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Africa’s payments revolution: Moment takes centre stage
MultiChoice Group, in collaboration with Rapyd and General Catalyst, has announced the launch of Moment, a ground-breaking joint venture aimed at revolutionising the payments landscape in Africa. This strategic partnership seeks to develop an integrated payment platform that will facilitate seamless transactions for businesses and consumers across the continent.
Moment is set to offer an expanded payment infrastructure, making it easier, quicker, and more affordable for businesses to collect and make payments in a manner that aligns with the preferences of their customers or suppliers. Furthermore, Moment will provide consumers with additional options to manage their finances more effectively, promoting wiser spending and saving habits.
With a vision to enhance accessibility and reliability in the African payments ecosystem, Moment aims to transform digital payments for domestic, cross-border, and global transactions. The new platform will empower small businesses and millions of consumers by addressing the pressing need for a secure and accessible payment solution in Africa.
Calvo Mawela, CEO of MultiChoice Group, expressed excitement about the joint venture, stating, “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.”
By consolidating the $3.5 billion in payments processed annually by MultiChoice Group, Moment plans to extend payment options to subscribers, streamline payment processes, and establish Africa’s most comprehensive payment network for African and global businesses.
Arik Shtilman, CEO of Rapyd, highlighted the immense potential in Africa’s burgeoning market and emphasised Moment’s commitment to driving the adoption of digital payments. “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 capitalise on the tremendous entrepreneurial drive of African businesses,” Shtilman stated.
Adam Valkin, managing director at General Catalyst Partners, underlined the significant investment prospects in Africa. “Over the next 20 years, most of the population growth of the world will be happening in Africa, along with increasing urbanisation. African consumers and businesses are not only moving business online but will be the labour force for the world across the next 20 years,” Valkin remarked.
The long-term objective of Moment is to provide the necessary infrastructure for pan-African payments, serving the 44 million small businesses operating on the continent.
Furthermore, Moment aims to transition the overwhelming majority of retail transactions, currently conducted in cash, into digital payments. This will enhance accessibility to digital transactions for the 350 million underbanked or unbanked consumers in Africa.
Moment’s services will include payments across over 40 countries in Africa, facilitated by more than 200 locally preferred payment methods for seamless collection, disbursement, and risk management. The platform will also drive the adoption of various real-time payment methods, such as PayShap, TCIB, and NQR, across all markets.
Additionally, Moment will facilitate global-Africa trade for importers and exporters, offering virtual accounts in over 40 currencies and local payments in more than 130 countries. The platform will also provide payment tools, inventory management solutions, and financial services tailored to micro-entrepreneurs and small to medium-sized enterprises. Furthermore, consumers will benefit from a range of payment, savings, and rewards options.
Mawela concluded by emphasising Moment’s potential to contribute significantly to Africa’s economic development. The platform aims to accelerate the transition from cash to digital payments for all consumers and businesses, thereby making the continent more investment-ready for global players and establishing vital connections between African payments and the rest of the world.
