Accra, Ghana//-Forms Capital Limited in partnership with MobileMoney Limited and XtraMFS Ghana Limited today launched two new in-wallet loan schemes- XtraCash and XtraBalance to provide microloans of up to Gh¢ 5,000 with highly flexible repayment terms to boost financial inclusion across its markets.
These offerings aim to empower customers with quick access to funds and greater control over their repayment schedules, reflecting MTN Ghana’s ongoing commitment to delivering innovative digital financial solutions.
Speaking at the event, Head of Bank Tech at MobileMoney Limited (MML), Yaw Ayarkwah Adjei Saifah, explained that XtraCash and XtraBalance were developed in response to specific customer demands for more flexible loan repayment options.
“These products are designed at the grassroots level to enhance financial institutions by providing quick, simple and secure access to microloans for mobile money subscribers across the country.
Our mission is to connect customers to relevant financial services that meet everyday needs. Extra Cash and Extra Balance represent the next step in delivering on that promise”, he stated.
Mr Saifah highlighted the importance of these microloans in promoting financial resilience among users, particularly small business owners and underserved communities.
“By offering accessible loan solutions, we empower millions of Ghanaians, especially those outside the reach of traditional finance, to manage short-term financial obligations with confidence and convenience. With over 17 million active mobile users, we recognise the responsibility and opportunity to grow”, he added.
As digital financial services continue to gain traction, MTN’s recent offerings position the company as a significant player in the evolving fintech landscape, to bridge the gap between technology and access to credit for millions of users, according to him.
Speaking to journalists, Founder and Chief Executive Officer of Lifeforms Limited, Akwasi Atuah, assured the availability of funds and highlighted the crucial role of technology in financing.
“We are collaborating with all the banks in Ghana, asking them to provide the funds necessary to reach the 17 million people we are targeting.
As I mentioned, technology truly enhances our operations and safeguards our processes. We ensure that anyone who borrows from us can repay”.
With the collaboration of technology, microfinance institutions, MTN’s platform, and our partner banks supplying the funds, we believe we have a robust product to promote financial inclusion for the people of Ghana,” he stated.
As part of the event, MTN Ghana reiterated its dedication to responsible lending and customer-centric service delivery, promising ongoing improvements and support for users as they navigate their financial journeys.
During the launch ceremony, the telecom giant emphasised its commitment to enhancing financial inclusion and supporting economic growth in the country.
The event, which took place in Accra, attracted key stakeholders, partners, and media representatives.
