MultiChoice, Africa’s leading entertainment company, has seen a promising start to its venture into financial technology with the development of its payment platform, Moment. The fintech arm, which processes payments for MultiChoice’s popular DStv service, has quickly gained traction in the African digital payments market, with the platform now valued at over $80 million after a recent $22 million funding round.
Founded in 2023, Moment is a joint venture between MultiChoice, payments platform Rapyd, and venture capital firm General Catalyst. Officially launched in 2024, Moment was developed to address the increasing need for streamlined digital payments across Africa. The platform’s mission is ambitious: to transform digital transactions in Africa and provide reliable, accessible solutions for domestic, cross-border, and international payments.
Moment has shown early success, highlighted by MultiChoice in its 2024 financial results announcement. By March, the platform had reached a milestone of $85 million in processed payments, largely driven by high transaction volumes from DStv subscribers. The platform’s value proposition includes providing efficient and secure digital payment methods for millions of Africans, simplifying payment processes for consumers and businesses alike.
The platform’s recent capital boost of $22 million, to which MultiChoice contributed $8 million, signals strong investor confidence. The funding round has raised Moment’s valuation to $82 million. As part of the financing, MultiChoice retains a 26% stake, while the remaining ownership is held by General Catalyst, Rapyd, and other backers.
Moment has rapidly established itself as an integral part of MultiChoice’s ecosystem, particularly with its recent involvement in the re-launch of Showmax, MultiChoice’s video-on-demand service. MultiChoice stated that Moment provided bespoke solutions to support seamless payment processes on Showmax, addressing payment gaps that previously hindered efficient user transactions.
The platform now processes card payments in 44 markets where Showmax operates, handling over 20% of MultiChoice’s payment volumes. Additionally, Moment joined real-time payment networks in 18 African countries, including South Africa, and is currently piloting features for instant payment and account activation for DStv users.
Calvo Mawela, CEO of MultiChoice, emphasized the strategic significance of Moment, saying, “Moment fulfills our strategy to expand our ecosystem by investing in adjacent businesses that provide scalable services underpinned by technology. We are excited about the venture’s potential to unlock value for millions of African consumers.”
MultiChoice, Rapyd, and General Catalyst each have high expectations for Moment’s potential to impact the African financial landscape. Arik Shtilman, CEO of Rapyd, remarked, “Africa is one of the world’s most exciting markets. Our collaboration with MultiChoice allows us to provide Africa’s most complete payment platform for businesses, driving cash payments toward real-time digital transactions.”
With over 350 million people across the continent unbanked or underbanked, Moment’s services have been designed to address the unique payment challenges across Africa’s markets. The company aims to enable seamless transactions across over 40 African countries through 200+ local payment methods, offering businesses and consumers new options for making and receiving payments.
Moment’s strategic roadmap includes plans to support the 44 million small businesses across Africa and reduce the continent’s reliance on cash. The platform is working to drive adoption of real-time payment methods like PayShap and NQR across its markets, while also offering international payment options. The long-term goal is to create a cohesive digital payment infrastructure that can bridge local and international payment systems.
Adam Valkin, managing director at General Catalyst, highlighted the venture’s broader economic impact: “Africa represents one of the most significant investment opportunities globally. As more African consumers and businesses come online, we foresee a growing demand for secure, efficient digital payment solutions that can support the continent’s economic growth and integration into the global economy.”
Moment’s services will continue expanding to offer solutions for Africa’s micro-entrepreneurs and SMEs, providing payment tools and financial services designed to boost small business growth. MultiChoice also hinted at upcoming features such as consumer savings and rewards programs, indicating that Moment’s impact may extend beyond payments alone, as it seeks to enhance financial inclusion across the continent.
Moment is positioned to play a transformative role in Africa’s digital economy, enabling not only intra-African trade but also connections to the global financial system. As Africa’s middle class and digitally-savvy consumer base expand, the demand for digital payments and financial services is expected to rise significantly. Through Moment, MultiChoice, Rapyd, and General Catalyst are betting on Africa’s financial digitization, bringing innovative solutions to the continent’s fragmented payment landscape.
“Moment gives MultiChoice another opportunity to make a meaningful contribution to the economic development of the African continent,” Mawela concluded. “It will play a key role in accelerating cash-to-digital payments, making Africa more investment-ready and better connected to the global economy.”
With its ambitious goals, Moment seeks to bridge payment gaps across Africa and establish a sustainable, accessible digital payment infrastructure that aligns with the region’s growth trajectory. For now, the platform’s rapid rise and recent valuation signal that investors share MultiChoice’s confidence in Africa’s digital future.