How Multichoice and Moment Are Transforming Africa’s Digital Payments Ecosystem

Following its successful launching in 2024, MultiChoice Group’s Moment has stood up as Africa’s evolving digital payments landscape, processing 35% of the group’s revenue across 44 countries.

Moment has been able to address Africa’s complex financial stitches, offering solutions to challenges like power outages, network disruptions, and fragmented payment infrastructures. It has garnered sufficient support for over 200 local payment methods and more than 1 million payment locations, which has catalyzed this achievement.

One of the factors that have ensured this innovation becomes a success, is Africa’s vast population projected to hit 2.5 billion by 2050. It has showed adverse need for scalable, efficient digital payment systems.

Through cloud-native infrastructure and partnerships with global players such as General Catalyst and Rapyd, Moment is driving a digital payments revolution. By tackling barriers like multiple agreements, exchange rates, and commission structures, it enables businesses to prioritize growth and innovation over administrative hurdles.

Moment not only focuses on bettering financial transactions, however, it also enhances broader economic growth; research links digital payment penetration with a 0.05% GDP increase, highlighting the platform’s transformative potential. This shift marks a profound change in Africa’s financial ecosystems, reshaping a historically fragmented payment landscape rooted in colonial-era economic systems.

With only 5-7% of transactions currently conducted electronically-compared to 50% in similar markets-Africa’s digital payment adoption lags but holds immense potential.

Platforms like Moment, alongside regulatory advancements such as instant payment systems in Ghana, Kenya, and Nigeria, are poised to bridge this gap, contributing to the continent’s projected $180 billion digital economy by 2030.