Kampala, 27th September 2024: PostBank Uganda (PBU) in partnership with MTN Mobile Money (U) Limited (MTN MoMo) have launched Xtracash, a digital Micro Lending solution that is positioned to extend short term facilities to MTN mobile money subscribers.
This initiative is poised to provide approximately 13 million mobile wallet holders in the country with convenient access to financial assistance.
XtraCash will be accessible through MTN mobile money, a leading mobile money operator, in partnership with PBU as the financial partner providing much needed support to customers by extending micro-loans for everyday financial needs.
While launching the new service, PostBank Uganda, Managing Director, Julius Kakeeto, stated that, “As PostBank Uganda, we have our purpose of Fostering Prosperity for Ugandans. This partnership with a key stakeholder like MTN Uganda with whom we share a common objective of doing sustainable financial inclusion is very critical in bringing more Ugandan in the money economy.
We are cognizant that people always run out of cash and need some XTRA Cash to keep them running, this is why we are here today, to introduce a solution that will ensure that our customers’ needs are catered for.”
Kakeeto further mentioned, “We are excited to collaborate with MTN MoMo on the XtraCash solution, a product that not only delivers convenience but also speaks to our purpose of fostering prosperity for Ugandans. This product is here to extend support to the millions of Ugandans who rely on mobile money for their everyday transactions.”
This innovative solution aims to address the growing demand for accessible credit, particularly for underserved and unbanked communities.
Richard Yego, the Chief Executive of MTN MoMo, shared his excitement about the partnership, stating, “At MTN MoMo, we are committed to driving financial inclusion and ensuring that every Ugandan has access to financial services, regardless of their location or economic standing. XtraCash is another step forward in our mission to provide reliable, easy-to-use, and secure financial solutions to millions of Ugandans who depend on mobile money every day. We are proud to collaborate with PostBank Uganda, a partner that shares our vision of creating financial products that serve all Ugandans.”
Yego emphasized the critical role that financial services like XtraCash play in empowering underserved and unbanked populations, adding, “By making micro-loans easily accessible to users, we are not only providing financial relief but also opening doors to opportunities that can improve livelihoods and support businesses. We believe this solution will have a significant impact on the day-to-day lives of many Ugandans by ensuring that they can access funds whenever they need them, especially in times of urgent need.”
This addition highlights MTN MoMo’s commitment to financial inclusion and innovation, reinforcing the collaborative effort between both institutions in delivering impactful solutions to the Ugandan market.
To qualify for the XtraCash loan, individuals must be active MoMo users for at least six months, be over the age of 18, and maintain regular usage of MTN MoMo. Eligible users can use the MTN MoMo App or dial 1655#, select XtraCash, and instantly check the maximum loan limit they can access.
In addition to XtraCash, PostBank and MTN MoMo have previously partnered to disburse funds to the last mile beneficiary through Wendi mobile wallet as well as MOMO advance which are all aimed at driving financial inclusion by bringing and keeping more Ugandans in the money economy.