- MultiChoice Group, the owner of DSTV, has entered the fintech market with the launch of a new bank
- The cable TV provider aims to cater to Africa's 44 million small businesses and make digital transactions more accessible
- MultiChoice's new payment bank will challenge Flutterwave, Opay, and other fintech platforms across the continent
MultiChoice Group, the South African media company known for owning DSTV and GOtv, is making a foray into banking service by launching a new payment infrastructure platform called Moment.
In collaboration with investors Rapyd and General Catalyst, MultiChoice aims to revolutionise the payments landscape in Africa by providing businesses with a more accessible, faster, and cost-effective payment infrastructure.
The company also intends to offer consumers smart spending and saving options.
According to a statement by MultiChoice, Moment will consolidate the $3.5 billion in payments processed annually by the company.
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The CEO of MultiChoice Group, Calvo Mawela, expressed that the joint venture aims to address the need for a reliable and accessible payment platform for small businesses and millions of consumers in Africa.
Mawela also stated that investing in Moment is a logical progression for MultiChoice, as they already process payments from 22 million households across 50 countries.
"Moment aims to revolutionise African payments by offering businesses easier, faster, and more affordable collection and payment methods and also plans to provide consumers with smart spending and saving options.
Plans for the future
MultiChoice also plans to drive the adoption of real-time payment methods, such as South Africa's PayShap, while providing a platform for global African trade.
According to the company, this platform will enable importers and exporters to have virtual accounts in over 40 currencies and facilitate local payments in more than 130 countries.
“Investing in this venture is a logical progression for us, as we already process payments every month from 22 million households across 50 countries.
"Moment fulfills our strategy to expand our ecosystem by investing in adjacent businesses that provide scalable services, underpinned by technology."
Nigerian banks send messages to customers on tax clearance for FX transactions
In another report, Nigerian banks now require customers to present a valid Tax Clearance Certificate for purchasing dollars and other foreign currencies.
Banks have started informing customers who want foreign currencies at the official rate compared to the easy buy more expensive black market rate.