Post Bank partners with MTNMomo to expand access to micro loans

PostBank Uganda, Managing Director, Julius Kakeeto (2nd L) PostBank Uganda Executive Director, Andrew Kabeera (L), joined by Richard Yego (C), Chief Executive Officer of MTN MoMo and other officials during the launch of Xtracash,

This partnership aims to offer convenient access to micro-loans for everyday needs, helping users manage financial challenges more easily.

Postbank Uganda’s Managing Director, Julius Kakeeto, highlighted the importance of this collaboration, stating that PostBank’s goal is to promote prosperity by revolutionizing access to money.

The partnership with MTN MoMo, a leader in mobile money services, aligns with this vision, ensuring that users can access funds “anytime and anywhere.

Kakeeto emphasized that XtraCash is designed to cater to the financial needs of people who often find themselves in need of extra cash to manage daily expenses.

“When we say ushering Ugandans to the money economy, we mean revolutionizing the way people have access to money, that is, anytime and anywhere or as and when they need it”-Kakeeto said.

Kakeeto also noted that the product specifically targets the unbanked population, who rely on mobile money for daily transactions. By partnering with MTN MoMo, PostBank aims to bring financial solutions to underserved communities across Uganda.

Richard Yego, Chief Executive of MTN MoMo, reiterated the company’s commitment to driving financial inclusion.

He explained that XtraCash reflects their mission to provide secure and reliable financial services to all Ugandans, regardless of their location or economic status.

Yego added that by making micro-loans accessible through mobile money, XtraCash will empower underserved and unbanked populations, offering not just financial relief but opportunities to improve livelihoods and support small businesses.

“XtraCash is another step forward in our mission to provide reliable, and secure financial solutions to millions of Ugandans who depend on mobile money every day”-Yego notes

Both Kakeeto and Yego expressed optimism about the positive impact of XtraCash, anticipating that the service will help many Ugandans meet urgent financial needs, especially in times of crisis, thereby contributing to economic empowerment and financial stability.

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