According to Yaw Saifah, Manager Banktech at MML, the company recognized an unmet need in terms of access to credit and partnered with Forms Capital and Extra MFS Ghana to develop XCash and XBalance. "We realized that there was still an unmet need in terms of access to credit and so we partnered with Forms Capital and XtraMFS Ghana to develop two products, which was Xtra Balance and also Xtra Cash, essentially to provide access to credit to mobile money customers," he explained. This initiative is part of MML's efforts to democratize access to financial services and promote financial well-being among Ghanaians.

Dr. Ernest Obuobisa-Darko, Board Member at Forms Capital and Financial Consultant, emphasized the importance of financial inclusion and the potential of XCash and XBalance to bridge the gap. "A large segment of our population remains excluded from meaningful financial services," he noted. "These products are designed with a perfectly functioning mind, providing access to credits and a channel for deposits through a platform of originals and trusts." He added that the partnership between Forms Capital, Mobile Money Limited, and XtraMFS had created a solution that was innovative, safe, scalable, and aligned with the regulatory mission of the Bank of Ghana.

Jonathan Atua, CEO of Forms Capital Limited, highlighted the company's progress in financial inclusion, noting that since going live in June 2024, their lending platform had dispersed over GHC 3 billion in loans, processing nearly GHC 500 million in lending each month, and reaching more than 4 million customers across the country. He emphasized that XCash and XBalance were designed to meet the needs of Ghanaians with precision and flexibility, providing accessible options for short-term funds and digital balance management. "When access to finance is extended to the right people in the right ways, it doesn't just meet short-term needs, it changes trajectories," he said.

Ishmael Abbey, Head of Business Development at Forms Capital, explained that the products are designed to be customer-focused, allowing users to access loans for any duration and pay interest only for the days they use the funds. "You can take a loan today and pay today, and you only pay the interest for the day," he said. Extra Balance is an overdraft facility that allows users to complete transactions even when they don't have sufficient funds in their wallet. The interest rate was tiered, and users paid interest only for the days they used the funds. Mr Abbey noted that over 4 million lives had been impacted by the products, with users able to access funds for business, school fees, and medical bills.

Tetteh Akornor, Head of Commercial at Extra MFS Ghana, highlighted the company's role in the partnership as the tech team lead, responsible for profiling customers and providing credit limits. He emphasized that the platform was robust and AI-based, with AML-certified  (Anti Money Laundering) methods to prevent fraud and ensure security. The system is ISO-certified (International Organization for Standardization) and has been proven to be robust across 30 countries. Mr Akornor noted that the partnership was targeting the under-banked population, with 360 million people in Africa lacking access to financial facilities. The product was designed to provide easy access to loans, with customers able to borrow with just a few clicks. He added that the system learns user behavior and uses robust KYC (Know Your Customer) data to prevent defaults.