In 2019, A16z declared that every company would be a fintech company in the foreseeable future. In yet another fulfilment of this prophecy, MultiChoice Group, the owner of media assets like DStv and SuperSport, is venturing into the fintech space by launching a new joint venture to create an integrated payment platform for Africa.
The joint venture, named Moment, will be formed in collaboration with Rapyd and General Catalyst. This move comes as MultiChoice seeks to diversify its business in response to growing challenges faced by its pay-television unit, including a tough economic climate and increased competition from streaming services. Moment will consolidate the $3.5 billion in payments that MultiChoice processes annually.
The aim of the platform is to provide expanded payment infrastructure for businesses across Africa, enabling them to collect and make payments in a more efficient and affordable manner according to their preferences.
Moment intends to offer consumers more options for spending and saving money wisely. The overarching goal is to transform the African payments landscape, making digital payments more accessible and reliable for both domestic and international transactions.
Looking ahead, MultiChoice envisions Moment as the infrastructure provider for pan-African payments, catering to the 44 million small businesses operating on the continent and aiming to reduce reliance on cash payments.
The company aims to make digital transactions more accessible to the 350 million underbanked or unbanked consumers. Eventually, Moment plans to offer payments in over 40 countries, multiple payment methods, and various financial services, such as inventory management and rewards programs, benefiting micro-entrepreneurs, small and medium enterprises, and customers alike.