MultiChoice Group, Rapyd And General Catalyst Announce New Integrated Payment Platform

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Leading entertainment platforms, MultiChoice Group, Raypd, and General Catalyst have announced a new joint venture which aims to develop an integrated payment platform for Africa. The new integrated payment platform will be named “Moment”.

Moment, is set to offer an express payment infrastructure for businesses across Africa which would assist them in collecting and making payment easier, quicker, and more affordable in any manner that their buyers or suppliers prefer. Moment will also be offering exciting options for consumers to spend and save money more wisely. Moment will transform the African payments landscape by making much more accessible and reliable digital payments for domestic, cross-border, and global payments.

Calvo Mawela, MultiChoice Group  CEO said that “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. Moment fulfills our strategy to expand our ecosystem, by investing in adjacent businesses that provide scalable services, underpinned by technology”,.

Moment will also consolidate the $3.5B in payments that MultiChoice Group will process annually to expand options for subscribers and make payment processes efficient, therefore extending the most complete payment network to African and global businesses.

CEO of Rapyd added that “We are thrilled to be able to partner with MultiChoice and our network partners to provide Africa’s most complete payment platform for businesses through Moment. Africa is one of the most exciting markets in the world – with tremendous opportunities to expand the use of digital payments, drive cash payments to real-time digital payments, and to capitalise on the tremendous entrepreneurial drive of African businesses,”

Adam Valkin, Managing Director of General Catalyst Partners said “Africa represents one of the most exciting investment opportunities for global investors. Over the next 20 years, most of the population growth of the world will be happening in Africa, along with increasing urbanization. African consumers and businesses are not only moving business online, but will be the labour force for the world across the next 20 years,”.

Also, the long-term plan will provide the needed infrastructure for pan-African payments for the 44 million small businesses operating on the continent. It will also help 90% of retail transactions which currently happen in cash, change to digital payments. Moment will help make digital transactions more accessible to over 350 million consumers that are underbanked or not banked at all.

other services which will be offered include:

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.

Mawela added that “Moment gives MultiChoice another opportunity to make a meaningful contribution to the economic development of the African continent. It will play a key role in accelerating cash-to-digital payments for all consumers and businesses and making the continent more investment ready for global players, by connecting payments from Africa to the world,”

Moment will be distributed by APO Group on behalf of MultiChoice Group.

MultiChoice Group (MCG) is a leading video entertainment provider which was listed on the Main Board of the JSE on 27 February 2019. Delivering entertainment products and services to 22 million households in over 50 countries in the African continent.

MultiChoice Group boasts of strong partnerships with distributors, installers, and telecommunication companies along with well-established payment solutions, as well as competitive pricing and choice of viewership packages which continue to secure its place in the global market.