MultiChoice diversifies into fintech through Moment
By Kingsley Odii
Africa’s leading entertainment company, MultiChoice Group, has delved into the Fintech space through Moment. This is a significant move for the company. Moment is an innovative platform that offers a range of financial services, including credit, insurance, and payments, to its users. By partnering with Moment, MultiChoice is able to leverage its extensive customer base to offer a range of financial services that are tailored to the needs of its customers.
According to a report by MultiChoice, “Moment offers expanded payment structure for businesses across Africa to help them collect and make payment easier, quicker and more affordable in any manner their buyers and suppliers prefer.
“Moment will also offer additional options for consumers to spend and save money wisely. The aim is to transform the African payments landscape by making digital payment more accessible and reliable for domestic, cross border and global payments.
This move is also significant because it represents a diversification of MultiChoice’s business offerings beyond the traditional TV content and media services that it has been known for. By venturing into the Fintech space, MultiChoice is positioning itself as a more comprehensive service provider that can meet the evolving needs of its customers in a rapidly changing business landscape.
Commenting on the development, Calvo Mawela, MultiChoice Group CEO said; “we are excited about our venture with Rapyd and General Catalyst (MultiChoice partners on Moment). It will address the need for an accessible and reliable payment platform for many small businesses and millions of consumers in Africa.
“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 fulfils our strategy to expand our ecosystem, by investing in adjacent businesses that provide scalable services, underpinned by technology.
Moment will consolidate the $3.5 billion in payments that that the MultiChoice Group processes efficiently, as well as extend Africa’s most complete payment network to African and global business.
Arik Shtilman, Managing Director at General Catalyst Partners, commenting on their new partnership with MultiChoice group remarked that “we are thrilled to be able to partner with MultChoice 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 to real-time digital payments, and to capitalize on the tremendous entrepreneurial drive of the African businesses.
Overall, MultiChoice’s entry into the Fintech space through Moment is a strategic move that is likely to benefit the company and its customers. By offering a range of financial services through its platform, MultiChoice is able to offer its customers more comprehensive solutions that can help them better manage their finances and meet their financial goals.
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