PostBank Uganda (PBU) and MTN Mobile Money (MTN MoMo) have launched XtraCash, a digital micro-lending solution aimed at providing short-term financial assistance to millions of Ugandans.
This innovative partnership is expected to benefit approximately 13 million MTN mobile money users across the country, offering them convenient access to micro-loans to meet daily financial needs.
XtraCash will be accessible via MTN MoMo’s platform, with PostBank Uganda serving as the financial partner responsible for disbursing the loans.
The service is designed to cater to Ugandans in need of quick financial support, enabling mobile wallet holders to borrow funds instantly without the hassle of traditional banking procedures.
Julius Kakeeto, the Managing Director of PostBank Uganda, emphasized the bank’s mission of fostering prosperity and financial inclusion.
“Our partnership with MTN Uganda is vital in bringing more Ugandans into the money economy. We understand that people often run out of cash and need a quick financial solution to keep them going, which is why we’ve introduced XtraCash,” he said.
Richard Yego, CEO of MTN MoMo, reiterated MTN’s commitment to ensuring financial services reach every Ugandan, regardless of their location or economic status. “XtraCash is another step towards providing reliable, easy-to-use, and secure financial solutions to millions of Ugandans who depend on mobile money daily,” Yego noted.
To qualify for an XtraCash loan, MTN MoMo users must have been active for at least six months, be over the age of 18, and demonstrate regular mobile money usage. Users can access their loan limits via the MTN MoMo app or by dialing *165*5#.
This collaboration follows previous initiatives by PostBank and MTN MoMo, including the Wendi mobile wallet and MoMo Advance, both aimed at driving financial inclusion across Uganda.