In 2019, A16z said that shortly, every company would be a fintech business. In another way that this forecast is coming true, MultiChoice Group, which owns media companies like DStv and SuperSport, is getting into fintech by starting a new joint venture to build an integrated payment platform for Africa.
Moment will be the name of the joint business that Rapyd and General Catalyst will create together. MultiChoice is doing this because its pay-television unit faces more problems, such as a tough economy or competition from streaming services. The company wants to make its business more diverse. The Moment will bring all the $3.5 billion in payments that MultiChoice handles yearly under one roof.
The site aims to give businesses in Africa a more comprehensive range of payment options, so they can collect and send payments more efficiently and cost-effectively.
Moment wants to give people more ways to spend and save money wisely. The main goal is to change how people pay in Africa by making digital payments easier to use and more reliable for local and foreign transactions.
In the future, MultiChoice wants Moment to be the infrastructure source for payments across Africa, serving the 44 million small businesses operating on the continent and making cash payments less common.
Moment plans to give payments in over 40 countries, multiple payment methods, and a varivariouscial services, such as inventory management and rewards programs, which will help micro-entrepreneurs, small and medium-sized businesses, and customers.
The company wants to make digital transfers easier for the 350 million people who don’t have or don’t use banks. Moment plans to give payments in over 40 countries, multiple payment methods, and a variety of financial services, such as inventory management and rewards programs, which will help both micro-entrepreneurs, small and medium businesses, and customers.