In a groundbreaking move aimed at boosting financial inclusion, PostBank Uganda (PBU) has teamed up with MTN Mobile Money Uganda (MTN MoMo) to launch XtraCash, a digital micro-lending solution designed to offer short-term loans to millions of Ugandans. This innovative product will grant MTN mobile money subscribers, an estimated 13 million people, the ability to access micro-loans directly through their mobile wallets, providing them with the financial flexibility they need in their daily lives.
At the launch event, PostBank Uganda Managing Director, Julius Kakeeto, spoke about the importance of forming strategic partnerships to foster prosperity for Ugandans. “At PostBank, our goal is not just to grow but to revolutionize access to financial services for Ugandans. With partners like MTN MoMo, who share our vision of ushering more people into the money economy, we are delivering a solution that empowers Ugandans to access money anytime, anywhere, as and when they need it,” Kakeeto explained.
He emphasized the need for such a product, noting that people frequently face unexpected financial hurdles. “XtraCash is here to meet those needs, offering financial relief for everyday situations. We are excited to collaborate with MTN MoMo on a solution that aligns with our purpose—fostering prosperity for all Ugandans.”
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MTN MoMo Chief Executive, Richard Yego, echoed Kakeeto’s sentiments, expressing his excitement about the partnership. “MTN MoMo is dedicated to driving financial inclusion across Uganda, ensuring that financial services are accessible to everyone, regardless of where they are located or their economic status. With XtraCash, we are taking another bold step towards that mission, providing millions of Ugandans with reliable, secure, and easy-to-use financial solutions.”
Yego highlighted the critical role that financial services like XtraCash play in empowering underserved and unbanked populations, stating, “By making micro-loans easily accessible, we are not only providing financial relief but also opening doors to opportunities that can improve livelihoods and support small businesses. We believe this solution will have a significant impact on the day-to-day lives of many Ugandans, ensuring they can access funds whenever they need them, especially in times of urgency.”
To qualify for an XtraCash loan, subscribers must meet certain criteria: they must be active MTN MoMo users for at least six months, be over the age of 18, and maintain regular usage of the mobile money platform. Eligible users can access the service by using the MTN MoMo App or dialing *165*5# to instantly check the maximum loan limit they can access.
Related: MTN MoMo Users can now access Savings and loan service via *165*5# menu
This latest product reflects MTN MoMo’s commitment to innovation and financial inclusion, reinforcing the collaborative effort between both institutions to deliver impactful solutions for the Ugandan market. In addition to XtraCash, PostBank and MTN MoMo have previously partnered on financial services such as Wendi mobile wallet and MoMo Advance, which similarly aim to bring and keep more Ugandans within the formal money economy.
The XtraCash launch marks yet another milestone in Uganda’s journey towards a more inclusive and financially empowered society. With the combined efforts of PostBank Uganda and MTN MoMo, millions of Ugandans will now have the support they need to navigate daily financial challenges and pursue opportunities that improve their quality of life. This partnership exemplifies the shared vision of fostering prosperity and growth for all.
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