PAPSS and the PAPSS Card, the Bank of Ghana is a key participant, and as of 2025, several Ghanaian financial institutions like GCB Bank, Fidelity Bank, and some fintech providers are engaging in limited live transactions. Financial institutions and payment service providers (PSPs) that have joined PAPSS can issue or process PAPSS Cards. Users typically need to have an account with a participating bank or fintech platform integrated with PAPSS.
BoG officials are optimistic that as awareness of and access to PAPSS Cards spreads in Ghana, individuals and institutions will embrace its usage to consummate their financial transactions in other African countries while accepting it as a means of payment at home from elsewhere in Africa. It offers instant cross-border payments within Africa, lower transaction costs – since it avoids foreign intermediaries – and allows users to pay and receive in local currencies. Foreign exchange rate risks are mitigated by Afreximbank’s guarantees.
However, the initiative still suffers from limited current coverage since not all African countries are yet connected, early-stage adoption challenges including interoperability and awareness, and dependence on central bank and commercial bank integration, which varies by country.
It has been introduced by Afreximbank and the AfCFTA Secretariat to boost to intra-African trade and .enhance financial inclusion, connecting local and regional payment systems.
It is widely expected by stakeholders and financial analysts that the PAPSS Card could become a key tool for small businesses, exporters, and digital traders in Ghana. However broader adoption will depend on commercial bank partnerships, public awareness, and integration with mobile money platforms, which dominate Ghana’s payment landscape.
Nevertheless, in the medium term (2–5 years), Ghana is expected to be one of the regional leaders in PAPSS usage due to its strong fintech ecosystem and regulatory support
By Toma Imirhe
