Forms Capital Limited, in partnership with MobileMoney Fintech Limited, has officially rebranded its mobile money overdraft service, 'XtraBalance', as 'MoMo Boost', in a move aimed at improving customer understanding, strengthening brand recognition, and driving wider adoption among MTN MoMo users.

The company said the rebranding is designed to make the service easier to identify and better communicate its purpose, while maintaining the same features and benefits customers already enjoy.

Although the name has changed, the service remains unchanged. MoMo Boost continues to provide eligible MTN MoMo customers with instant access to an overdraft facility that enables them to complete transactions even when their mobile money wallet balance is insufficient.

According to the company, the new name more accurately reflects the value the service provides by giving customers a financial boost whenever they need it most.

Speaking on the rebranding, the head of business development at Forms Capital Limited, Ishmael Abbey, said the decision was informed by customer feedback and the company's commitment to making its products more accessible.

"At Forms Capital, 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. Customers can continue to enjoy the same reliable overdraft service that helps them complete important transactions even when their wallet balance falls short. Our goal is to remove confusion and ensure more Ghanaians confidently take advantage of this innovative financial solution," he said.

How MoMo Boost Works

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.

The overdraft is automatically applied whenever a customer initiates an eligible transaction through the MTN MoMo USSD platform or the MTN MoMo app and the available wallet balance is insufficient.

Customers are charged interest only on the amount they use and not on their total approved credit limit.

Repayment is automated. Whenever funds are received into the customer's mobile money wallet through cash deposits or other qualifying credits, the outstanding MoMo Boost amount is recovered automatically without requiring any additional action from the customer.

The service 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 Automatically Migrated

Forms Capital assured existing XtraBalance users that they do not need to register again. Their credit limits, transaction history, and repayment arrangements remain unchanged.

According to the company, the only difference customers will notice is the new name.

The company is encouraging eligible MTN MoMo customers who have not yet activated the service to register and enjoy uninterrupted access to funds whenever their wallet balance falls short.

Forms Capital also emphasised that the rebranding does not affect the safety, reliability, or operational features of the service.

The company said it remains committed to delivering innovative digital financial solutions that promote financial inclusion, improve convenience, and expand access to responsible credit for individuals and small businesses across Ghana.

Forms Capital Limited is a regulated specialized deposit-taking institution with more than a decade of experience providing financial solutions to individuals and small and medium-sized enterprises.

Through its digital lending products, XtraCash and MoMo Boost, and its partnership with MTN Ghana on the MTN MoMo platform, the company has expanded access to instant credit for thousands of Ghanaians, particularly underserved individuals and microbusinesses.