One of the key stated aims of the well funded JV called Moment is "to turn the 90% of retail transactions in Africa that are currently taking place in cash, into digital payments and make digital transactions more accessible to the 350 million consumers that are underbanked or not banked at all."

“Moment gives MultiChoice another opportunity to make a meaningful contribution to the economic development of the African continent," said Calvo Mawela, MultiChoice Group CEO.

"It will play a key role in accelerating cash-to-digital payments for all consumers and businesses and making the continent more investment ready for global players, by connecting payments from Africa to the world.”

The newly created company Moment will consolidate into its business the $3.5 billion in payments that MultiChoice Group currently processes annually.

According to the JV partners, Moment will offer expanded payment infrastructure for businesses across Africa to help them collect and make payments easier, quicker, and more affordable in any manner that their buyers or suppliers prefer.

The partners say the aim is to transform the African payments landscape by making digital payments more accessible and reliable for domestic, cross-border and global payments.

“We are excited about our venture with Rapyd and General Catalyst. It will address the need for an accessible and reliable payment platform for many small businesses and millions of consumers in Africa,” said MultiChoice CEO Mawela.

"Investing in this venture is a logical progression for us, as we already process payments every month from 22 million households across 50 countries in Africa.

"Moment fulfils our strategy to expand our ecosystem, by investing in adjacent businesses that provide scalable services, underpinned by technology."

JV partner Rapyd believes the African continent offers fertile new ground for the company's cash killing payment platform.

“Africa is one of the most exciting markets in the world – with tremendous opportunities to expand the use of digital payments, drive cash payments to real-time digital payments, and to capitalise on the tremendous entrepreneurial drive of African businesses," said Arik Shtilman, CEO of Rapyd.

At least one venture capitalist agrees and is willing to put the firm's money up as a JV partner.

“Africa represents one of the most exciting investment opportunities for global investors,” said Adam Valkin, managing director at General Catalyst Partners.

"Over the next 20 years, most of the population growth of the world will be happening in Africa, along with increasing urbanisation.

"African consumers and businesses are not only moving business online, but will be the labour force for the world across the next 20 years."

The newly formed partnership has laid out a long-term plan to provide the infrastructure for pan-African payments for the 44 million small businesses operating on the continent.