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MultiChoice Group, Rapyd, and General Catalyst on 29 May 2023 announced a joint venture aimed at developing an integrated payment platform for Africa. The joint venture will operate under a new company, called Moment.

Moment offers expanded payment infrastructure for businesses across Africa to help them collect and make payments easier, quicker, and more affordable in any manner that their buyers or suppliers prefer. Moment will also offer additional options for consumers to spend and save money. The aim is to transform the African payments landscape by making digital payments more accessible and reliable for domestic, cross-border, and global payments, the group said in a statement.

“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,” said Calvo Mawela, MultiChoice Group CEO.

Moment will consolidate the $3.5 billion in payments that the MultiChoice Group processes annually to expand options for subscribers and make payment processes efficiently, as well as extend the payment network to African and global businesses.

Over the long-term, Moment plans to provide the infrastructure for pan-African payments for the 44 million small businesses operating on the continent and turn the 90% of retail transactions that are currently taking place in cash, into digital payments.