MultiChoice Group, the South African media company behind DStv, GOtv, and various media assets, has officially announced a strategic joint venture to enter the fintech market.In collaboration with two investors, Rapyd and General Catalyst, MultiChoice Group will establish Moment, a pioneering payment infrastructure platform dedicated to businesses throughout Africa.
Moment’s primary objective is to revolutionize the African payments landscape, providing businesses with an expanded and streamlined payment infrastructure that ensures more accessible, faster, and more cost-effective transactions according to buyers’ and suppliers’ preferences.
It will also consolidate the $3.5B in payments that the MultiChoice Group processes annually to expand options for subscribers and make payment processes efficient, as well as extend Africa’s most complete payment network to African and global businesses to ultimately make digital payments more accessible, reliable, and efficient for domestic, cross-border, and global transactions.
nvesting in this venture is a logical progression for us, as we already process payments every month from 22 million households across 50 countries in Africa. Moment fulfils our strategy to expand our ecosystem by investing in adjacent businesses that provide scalable services underpinned by technology.
The overarching goal of Moment is to establish a robust pan-African payment infrastructure catering to the needs of the 44 million small businesses operating across the continent. Also, it aims to facilitate the shift from cash-based to digital transactions, transforming the current 90% of retail transactions conducted in cash. The mission goal is to enhance accessibility to digital transactions for the 350 million underbanked or unbanked consumers in Africa.