Moment, a company that aims to develop an integrated payment platform for Africa, has been launched by MultiChoice Group, Rapyd, and General Catalyst.
The collaborative venture aims to redefine digital payments in Africa by enhancing accessibility, reliability, and affordability for domestic, cross-border, and global transactions.
“Our venture with Rapyd and General Catalyst… will address the need for an accessible and reliable payment platform for many small businesses and millions of consumers in Africa,” says Calvo Mawela, MultiChoice Group CEO. “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.”
Arik Shtilman, CEO of Rapyd, said Africa offered 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.
Adam Valkin, MD at General Catalyst Partners, said that, over the next two decades, most of the world’s population growth and urbanisation would occur on the African continent.
“African consumers and businesses are not only moving business online, but will be the labour force for the world across the next 20 years,” he said.
Moment aims to consolidate the $3.5-billion in payments processed annually by MultiChoice Group, expanding payment options for subscribers and streamlining payment processes. It seeks to establish Africa’s most comprehensive payment network, connecting businesses within Africa and across the globe.
With an extensive service offering, Moment plans to:
- Enable payments across 40+ countries in Africa through 200+ locally preferred payment methods, facilitating collection, disbursement, and risk management.
- Drive the adoption of real-time payment methods, such as PayShap, TCIB, and NQR, across all markets.
- Facilitate global-Africa trade for importers and exporters, offering virtual accounts in 40+ currencies and local payments in 130+ countries.
- Provide payment tools, deep inventory for sale, and tailored financial services for micro-entrepreneurs and SMEs.
- Offer consumers convenient payment options, savings features, and rewards.