Africa’s Booming Population Demands a Revolutionary Payment Infrastructure
Africa’s dynamic growth trajectory demands innovative solutions to navigate its challenges and leverage its vast opportunities. With a population set to soar to 2.5 billion by 2050, the continent is experiencing an unprecedented embrace of digital technology, empowering individuals and businesses to thrive.
However, building the right infrastructure to support this growth is crucial, and payments are at the heart of it.
Recognizing this, MultiChoice Group, Africa’s leading entertainment provider, has joined forces with General Catalyst and Rapyd to launch Moment, a groundbreaking payment platform designed to transform Africa’s digital economy.
The payments landscape in Africa is often fragmented, with diverse currencies, payment methods, and regulatory frameworks. Moment’s mission is to simplify, standardize, and revolutionize payments across the continent. With over 23.5 million MultiChoice customers across 50+ markets, the Group has unparalleled reach, providing a strong foundation for Moment’s operations.
Launching in early 2024, Moment rapidly gained traction, processing 35% of MultiChoice’s revenue by November and expanding services to external enterprises in August. The platform now operates in 44 African countries, accepting over 200 local payment methods, including mobile money, credit cards, digital wallets, and in-person payments at over 1 million locations.
Moment’s cloud-native infrastructure ensures seamless performance, even amidst Africa’s unique challenges such as network disruptions and power outages. The platform supports high-volume transactions, enabling businesses to automate daily financial reconciliations and access fast, accurate reporting.
By offering a unified API connection, Moment empowers enterprises to access Africa’s diverse consumer base, spanning urban centers, spaza shops, and modern retail locations. This eliminates the operational complexities of managing multiple payment systems, allowing businesses to focus on growth.
Moment is also driving the adoption of real-time payments across Africa. Collaborating with local payment systems like PayShap in South Africa and similar platforms in SADC and Nigeria, the platform educates consumers on the benefits of faster, cost-effective transactions.
MultiChoice’s experience in managing payments for DStv, GOtv, and Showmax highlighted the inefficiencies of existing systems. Moment addresses these pain points by streamlining operations, offering tailored solutions for each market. For instance, one enterprise reportedly employed 75 staff for financial reconciliations, a process now automated by Moment.
Moment’s innovative approach positions it as a key player in Africa’s economic transformation. By enabling efficient, cost-effective payments, the platform supports the continent’s businesses, improves consumer access to financial services, and fuels economic growth.
Africa’s future is bright, and payments are its lifeblood. Through partnerships and cutting-edge technology, Moment is set to lead the charge in building a resilient, inclusive digital payment ecosystem, ensuring Africa thrives in the global economy for decades to come.
Distributed by APO Group on behalf of MultiChoice Group.
