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Lonestar Cell MTN and partners launch Xtracash MoMo Loan

GSM Company Lone State Cell MTN launches a loan program for MobileMoney subscribers in partnership with United Bank of Africa and Optasia.

By Lincoln G. Peters

Monrovia, Liberia, April 18, 2024—Liberia’s leading communication GSM Company, Lonestar Cell MTN, in partnership with United Bank of Africa (UBA) and Optasia, launches the XtraCash MoMo loan, a digital micro-financing loan for Liberians and mobile money subscribers.

The XtraCash MoMo digital micro-financing loan aims to provide Lonestar Cell MTN subscribers who use mobile money with an opportunity to borrow money from the company via MobileMoney and pay later.

Subscribers using the service can borrow money by dialing *156*6, selecting Xtracash, and following the option.

Introducing the product on Wednesday, April 17, 2023, Manju Konneh, Product Manager, noted that since the formation of Liberia, the only known manual for lending and borrowing money has been through physical means of traction to different financial outlets.

He says that the process has been solely manual, and this has limited financial access to a particular segment of the Liberian population. 

“Today is a major milestone in our existence as a business and as a country. Today, for the first time in our history, we launched the Xtra Cash MoMo loan. The Xtra Cash MoMo is another loan service that we were able to partner with UBA and others to secure funding and lend subscribers to pay back on a daily, weekly, or monthly basis,” he explains.

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Mr. Konneh continues that subscribers can borrow up to one hundred United States dollars and one hundred Liberian dollars to twenty thousand Liberian dollars and pay it back within 48 days.

“We have deployed a very robust loan storage system that relies on and determines your eligibility in terms of the amount that you will be qualified to borrow. We have come with our hearts filled with joy for what we have achieved in our quest to digitize the country’s financial ecosystem,” he says.

Representing the Central Bank of Liberia, Mrs. Miatta O. Kuteh describes the project as exciting, adding that it’s in fulfillment of the Central Bank Financial Inclusion Strategy, which aims at ensuring that in 2024, 50% of the adult population is financially included.

According to her, that means they should have a bank account or an account from a mobile financial service provider. She assures that the CBL will continue to support and regulate its legal and regulatory framework to enhance service provision.

For his part, United Bank of Africa (UBA) Chief Executive Officer and Managing Director Ayonkunle Olajubu is elated over the product, which he says will enhance Liberian business.

“We are grateful for partnering with you people. We will continue to provide our support for the sustainability of this project. With this, we believe there will be improvement in our financial eco-system”, Mr. Olajubu notes. Editing by Jonathan Browne 

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