In a groundbreaking transfer aimed toward boosting monetary inclusion, PostBank Uganda (PBU) has teamed up with MTN Mobile Money Uganda (MTN MoMo) to launch XtraCash, a digital micro-lending answer designed to supply short-term loans to thousands and thousands of Ugandans. This progressive product will grant MTN cell cash subscribers, an estimated 13 million folks, the power to entry micro-loans straight by means of their cell wallets, offering them with the monetary flexibility they want of their each day lives.
At the launch occasion, PostBank Uganda Managing Director, Julius Kakeeto, spoke concerning the significance of forming strategic partnerships to foster prosperity for Ugandans. “At PostBank, our aim is not only to develop however to revolutionize entry to monetary companies for Ugandans. With companions like MTN MoMo, who share our imaginative and prescient of ushering extra folks into the cash economic system, we’re delivering an answer that empowers Ugandans to entry cash anytime, wherever, as and after they want it,” Kakeeto defined.
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He emphasised the necessity for such a product, noting that individuals often face surprising monetary hurdles. “XtraCash is right here to satisfy these wants, providing monetary reduction for on a regular basis conditions. We are excited to collaborate with MTN MoMo on an answer that aligns with our goal—fostering prosperity for all Ugandans.”
Related: MTN Uganda Introduces a Ticketing Option on MoMo Platform for Event Experiences
MTN MoMo Chief Executive, Richard Yego, echoed Kakeeto’s sentiments, expressing his pleasure concerning the partnership. “MTN MoMo is devoted to driving monetary inclusion throughout Uganda, guaranteeing that monetary companies are accessible to everybody, no matter the place they’re situated or their financial standing. With XtraCash, we’re taking one other daring step in direction of that mission, offering thousands and thousands of Ugandans with dependable, safe, and easy-to-use monetary options.”
Yego highlighted the crucial function that monetary companies like XtraCash play in empowering underserved and unbanked populations, stating, “By making micro-loans simply accessible, we’re not solely offering monetary reduction but in addition opening doorways to alternatives that may enhance livelihoods and help small companies. We consider this answer could have a major influence on the day-to-day lives of many Ugandans, guaranteeing they will entry funds every time they want them, particularly in occasions of urgency.”
To qualify for an XtraCash mortgage, subscribers should meet sure standards: they have to be energetic MTN MoMo customers for at the least six months, be over the age of 18, and keep common utilization of the cell cash platform. Eligible customers can entry the service by utilizing the MTN MoMo App or dialing *165*5# to immediately examine the utmost mortgage restrict they will entry.
Related: MTN MoMo Users can now access Savings and loan service via *165*5# menu
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This newest product displays MTN MoMo’s dedication to innovation and monetary inclusion, reinforcing the collaborative effort between each establishments to ship impactful options for the Ugandan market. In addition to XtraCash, PostBank and MTN MoMo have beforehand partnered on monetary companies reminiscent of Wendi cell pockets and MoMo Advance, which equally purpose to deliver and maintain extra Ugandans throughout the formal cash economic system.
The XtraCash launch marks one more milestone in Uganda’s journey in direction of a extra inclusive and financially empowered society. With the mixed efforts of PostBank Uganda and MTN MoMo, thousands and thousands of Ugandans will now have the help they should navigate each day monetary challenges and pursue alternatives that enhance their high quality of life. This partnership exemplifies the shared imaginative and prescient of fostering prosperity and progress for all.
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