MultiChoice Group has announced it is launching an integrated payment platform for Africa in partnership with Rapyd and General Catalyst. MultiChoice said that the purpose of this initiative is to transform the African payments landscape by making digital payments more accessible and reliable for domestic, cross-border, and global payments.
MultiChoice Group is a South African media company Housing DStv, SuperSport, and other media assets.
Rapyd Financial Network Ltd is a privately owned company that provides an API-based ‘fintech-as-a-service’ platform for payments and banking services. On the other hand, General Catalyst is a venture capital firm that offers early-stage and growth equity investments.
The new company sprouting from the joint venture is called Moment. Moment would be an expanded payment infrastructure for businesses across Africa. It will offer an easy route for making and collecting payments, and also offer additional options for consumers to spend and save money more wisely, MultiChoice stated.
Calvo Mawela, CEO of MultiChoice Group, expressed that for small-scale businesses and consumers in Africa, the joint venture will address the need for an “accessible and reliable payment platform.” He described the investment as a logical progression that completes the firm’s strategy for ecosystem expansion.
According to the CEO, the company’s monthly processed payments range from 22 million households spanning 50 countries in Africa. The CEO stated that Moment will play a key role in accelerating cash to digital payments for all consumers and businesses.
“Moment will consolidate the $3.5B 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,” MultiChoice CEO.
Arik Shtilman, CEO of Rapyd, and Adam Valkin, Managing Director at General Catalyst Partners, affirmed that Africa has an ‘exciting’ market and provides an amazing investment opportunity for global investors..
Specifically, Adam Valkin, Managing Director at General Catalyst Partners, predicted that “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 over the next 20 years.”
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