MTN Uganda partners with Xeno Investment to start saving scheme for customers 

MTN Mobile Money Uganda Limited has partnered with Xeno Investment Management Limited to provide financial investment services to the 16 million customers who subscribe to the giant telecom. 

This financial partnership will enable MTN customers to join Xeno Uganda by simply dialling *165*5*7# and start saving funds from as low as UGX10,000/-. 

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

 “Financial inclusion is at the core of all our innovations at MTN MoMo. 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 announced. 

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

Mr Aéko Ongodia, the CEO of Xeno Investment Management
Mr Aéko Ongodia, the CEO of Xeno Investment Management

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.

Bank of Uganda Capital Markets Authority MTN MoMo Uganda and XENO dignitaries who officiated the launch
Bank of Uganda Capital Markets Authority MTN MoMo Uganda and XENO dignitaries who officiated the launch

Bank of Uganda’s Deputy Governor Dr Michael Atingi-Ego elaborated 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 Ego said. 

Nevertheless, he noted that both companies have a task to educate and help Ugandans with emergency savings.  

MTN Mobile Money MD Richard Yego
MTN Mobile Money MD Richard Yego speaks at the event

“Uganda’s high dependence rate shows an urgent need for a safety net at the household level,” he said. 

Keith Kalyegira the Chief Executive Officer (CEO) of Capital Markets Authority (CMA) extolled the financial 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,” Kalyegira noted. 

The CMA chief executive thanked the two entities for working together to help Ugandans to grow their savings as this will help the customers to achieve their financial goals. 

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

Since MTN Uganda has partnered with Xeno, MTN subscribers will be in a position to track their investment accounts on MTN MoMo after 3 business days from the time of activating their investment accounts. 

Xeno Uganda customers can track their investments by dialling *165*5*7*2# or logging into http://myxeno.com and using their registered MTN numbers to view a detailed dashboard that will enable them to keep track of their financial records. 

Business Times Uganda

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