Standard Bank Partners With MultiChoice Group To Provide Funding Support For Its Growth Strategy
Standard Bank Partners With MultiChoice Group To Provide Funding Support For Its Growth Strategy. Standard Bank is delighted to announce that it has entered into a joint funding partnership for MultiChoice Group (MultiChoice), supporting its ambition to build Africa’s leading entertainment and consumer services ecosystem.
The R12 billion funding facility provided by Standard Bank alongside other banks, will provide MultiChoice with the necessary financial flexibility and working capital funding to continue expanding its linear video entertainment platform into a broader portfolio of scalable, technology-based consumer and household services. The rise in the use of smartphones and improving mobile infrastructure across the African continent will increase the appetite for digital services, including subscription video on demand, as more and more consumers interact with the world through connected smart devices.
In this context, a key focus for MultiChoice is its recently announced partnership with Comcast’s NBC Universal and Sky. The partnership will ensure MultiChoice continues to offer its Showmax streaming customers the best in local, international and sports content through the world-class Peacock streaming platform. MultiChoice sees the partnership as an opportunity to become the number one streaming service on the African continent.
Standard Bank has a long-standing partnership and working relationship with MultiChoice. In recent years, Standard Bank has assisted MultiChoice with short-term working capital facilities and debt funding to increase its stake in KingMakers, a leading digital and sports entertainment platform in Africa, to 49%. We look forward to continuing to support MultiChoice on its unique and exciting journey on the continent.
