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In a series of significant developments, Africa is witnessing a digital transformation that aims to boost economic sovereignty, facilitate cross-border trade, and improve everyday life for its citizens.

The African Export-Import Bank (Afreximbank) has unveiled the PAPSSCARD, a new pan-African payment card designed to simplify and accelerate trade on the continent. Operating as an Afreximbank-led cross-border payment platform, PAPSS aims to reduce reliance on foreign currencies like the U.S. dollar, lower transaction costs, and enhance payment certainty for businesses and individuals engaged in cross-border commerce.

PAPSS currently connects 16 African countries with 15 financial institutions and 14 national switches, and it is integrated into various digital banking platforms such as OneBank (for individuals) and SterlingPro (for businesses), enabling seamless money transfers across borders without the hassle of currency conversion.

In practical terms, PAPSS allows merchants, businesses, and consumers in countries such as Ghana (Accra) and Kenya (Nairobi) to transact across borders using their own national currencies. This is made possible through PAPSS's real-time settlement system that handles transactions instantly or near-instantly, thus fostering smoother commerce and trade within Africa. The system has expanded its user base by onboarding around 160 commercial banks in these countries and is complemented by PAPSS-branded credit and debit cards launched in partnership with Mercury Payment Services and Discover.

MTN Nigeria has also joined the digital revolution by launching its first commercial data hosting centre, the Dabengwa Sifiso Data Centre, as part of Phase 1 of a $235 million project. The goal is to keep Nigerian data in Nigeria and reduce dependence on foreign cloud giants like Amazon Web Services (AWS) and Microsoft Azure. This move positions MTN to offer local cloud services priced in Naira, putting it in competition with other dominating players like MainOne, Rack Centre, Digital Realty, and Open Access Data Centres.

Meanwhile, Metrobus in Johannesburg has introduced a new digital payment system for bus transport. Under the new system, commuters are charged based on the exact distance they travel, marking a departure from the old system that charged a fixed fare based on zones and allowed free transfers between buses. This modernisation is part of Metrobus's plan to improve fare collection and provide a more efficient service to its passengers.

However, the change has made daily life harder for thousands of working-class commuters, particularly those who often need to take two or more buses. Under the new system, every trip is charged separately, and the free transfers are now gone, leading to an increase in costs for some riders, with some spending R300 ($17) more per month than before.

The Africa Technology Expo (ATE) took place in Lagos, featuring keynotes, investor sessions, and showcases on topics like 5G, cloud, IoT, infrastructure, and startup scaling. The event attracted over 85% senior decision-makers, including speakers from Google, MTN, and Future Africa.

Cross-border payments are a big deal everywhere, including Europe, where the European Payments Alliance (EuroPA) and the European Payments Initiative (EPI) are exploring a system for cross-border transactions. The PAPSSCARD, with its focus on keeping transactions, data, and value within the continent, aims to facilitate cross-border trade and is poised to gain acceptance among merchants as it represents a cost-effective, secure, and continentally sovereign payment solution for retail and cross-border transactions.

These developments represent a significant move toward financial integration in Africa, lowering costs, increasing trade efficiency, and enhancing economic sovereignty. The PAPSSCARD, MTN's data centre, and Metrobus's new payment system are shaping Africa's digital landscape, fostering a more interconnected and prosperous continent.

1. The PAPSSCARD, a new pan-African payment card designed to simplify and accelerate trade on the continent, is integrated with digital banking platforms like OneBank and SterlingPro, enabling seamless money transfers across borders without the hassle of currency conversion.
2. In response to increasing digital transformation, MTN Nigeria launched its first commercial data hosting centre, the Dabengwa Sifiso Data Centre, aiming to keep Nigerian data in Nigeria and reduce dependence on foreign cloud giants.
3. With the focus on enhancing payment certainty for businesses and individuals engaged in cross-border commerce, the PAPSS platform, operated by the African Export-Import Bank, lowers transaction costs by reducing reliance on foreign currencies like the U.S. dollar.
4. Africa Technology Expo (ATE) in Lagos showcased innovative topics like 5G, cloud, IoT, infrastructure, and startup scaling, attracting over 85% senior decision-makers, including speakers from Google, MTN, and Future Africa.
5. The European Payments Initiative (EPI) and the European Payments Alliance (EuroPA) are exploring a system for cross-border transactions, while the PAPSSCARD, with its continent-focused solution, aims to gain acceptance among merchants as it represents a cost-effective, secure, and sovereign payment solution for retail and cross-border transactions.

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