MultiChoice Group, the South African media company known for DStv and GOtv, has announced its entry into the fintech market through a strategic joint venture. Teaming up with Rapyd and General Catalyst, MultiChoice Group will establish Moment, a groundbreaking payment infrastructure platform dedicated to businesses across Africa.
Moment aims to revolutionise the African payments landscape by providing businesses with an expanded and streamlined payment infrastructure. The platform will enable more accessible, faster, and cost-effective transactions based on the preferences of buyers and suppliers. It will also consolidate the $3.5 billion in payments processed annually by MultiChoice Group to enhance options for subscribers and make payment processes more efficient.
Calvo Mawela, CEO of MultiChoice Group, expressed that this venture aligns with their strategy to expand their ecosystem by investing in adjacent businesses supported by technology. Moment’s overarching goal is to establish a robust pan-African payment infrastructure catering to the needs of the 44 million small businesses operating on the continent. It also aims to drive the shift from cash-based to digital transactions and improve accessibility for the 350 million underbanked or unbanked consumers in Africa.
By entering the fintech space, MultiChoice seeks to distinguish itself in the market and navigate the challenging economic climate. They aim to provide consumers with a comprehensive range of viewing options while expanding their services to include payment solutions across over 40 African countries. With Moment, MultiChoice plans to facilitate seamless collection, disbursement, and risk management, as well as enable global-Africa trade through virtual accounts and local payment capabilities in numerous countries.
The fintech industry in Africa has emerged as a promising solution to address financial inclusion challenges. With high costs associated with traditional banking and limited infrastructure, fintech companies leverage innovative digital solutions to provide accessible and affordable financial services. MultiChoice’s joint venture, Moment, aims to harness technology to overcome barriers and reach underserved populations, enhancing customer satisfaction by offering seamless payment options, savings opportunities, and enticing rewards.
Pan Finance is a print journal and news website providing worldwide intelligence on finance, economics and global commerce. Known for our in-depth analysis and opinion pieces from esteemed academics and celebrated professionals; our readership consists of senior decision makers from across the globe.