PostBank Uganda Ltd. and MoMo from MTN Uganda have introduced XtraCash, an innovative digital microlending solution designed to provide short-term loans to MTN mobile money subscribers.

This innovative initiative aims to address the growing demand for accessible credit, particularly among underserved and unbanked communities in Uganda.

How XtraCash Works

Eligible MTN MoMo users can easily check their maximum loan limit by using the MTN MoMo App or dialling 1655#. To qualify for a loan, individuals must be active MTN MoMo users for at least six months and over 18 years old.

Partnerships Driving Financial Inclusion

Julius Kakeeto, Managing Director of PostBank Uganda, emphasised the importance of partnerships in achieving their vision of fostering prosperity for Ugandans through financial inclusion.

Richard Yego, Chief Executive of MTN MoMo, echoed this sentiment, highlighting the potential of XtraCash to improve livelihoods and support businesses by making micro-loans easily accessible.

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Building on Previous Success

This collaboration between PostBank and MTN MoMo follows the successful launch of Wendi, a mobile wallet that facilitated government fund disbursements.

With only 10% of Ugandans having bank accounts and 53% using mobile money, initiatives like XtraCash are crucial in bridging the gap between traditional banking services and the vast majority of unbanked individuals.

The Impact of XtraCash

XtraCash has the potential to redefine financial inclusion in Uganda. By providing access to microloans, it can empower individuals and businesses to invest in their future, create jobs, and contribute to the country’s economic growth. As more people gain access to credit, they can unlock new opportunities and improve their overall quality of life.

How XtraCash Works

Applying for an XtraCash loan is simple and convenient. Just dial 1655*6# to get a quick loan today! The loan amount will be credited to your MTN MoMo wallet, allowing you to use it for various expenses.

Transferring Money with MTN MoMo

In addition to accessing loans through XtraCash, MTN MoMo offers a convenient way to transfer money to bank accounts. Simply dial 1656# or use the MoMo App to send funds to any bank account in Uganda.

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Empowering Ugandans

XtraCash is a testament to the power of technology in promoting financial inclusion. By providing accessible and affordable micro-loans, this innovative service is empowering Ugandans to take control of their finances and improve their lives.

A Bright Future for Financial Inclusion

The launch of XtraCash marks a significant milestone in Uganda’s journey towards financial inclusion. By leveraging technology and partnerships, PostBank and MTN MoMo are demonstrating their commitment to providing innovative financial solutions that meet the needs of the unbanked population.

As XtraCash gains recognition and expands its reach, it has the potential to transform the financial landscape in Uganda and beyond.