Forms Capital, in partnership with MTN Mobile Money Limited, and tech provider Xtra MFS, has launched two innovative digital financial services – XtraCash and XtraBalance to expand access to instant credit and overdraft services in the country.
XtraCash is a short-term loan service available on MTN’s Mobile Money platform, which offers flexible repayment periods of 7, 28, or 30 days.
Funds are instantly disbursed into the subscriber’s wallet and can be used for any purpose. All one needs to do to access it is to Dial *170#.
XtraBalance is also an overdraft service that allows users to complete transactions even when their wallet balance is insufficient.
It offers a 45-day repayment window and is enabled by analyzing customer credit data to assign suitable overdraft limits.
Speaking at the launch in Accra, Manager of BankTech at MobileMoney Limited, Yaw Saifah, described the launch as a major milestone in advancing meaningful financial inclusion in Ghana.
“These products were developed with a clear goal to enhance financial inclusion by providing quick, simple, and secure access to micro-loans for MobileMoney subscribers across the country,” he stated.
He noted that MobileMoney Limited sees itself as an enabler of financial empowerment.
“With over 17 million active users on our platform, we recognize both the responsibility and the opportunity.
Through this partnership, we aim to expand the range of financial services available to our users, ensuring they are not just transacting but thriving.” he explained.
He added that financial inclusion must be impactful, not just accessible.
“XtraCash and XtraBalance are now part of our growing suite of digital financial solutions designed to boost resilience, support business growth, and promote financial independence.” he stressed.
The Chief Executive Officer of Forms Capital Limited, Jonathan Atuah, commended partners MobileMoney Limited and XtraMFS Ghana Limited for their collaboration in rolling out the two innovative micro-lending products.
He stated that the newly launched products are built with the realities of everyday Ghanaians in mind.
“XtraCash and XtraBalance are designed with precision and flexibility — whether it’s accessing short-term funds instantly or managing spending through a digital overdraft.
These products are built for inclusion. They are built for the way Ghanaians live, work, and spend.” he explained.
He emphasized that the launch is not just about product features but part of a broader mission of transforming Ghana’s financial ecosystem through digitized, inclusive finance.
Head of Commercial at Xtra MFS, Tetteh Akornor, stressed the significance of the initiative as part of a broader mission to close the financial inclusion gap in Africa.
“This launch marks a bold step in leveraging data analytics and artificial intelligence to unlock access to finance for the underserved,” he said.
Through a tripartite model, Forms Capital provides the loan funding, MobileMoney Limited enables access to mobile money users, and XtraMFS delivers the technology backbone for credit scoring, loan disbursement, and collections.
MTN Mobile Money users benefit directly from this integrated ecosystem.
“AI-led credit decisioning is revolutionizing the lending landscape. By analyzing vast amounts of consumer data, we’re able to automate loan approvals and reduce turnaround time drastically,” Akornor explained
He stated that the streamlined process introduced by fintech solutions offers significant advantages to both borrowers and lenders.
By increasing speed and accuracy while minimizing operational risks, the system improves overall efficiency in loan processing and decision-making.
This technological advancement enables financial institutions to serve clients more effectively and with greater confidence.
He added that such innovations demonstrate the transformative power of financial technology in unlocking economic opportunities.
In particular, they have the potential to empower small businesses and individuals who have historically struggled to access credit.
