MultiChoice Group, Rapyd and General Catalyst announced a joint venture to develop an integrated payment platform for Africa. The joint venture will operate under a new company called Moment.
Moment offers expanded payment infrastructure for businesses across Africa to help them collect and make payments easier, quicker, and more affordable in any manner their buyers or suppliers prefer. The aim is to transform the African payments landscape by making digital payments more accessible and reliable for domestic, cross-border and global payments.
“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 African consumers. Investing in this venture is a logical progression for us, as we already process monthly payments from 22 million households across 50 African countries. Moment fulfils our strategy to expand our ecosystem by investing in adjacent businesses that provide scalable services underpinned by technology”, said Calvo Mawela, CEO of MultiChoice Group
Momentwill consolidate the $3.5 billions in payments that the MultiChoice Group processes annually to expand options for subscribers and make payment processes efficiently, as well as extend Africa’s most complete payment network to African and global businesses.
“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 capitalise on the tremendous entrepreneurial drive of African businesses,” said Arik Shtilman, CEO of Rapyd.