In a bid to further drive financial inclusion, MTN Mobile Money Limited Uganda yesterday launched a partnership with XENO Investment Management Limited to extend investment management services to more Ugandans, conveniently through the robust, accessible, and widely-used MTN MoMo platform. XENO services can be accessed by even non-smartphone users via *165*5*7#.
Launched in 2017 and licensed and regulated by the Capital Markets Authority (CMA) as a Fund Manager and Collective Investment Scheme Manager, XENO is a goal-based saving and investment service that helps individuals, families, groups, and institutions to plan, save, and invest for their financial goals. XENO offers a digital saving and investing platform which allows individuals to set goals and open investment accounts to save and invest towards those goals.
Following the partnership between MTN MoMo and XENO, individuals will be able to use the MTN MoMo platform to set up their investment accounts, top-up their accounts, and track their XENO accounts, with ease. Speaking at the launch of the partnership, Richard Yego, the MTN MoMo Uganda Limited Managing director said that this partnership underpins MTN’s commitment to leading digital solutions for Africa’s progress.
“Financial inclusion is at the core of all our innovations at MTN MoMo. We believe that through partnering with XENO Limited, more Ugandans shall get access to a life-changing financial service that will afford them financial security and growth,” Yego said.
With over 16 million customers on the MTN network, the partnership between XENO and MTN MoMo will extend investment management savings to more people who hitherto have not been able to access such services for several reasons.
Investment Expert, Aeko Ongodia, the Founder and Chief Executive Officer at XENO noted that only 10% of the Ugandan working population have a basic investment account (through retirement schemes such as NSSF and other occupational schemes). He further lamented that outside of retirement accounts, less than 0.2% of Uganda’s labour force has a formal investment account that can grow their savings to help them achieve their financial goals. Until XENO came along, no fund manager was focused on designing products for the average person, something that has adversely affected the country’s saving culture and inevitably, their personal and national economic growth at large.
“XENO is therefore partnering with MTN in a bid to extend its much-needed investment management services to more Ugandans to enable them to save and grow their finances with a trusted and secure service provider,” Ongodia said.
The chief guest, Michael Atingi-Ego the Deputy Director of Bank of Uganda lauded the partnership, citing that it would drive the nation’s economic growth agenda by encouraging and supporting savings by the masses.
“I congratulate MTN Mobile Money services and XENO investments for extending such a critical and important service closer to more Ugandans. This service will secure the financial future of our people,” Atingi-Ego said.
According to Ongodia, XENO receives money from various members of the public and invests it on their behalf in carefully selected asset classes across the East African region using XENO’s unit trust funds. XENO currently manages four unit trust funds: XENO Uganda Money Market Fund, XENO Uganda Bond Fund, XENO Uganda Domestic Equity Fund and XENO Uganda Regional Equity Fund. Investors earn a return on their money per year depending on the performance of the underlying assets. However, XENO does not offer loans and credit services, as it is a fund and investment service provider and not a bank.
As of June 30, 2022, XENO had over 20,000 users registered on their platform and these had collectively invested over UGX 40 billion towards their goals.
MTN customers can join XENO by simply dialing *165*5*7# to set up their financial goals and start saving towards them with as low as UGX 10,000/-. Additionally, they can track their investment accounts on MTN MoMo after 3 business days from the time of activating their investment accounts. XENO clients can track their investments by dialing *165*5*7*2#, downloading the XENO Investment app on the Play Store or App Store, or logging into www.myxeno.com and using their registered MTN number to view a detailed dashboard to not only monitor their investment performance but also track the progress towards their goals.
KEY Frequently Asked Questions about XENO
Can I have more than one investment goal?
Yes. After setting your first goal for your investment account, you can log into your investment account and add another investment goal. Note: Each goal must have a minimum of USh 10,000.
How often can I deposit?
You can decide how often and how much you would like to invest regularly. You may start with the minimum amount of USh 10,000 and periodically add to your investment account. We do encourage you to stay consistent to help you meet your set goals.
How long does it take to process a withdrawal?
A withdrawal means we exit some of your investments, liquidate them into cash and transfer that cash to your Mobile Money wallet. This process is usually completed within three (3) business days.
How much am I supposed to leave in the account while withdrawing?
To maintain your investment account, you need to have a minimum of UGX 10,000.
Can I block withdrawals from my investment account?
Yes. You may block withdrawals for a specified period such as 6 months or until you hit your goal.
Will you close my account if I do not top up my account for some time?
Provided your account has a minimum investment of USh 10,000, your account will stay active.
In case XENO closes, what happens to my money or investment?
XENO does not hold your money, it is held in trust. The custodian bank, Stanbic Bank, holds your money and maintains an accurate record of your deposits and the investments XENO purchases for you.
Is XENO licensed and regulated?
Yes. XENO Investment Management is licensed and regulated by the Capital Markets Authority as a Fund Manager (License: XENO 1819 (FM)), Unit Trust Manager (License: XENO/UT 1819 (CIS)) and URBRA (License: FM 0010).
Where can I get more information on XENO Investment and unit trusts?
You can visit or contact XENO Investment:
Address: 6th Floor, Workers House, 1 Pilkington Road, Kampala, Uganda
Call or WhatsApp: +256 392 177 488
Email: [email protected]
How can I get customer support for my investment account?
Send WhatsApp to 0772123100
Call the toll-free MTN Customer helpline at 100
Visit any of our Service Centers.
How do I refer a friend to XENO?
Invite friends to XENO by sharing your referral code. Once they join XENO, fund their account with a minimum of UGX 10,000 and enter the referral code. Each of you will earn UGX 5,000 which will be credited into your XENO investment account.
Feature image: Michael Atingi-Ego, the Deputy Governor, Bank of Uganda presided over the launch of the partnership between MTN MoMo and XENO