Forms Capital Limited, in partnership with MTN MobileMoney Limited and XtraMFS Ghana Limited, has launched two new digital financial products — XtraCash and XtraBalance — aimed at expanding access to credit for individuals and small businesses, particularly those in Ghana’s informal sector.
Flexible Digital Lending Solutions
The two products are designed to provide affordable, real-time credit through the MTN MobileMoney platform.
XtraCash is a short-term loan facility that allows eligible users to borrow funds directly into their mobile wallets by dialling *170#. The loans come with flexible repayment terms of 7, 28, or 30 days, and interest is charged only for the number of days the loan is used.
XtraBalance serves as an overdraft service, enabling users to complete transactions even when their mobile wallet balance is insufficient. The facility is repayable within 45 days and uses AI-powered credit scoring to determine eligibility instantly.
The launch event, held at the Kempinski Gold Coast Hotel in Accra, brought together stakeholders from the financial sector, development agencies, and the Bank of Ghana.
Credit Access for the Underserved
The Chief Executive Officer of Forms Capital, Jonathan Atuah, said the initiative seeks to address long-standing gaps in credit accessibility.
“Since launching our digital lending operations in June 2024, we have disbursed over GH₵3 million monthly, reaching more than four million customers and processing nearly GH₵500 million in total loan volume,” he stated.
According to him, the credit solutions are designed to support real needs such as working capital for small businesses, emergency expenses, and educational support.
Technology Driving Inclusion
The Head of Commercial at XtraMFS Ghana, Tetteh Akornor, explained that the products are powered by artificial intelligence and predictive data modelling.
“Our platform assesses creditworthiness in real time, enabling fast and secure access to funds for users who would otherwise be excluded from formal financial systems,” he said.
XtraMFS is a subsidiary of global fintech company Tasia, which operates in more than 30 emerging markets.
MobileMoney Limited Reaffirms Commitment to Financial Inclusion with Launch of Digital Credit Solutions
The Manager of Banktech at MobileMoney Limited Mr. Yaw Saifah , said the new products are designed to provide quick, simple, and secure access to micro-loans for Mobile Money subscribers across the country.
He reaffirmed MobileMoney Limited’s commitment to expanding financial inclusion through the launch of two new micro-lending products — XtraCash and XtraBalance.
“At MobileMoney Limited, we see ourselves as more than just a platform. Our mission is to connect customers to relevant financial services that meet everyday needs,” he stated. “These loan solutions empower Ghanaians, especially those outside the reach of traditional finance, to manage short-term financial obligations with confidence.”
He noted that with over 17 million active mobile users, the company recognizes its responsibility to offer meaningful financial tools that create real impact. “XtraCash and XtraBalance form part of our growing suite of digital solutions aimed at improving resilience, supporting business growth, and promoting financial independence.”
Mr. Saifah also commended Forms Capital and XtraMFS Ghana for their collaboration in developing scalable and sustainable solutions. “We look forward to building a stronger, more inclusive financial ecosystem,” he added.
Customer-Centric Design
Forms Capital Board Member, Dr. Ernest Obuobi-Darko, described the products as timely interventions in Ghana’s evolving digital finance ecosystem.
“While financial services in Ghana have advanced significantly, many Ghanaians still lack access to meaningful financial products. These solutions are built to close that gap,” he said.
He added that the services are tailored to serve a broad segment of the population, including traders, drivers, and micro-entrepreneurs across the country.
Tailored Lending Based on Real Needs
Ishmael Abbey, Head of Business Development at Forms Capital, said the products were developed in response to customer feedback.
“With XtraCash, users can borrow for a specific number of days and only pay interest for the exact period. This offers flexibility and reduces the cost of borrowing,” he explained.
He added that XtraBalance ensures users can complete payments without interruption, even when their mobile wallet lacks sufficient funds.
“These services are built around the daily realities of ordinary Ghanaians. Whether it’s paying school fees, buying inventory, or responding to emergencies, our goal is to provide simple and flexible financial tools,” Abbey noted.
Outlook
The launch of XtraCash and XtraBalance is expected to contribute significantly to financial inclusion and economic participation.
The products are now live and available to all eligible MTN MobileMoney users across Ghana. The partners say they remain committed to leveraging technology and collaboration to deliver responsible, customer-focused financial services across the country.
Source: Isaac Kofi Dzokpo
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