MultiChoice Group Makes Bold Move into Fintech with Moment Platform Launch

MultiChoice Group has ventured into the fintech market by establishing a new fintech joint venture alongside Rapyd and General Catalyst. Their collective aim is to develop an integrated payment platform for Africa. With the launch of Moment, an innovative payment infrastructure platform, MultiChoice Group aims to offer businesses enhanced access to a comprehensive and efficient payment infrastructure. This will facilitate convenient, swift, and cost-effective transactions for customers and suppliers, while also empowering customers with greater control over their spending and savings.

According to MultiChoice Group CEO Calvo Mawela, this joint venture intends to address the pressing need for a reliable and accessible payment platform for millions of consumers and small businesses across Africa. By improving the usability and reliability of digital payments for local, international, and cross-border transactions, the overarching goal is to revolutionize the payments landscape in Africa.

Moment is set to consolidate the substantial $3.5 billion (R69 billion) worth of payments processed by MultiChoice Group annually. Looking ahead, the platform plans to expand its services to encompass payment collection, disbursement, and risk management across more than 40 countries and numerous payment methods. It also intends to promote South Africa’s PayShap and other real-time payment solutions. Additionally, Moment aims to facilitate global-African trade by providing importers and exporters with virtual accounts supporting over 40 currencies and enabling local payments in more than 130 countries.