PostBank Uganda in partnership with MTN Mobile Money (MTN MoMo) Uganda Limited launch a digital Micro Lending solution, Xtracash, to extend short-term facilities to MTN Mobile Money customers. The initiative is poised to provide approximately 13 million mobile wallet holders with convenient access to financial assistance.
“We are excited to collaborate with MTN MoMo on the XtraCash solution, a product that delivers convenience and 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,” PostBank Uganda, Managing Director, Mr. Julius Kakeeto, said at the launch of the new service.
Kakeeto emphasized the bank’s commitment to going as far as forming partnerships with stakeholders like MTN MoMo with whom they share the same vision of growth and fostering prosperity for Ugandans by ushering them into the money economy.
“When we say ushering Ugandans to the money economy, we mean revolutionizing the way people have access to money, that is, anytime and anywhere or as and when they need it,” said Kakeeto. “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.”
XtraCash is accessible through MTN mobile money with PostBank as the financial partner providing customers with support by extending micro-loans for everyday financial needs. The innovative solution aims to address the growing demand for accessible credit, particularly for underserved and unbanked communities.
In his remarks, Mr. Richard Yego, the Chief Executive of MTN MoMo, said, “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 shared that MTN MoMo is committed to driving financial inclusion and ensuring that every Ugandan has access to financial services, regardless of their location or economic standing. He also emphasized the critical role that financial services like XtraCash play in empowering underserved and unbanked populations.
“By making micro-loans easily accessible to users, we are providing financial relief and opening doors to opportunities that can improve livelihoods and support businesses,” said Yego. “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.”
XtraCash highlights MTN Mobile Money Uganda Limited’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, one must be 18 years or older, an active MTN mobile money user for at least six (6) months, and maintain regular usage of MTN MoMo. Eligible users can use the MTN MoMo App or use the USSD code by dialing *165*5#, selecting XtraCash, and instantly checking 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.
