Unlocking Africa’s payment potential with Moment

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.