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MultiChoice Group, Rapyd, and General Catalyst have joined forces to create a groundbreaking payment platform that will revolutionize the African financial ecosystem.
Dubbed Moment, the new payment infrastructure aims to make collecting and making payments easier, quicker, and more affordable for businesses across the continent.
It also aims to provide additional options for consumers to manage their money wisely. By making digital payments more accessible and reliable, Moment seeks to transform the African payments ecosystem for domestic, cross-border, and global transactions.
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With the venture backed by MultiChoice Group, Moment aims to cater to the payment needs of small businesses and millions of consumers on the continent.
Calvo Mawela, MultiChoice Group CEO, expressed enthusiasm for the venture, highlighting the importance of an accessible and reliable payment platform for businesses and consumers.
“We are excited about our venture with Rapyd and General Catalyst. It will address the need for an accessible and reliable payment platform for many small businesses and millions of consumers in Africa.
"Investing 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”, Calvo Mawela, MultiChoice Group CEO said.
Consolidating Payments & expanding options
Moment plans to consolidate the $3.5 billion in payments processed annually by MultiChoice Group to expand payment options for subscribers and enhance payment processes.
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By doing so, it seeks to establish Africa's most comprehensive payment network, benefitting both African and global businesses.
Unlocking potential
The long-term vision of Moment is to provide payment infrastructure for the 44 million small businesses operating in Africa.
Currently, 90% of retail transactions on the continent are conducted in cash, and Moment aims to shift these transactions to digital payments.
This transition will not only make digital transactions more accessible to the 350 million underbanked or unbanked consumers but also support Africa's economic development and position it as an investment-ready destination.
Moment’s long term services
- Payments across 40+ countries in Africa through 200+ locally preferred payment methods to collect, disburse and manage risk.
- Drive adoption of PayShap, TCIB, NQR, and other real-time payment methods across all markets.
- Global-Africa trade for importers and exporters with virtual accounts in 40+ currencies and local payments in 130+ countries.
- Payment tools, deep inventory to sell and financial services for micro-entrepreneurs and SMEs.
- Offering consumers payments, savings and rewards.
Promising future for African payments
Moment represents a significant opportunity to propel Africa's payment landscape forward.
By bridging the gap between cash and digital payments, the platform aims to create a more inclusive and dynamic economy.