Multichoice Group, with media properties including DSTV, GOtv and Supersport under its belt, has ventured into financial technology, fintech. The Group has launched a joint venture in collaboration with Rapyd and General Catalyst, aimed at developing an “integrated payment platform for Africa.”
The new joint venture will operate as a new company and brand called Moment.
Moment will consolidate the $3.5billion in payments processed by multichoice yearly.
According to reports, The aim of the platform is to provide expanded payment infrastructure for businesses across Africa and to enable them make and receive payments in a more efficient and affordable way based on their preferences.
With Moment, the company intends to offer consumers more options for spending and saving money wisely.
The company said one of its aims is to make digital transactions more accessible to the 350 million underhanded and unbanked customers.
According to reports, Multichoice Group CEO, Calso Mawela said the new joint venture will “address the need for an accessible and reliable payment platform for many small businesses and millions of consumers in Africa.”
The company also said in a statement that its target is a transformation of the Africa Payment landscape.
“The aim is to transform the African payments landscape by making digital payments more accessible and reliable for domestic, cross-border and global payments.”
Moment will also provide global African trade for importers and exporters with virtual accounts in more than 40 currencies and local payments in more than 180 countries.
Moment plans to extend its service to over 40 countries with multiple payment methods, and various financial services, like Inventory management and rewards, e.t.c.
Reports say, Multichoice’s Vision for Moment is that it will provide infrastructure for Pan-African payments, serving the 44 million small businesses operating across Africa and help wean them off reliance on cash pay.
