MTN Uganda, Xeno Investment start saving scheme for telco’s customers

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MTN Mobile Money Uganda Limited has partnered with Xeno Investment Management Limited to extend financial investment services to the telecom company’s 16 million customers.

Under the arrangement, MTN customers can join Xeno Uganda by simply dialing *165*5*7# and start saving towards them with as low as UGX10,000/-.

Speaking at the announcement of the partnership on Tuesday, 26 July 2022, MTN Mobile Money Uganda Limited Managing Director Richard Yego said the partnership is aimed at promoting financial inclusion.

“Financial inclusion is at the core of all our innovations at MTNMoMo. We believe that through partnering with Xeno Uganda, more Ugandans shall get access to a life-changing financial service that will afford them financial security and growth,” Mr Yego said.

“With over 16 million customers on the MTN network, the partnership between will extend investment management savings to more people who hitherto have not been able to access such services for a number of reasons,” he added.

Mr Aéko Ongodia, the CEO of Xeno Investment Management, said: “For the first time via USSD, 16 million Ugandans have access to save and invest for their retirement/education/home with XENO & MTN Uganda. This partnership matters for every person trying to reach their goals.”

“To further highlight the inclusiveness of this service, the minimum saving amount is UGX10,000/= which we believe is within reach for many of our customers.

Additionally, XENO offers an attractive interest rate that helps your money grow over time, thus enabling you to achieve your financial goals with relative ease,” he added.

Deputy Governor of Bank of Uganda Dr Michael Anti-Ego highlights how XENO’s investment in high-yielding treasuries and bonds reverses the eroding effects of inflation on your money.

“Collective investment schemes are growing at a fast rate. We hope that this partnership will power forward the growth of collective investment schemes,” Dr Engo said.

However, he said the two companies have a task to educate and help Ugandans with emergency savings. “Uganda’s high dependence rate shows an urgent need for a safety net at the household level,” he said.

The CEO of Capital Markets Authority, Keith Kalyegira, hailed the partnership and encouraged banks to partner with Unit Trust Funds to increase value for their customers.

“XENO is the only fund manager with two Equity funds; Domestic Equities and Regional Equity funds,” he said.

for working together to help Ugandans to grow their savings to help them achieve their financial goals.

MTN customers can join Xeno Uganda by simply dealing *165*5*7# to set up their financial goals and start saving towards them with as low as UGX.10,000/-

Additionally, one can track their investment accounts on MTN MoMo after 3 business days from the time of activating their investment accounts.

Xeno Uganda clients can track their investments by dialing *165*5*7*2# or logging into http://myxeno.com and using their registered MTN number to view a detailed dashboard to track their financial performance.