MultiChoice partners Rapyd to launch new payments platform in Africa
Moment, a new integrated payments platform, is gearing up for launch in Africa as part of a joint venture between entertainment company MultiChoice Group, UK fintech Rapyd and venture capital firm General Catalyst.
MultiChoice to launch new payments platform, Moment
MultiChoice says Moment will offer an expanded payment infrastructure for African businesses, enabling them to collect and make payments “in any manner that their buyers or suppliers prefer”.
The new platform aims to convert cash transactions, which MultiChoice claims constitute 90% of retail transactions in Africa, into digital payments by boosting accessibility for underbanked and unbanked consumers. It also intends to drive the adoption of PayShap and other real-time payments services.
Moment will enable payments in over 40 African countries through over 200 local payment methods and offer virtual accounts in over 40 currencies for importers and exporters. It will also feature payment tools and inventory and financial services for MSMEs.
“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,” says Calvo Mawela, CEO of MultiChoice Group.
“Moment fulfills our strategy to expand our ecosystem by investing in adjacent businesses that provide scalable services, underpinned by technology.”
MultiChoice Group claims to process $3.5 billion in payments annually, and plans to consolidate and make its payment processes more efficient through Moment.
