MoMo Boost: Forms Capital Rebrands Mobile Money Overdraft Service

MoMo Boost: Simplifying Mobile Money Overdrafts

The single sharpest fact in one or two punchy sentences. Who did what, where, when, and why it matters. Not a summary of everything — the one thing that makes someone stop scrolling. A reader who only reads this paragraph must understand what happened. Forms Capital has rebranded its mobile money overdraft service, XtraBalance, as MoMo Boost, to make it easier for eligible MTN MoMo users to access funds when their wallet balance falls short. The service automatically covers the shortfall for eligible transactions, making it seamless for customers to complete transactions without being declined.

A Look at MoMo Boost

MoMo Boost is an overdraft service available to eligible MTN MoMo customers. It automatically covers the shortfall whenever there is not enough money in a customer’s mobile money wallet to complete an eligible transaction. Rather than having a transaction declined because of insufficient funds, the service enables payments or transfers to proceed seamlessly by providing the required top-up amount. Eligible customers who successfully register for the service are assigned a credit line ranging from GHS 50 to GHS 5,000, depending on their usage and repayment history. Customers are charged interest only on the amount they use and not on their total approved credit limit. Repayment is automated, with the outstanding MoMo Boost amount recovered automatically without requiring any additional action from the customer.

Expansion of Access to Credit

The company emphasized that MoMo Boost supports a wide range of mobile money transactions, including money transfers, cash withdrawals, merchant and business payments, utility bill payments, airtime and data purchases, government and tax payments, and other eligible MTN MoMo wallet transactions. Existing customers of XtraBalance have been automatically migrated to MoMo Boost, with no need to re-register. Their credit limits, transaction history, and repayment arrangements remain unchanged. The rebranding of XtraBalance to MoMo Boost is a step towards providing innovative digital financial solutions that promote financial inclusion, improve convenience, and expand access to responsible credit for individuals and small businesses across Ghana.

Head of Business Development at Forms Capital Limited, Ishmael Abbey, said, “We are constantly listening to our customers and improving our products to meet their needs. The transition from XtraBalance to MoMo Boost is more than a name change; it is about making our service simpler to understand and easier to remember.”