Millions of MTN MoMo customers set to benefit from MTN MoMo and XENO partnership launching goal-based investment

Millions of MTN MoMo customers set to benefit from MTN MoMo and XENO partnership launching goal-based investment

KAMPALA - MTN Mobile Money Uganda Limited (MTN MoMo) and XENO Investment Management Limited (XENO) have officially announced a partnership giving millions of Ugandans access to a greater financial opportunity through goal-based investment services.

Mobile money operator, MTN MoMo, and the digital saving and investment fintech XENO, launched the product which is already supporting over 20,000 people to plan, save, and invest for any financial goal, from the ease of their mobile phone, whether they are on or offline. The partnership which offers savings and investment via USSD, also presents benefits for MTN MoMo subscribers like zero tariffs on deposits to and from XENO investment accounts and features like Auto-Save which will enable the set-up of scheduled automatic savings, from as low as UGX 10,000. 

The uptake of people saving in Uganda is still low at only 21% as revealed in a recent survey by BOU, which is the case for most of Africa. Most Ugandans who choose to invest their savings opt for resource-intensive investments like farming or real estate that often have high upfront costs and require regular supervision.

With the XENO Investment product, MoMo subscribers can start investing in financial assets, such as equities, treasury bills and bonds, in the local and regional capital markets through XENO’s unit trusts. Participation in the capital markets has, until now, been constrained by high minimum investment amounts, steep costs of financial management services, the absence of digital solutions for offline, basic phone users and low levels of financial literacy.

The two companies believe this partnership will significantly further their joint mission of digital and financial inclusion for close to 10 million MTN MoMo subscribers. MoMo subscribers may sign up for the investment service as individuals or as a group and begin to build healthy saving and investment habits.

Speaking on the launch, XENO Founder and CEO, Aéko Ongodia, said “Through this partnership, XENO will help millions of MTN customers to take control of their personal finances by investing their savings so that they can confidently take care of any future obligations like emergencies, education, home, business startup capital, and most importantly retirement without relying on debt or goodwill from relatives.”

The solution

By dialing *165*5*7#, MTN MoMo customers can routinely save and invest toward their financial goals, with no transaction costs incurred. As a licensed Fund Manager, XENO allocates customers’ savings across various low-risk financial assets that are suitable for achieving their desired financial goals. Customers can monitor the performance of the investment and track progress towards their goals. 

The collaboration, which leverages MTN’s expertise in providing digital financial solutions for the underserved majority and XENO’s world-class technology in automated and personalized investment management, will support widespread ownership of investment accounts which Ugandans can easily deposit into, monitor, and withdraw.

About XENO:

XENO Investment Management Limited was founded by Aéko Ongodia in 2017, to make goal-based investment management services affordable and accessible to any group or individual in Uganda.  With over 20,000 clients, XENO is Uganda's leading brand in offering technology-led, automated, and personalized investment management services.

XENO is licensed and regulated by the Capital Markets Authority and the Uganda Retirement Benefits Regulatory Authority.

For more information, visit or email

About MTN MoMo Uganda

MTN MoMo Uganda is a 100% subsidiary of MTN Uganda and the leading Mobile Financial Services provider in Uganda, providing services to more than 9 million customers. MTN MoMo Uganda avails its customers with safe, secure and trusted virtual mobile money wallet services, person-to-person money transfer, utility payments, MoMo Pay, school fees payment, savings and loans and many other financial services using a mobile phone. Download the MTN MoMo app for free from google play or the App store and enjoy MTN MoMo’s best-in-class Mobile Financial Services.

About MTN Uganda

MTN Uganda is a leading telecoms company in Uganda with a primary objective of carrying on the business of a national operator of a telecommunications network under the National Telecommunications Operator (NTO) license granted by the Uganda Telecommunications Commission (UCC). Among our offerings are network services, digital and financial technology services, interconnect and roaming, sale of mobile devices and MTN Mobile Money (which is conducted through subsidiary MTN Mobile Money Uganda Limited). MTN has a presence in all 134 districts of Uganda. services are delivered through a network of over 120,000 Mobile Money agents, 200 service stores and 13 main distributors. At end of Quarter 1 2022, MTN Uganda had 15.9 million subscribers, 9.5 million MoMo users and 5.4 million active data users. Visit us at or follow us on and for assistance. 


For more information, please contact: 

MTN Uganda Press Office: 

Rhona Arinaitwe: or 0772 123 067

Prisca Baike: or 0782 654 083

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