Commerce

Joel Yarbrough, CEO of Moment. (Image source: MultiChoice)

Africa's rapidly growing population offers immense potential for economic expansion. A robust and innovative digital payments ecosystem will be critical in unlocking this growth, write Joel Yarbrough, CEO of Moment, and Craig Coetzer, MultiChoice Africa group executive head of delivery & operations

Africa is a dynamic and creative hub for business, brimming with opportunities. However, it comes with its share of challenges, such as currency devaluation, political instability, and service disruptions. Navigating these obstacles requires more than financial investment—it demands building trust, fostering relationships, and understanding the nuances of local markets.

For those willing to invest time and effort, the potential rewards are immense. By 2050, Africa’s population is projected to reach 2.5 billion. As confirmed by the World Bank, the continent’s people are increasingly embracing digital technology to improve their lives, access education, send remittances, and launch small businesses. These advancements underline the value of investing in Africa’s human development.

Payments as the Growth Engine

Amid Africa’s growth story lies a key business opportunity: payments. Streamlining and standardizing payment systems can unlock significant value in the continent’s evolving financial landscape.

One organisation poised to lead this charge is MultiChoice, Africa’s premier video entertainment provider for nearly 40 years. With 23.5 million customers across over 50 markets and more than 100 million monthly viewers, MultiChoice has built extensive relationships to facilitate payments for its services, including DStv, GOtv, and Showmax.

Recognising the potential in its payment ecosystem, MultiChoice has partnered with General Catalyst and Rapyd to launch Moment, a platform designed to establish the most extensive payment network across Africa.

A transformative platform

Moment began processing payments for MultiChoice in January 2024, initially serving DStv and Showmax. By November 2024, it handled 35% of MultiChoice’s revenue and had expanded its services to other enterprises. Operating in 44 African countries, Moment supports over 200 local payment methods, including mobile money, credit and debit cards, bank transfers, and digital wallets.

By facilitating the transition from cash to digital payments, Moment enables users to access better financial opportunities, lower costs, higher-quality goods and services, and the broader digital economy.

Building a Future-Ready Ecosystem

To meet the demands of Africa’s large enterprises, Moment has developed a cloud-native infrastructure capable of managing high transaction volumes and mitigating disruptions from power outages and network issues.

Moment’s financial reconciliation and settlement system simplifies daily processes, enabling enterprises to allocate resources efficiently and access fast, accurate financial reports. Through a single API, businesses gain access to an unparalleled network of payment channels, reaching over a million in-person locations across spaza shops, modern retail outlets, and online platforms tailored to local market needs.

To prepare clients for the future, Moment is championing real-time payments. For instance, it introduced PayShap in South Africa, enabling “consumer-to-business” real-time payments via the RPP system. Similar partnerships are underway in the SADC region and Nigeria, paving the way for broader adoption of real-time payments.

Simplifying Complexity

MultiChoice’s foray into payments stems from the sector’s inherent complexity, marked by diverse service agreements and fluctuating exchange rates. By streamlining the landscape, Moment offers a flexible platform capable of addressing the unique challenges of each market.

For enterprises, the benefits are clear. Moment’s automation reduces the burden of manual financial operations, allowing businesses to focus on growth and customer engagement. One merchant, for example, previously employed 75 staff for reconciliations—tasks now simplified with Moment’s technology.

Driving Africa’s Growth

Africa presents unparalleled opportunities, particularly in payments, which form the backbone of its economy. Efficient and cost-effective payment systems are essential to unlocking the continent’s full potential.

Through its partnership with MultiChoice, Moment is at the forefront of this transformation, building a foundation for sustainable growth. As Africa’s population expands, the importance of innovative payment solutions like Moment will only grow, shaping the continent’s future for decades to come.

John Siemon, chief technology officer at Siemon. (Image source: Siemon)

Siemon, a leading provider of network infrastructure solutions, has unveiled its 2024 Environmental, Social, and Governance (ESG) Report

This report reaffirms Siemon’s dedication to sustainability, social responsibility, and strong governance practices, highlighting the company’s role as a pioneer in ESG efforts within the information communication technology sector.

Commenting on the release, John Siemon, chief technology officer, said, “Our 2024 ESG Report underscores Siemon’s commitment to driving meaningful change across all aspects of our business. Achieving the EcoVadis Gold Rating, investing in state-of-the-art tools for ESG reporting, and being recognised as a Great Place to Work for the second consecutive year reflect the strides we have made. At Siemon, sustainability and ethical business practices are embedded in our DNA. Together with our employees and partners, we are charting a course toward a more sustainable and equitable future.”

The report highlights several significant achievements from the past year, including:

• 2023 Gold EcoVadis Rating: Siemon received a gold rating from EcoVadis, placing it among the top 5% of companies worldwide for its ESG performance.
• Advanced ESG Reporting Tools: Siemon has invested in cutting-edge tools such as 3E Exchange, Greenly, and One Click to enhance transparency, reporting accuracy, and decision-making processes.
• Great Place to Work Recognition: For the second consecutive year, Siemon has been named a Great Place to Work, reflecting its outstanding workplace culture.

Building on these successes, Siemon has maintained its focus on minimizing environmental impacts through innovative product designs and sustainable packaging. The report also outlines the company’s alignment with global sustainability initiatives, such as the Responsible Business Alliance Code of Conduct, the United Nations Global Compact, and its commitment to the Science-Based Targets Initiative (SBTi) for achieving Net Zero.

John Siemon concluded, “As we celebrate these accomplishments, we recognise the importance of staying at the forefront of ESG innovation. This report reflects directly on the level of engagement and commitment from every Siemon employee and supplier to our values and code of conduct. It is through this engagement that we minimise adverse environmental impacts and foster personal and social wellness within our organisation, industries, and communities.”

Rui Faria represents Angola Cables on a global advisory body to strengthen submarine cable infrastructure and boost West Africa's connectivity. (Image source: Angola Cables)

Angola Cables, a globally recognised provider of ICT, digital solutions, and network services, proudly announces the appointment of executive board member and chief commercial officer Rui Faria to the newly established International Advisory Body for Submarine Cable Resilience

This appointment places Angola Cables at the forefront of addressing a critical issue, following significant internet outages across several African nations earlier this year due to damage to undersea cables along the West African coastline. These incidents have highlighted the urgent need for robust infrastructure to support the region’s increasing reliance on digital networks for economic growth, trade, and innovation.

The International Advisory Body for Submarine Cable Resilience, formed by the International Telecommunication Union (ITU), the United Nations Agency for Digital Technologies, and the International Cable Protection Committee (ICPC), is dedicated to improving the safety and reliability of submarine cables. These cables are essential to global and regional connectivity, enabling over 99% of international data exchange, including communication, financial transactions, cloud services, and digital economies. The 42-member advisory group comprises government officials, regulatory authorities, industry leaders, and experts in telecommunication cables.

Faria, with over three decades of experience in Africa’s subsea cable sector, was invited by the Angolan Ministry of Telecommunications, Information Technologies, and Social Communication (MINTTICS) to contribute to this critical initiative. The government aims to diversify Angola’s economy and enhance its telecom infrastructure.

“West Africa’s recent experience with submarine cable failures has highlighted the fragility of our connectivity networks and the critical need for proactive solutions. As part of the International Advisory Body, we will work towards identifying vulnerabilities and implementing measures to ensure these vital cables remain operational and resilient. Strengthened collaboration and innovation will help mitigate disruptions and secure West Africa’s digital future,” said Faria.

Fernando Fernandes, CEO of TelCables Nigeria, a subsidiary of Angola Cables, emphasised the significance of this development for the region: “We are honoured that Rui has been selected to represent West Africa on the Advisory Body for Submarine Cable Resilience. Submarine cables are the foundation of modern economies, and their stability is paramount for enabling global and regional growth. We believe this initiative will go a long way towards building resilience, ensuring uninterrupted worldwide connectivity, and unlocking new economic opportunities for West Africa.”

Angola Cables’ involvement in the Advisory Body underscores its commitment to protecting essential telecom infrastructure and promoting regional and national development. The company also supports scientific research into naturally occurring cable failures, including groundbreaking studies by the Department of Geography and Earth Science at Durham University, focusing on the Congo River Canyon Crossing in West Africa.

“Consultation, cooperation, and collaboration between countries and all technical and scientific stakeholders will ensure that we can implement better measures to safeguard submarine cable infrastructure and the integrity of the undersea data corridors, the lifeblood of our global, digital-enabled economy. On a regional front, they will enable West Africa to remain connected, competitive, and positioned for sustained digital and economic growth,” concluded Faria.