Xeno pops up on MTN’s Mobile Money Menu

Xeno, as goal-based investing company that aims to assist the “Wanaichi” to plan, save, and invest for their financial goals is now on MTN’s Mobile Money Menue. Xeno’s services have only been accessible online via their our website and thousands of people have used their services to come up with investment plans and invest for their financial goals.

You can start to plan, save and invest with at least UGX 10,000, in order to achieve your short and long term financial goals using MTN Mobile Money (*165*4*4#, Merchant Code: XENO). The company worked together with MTN Uganda and now have a USSD service to enable its users easily access professional investment guidance to help them reach their financial goals. In a press statement the company said;

The investment planning tools we built replicate a conversation you would have with a professional investment advisor anywhere in the world. Such a conversation would start with: what is your investment goal, how long are you investing for, what is your financial situation, and then based on the answers; you get a recommended course of action.

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The company has changed what was previously only possible on the web into a simple *165*4*4#, Merchant Code. XENO wants to reach a bigger audience and are tapping into MTN Uganda’s mobile money customer base.

How Xeno works

To use Xeno, one begins by selecting an investment goal and then makes an initial investment towards that goal. The company strongly believes that one should not start investing without an articulated goal in mind. A user can select from several goals (e.g. secure retirement, build wealth, fund education, own a home, fund emergencies, etc.) and conveniently deposit into their Xeno investment account daily, weekly, monthly, or whenever they can spare money.

The company will thereafter invest your money using their four unit trust funds which include

• XENO Uganda Money Market Fund
• XENO Uganda Bond Fund
• XENO Uganda Domestic Equity Fund, and
• XENO Uganda Regional Equity Fund

This means that users would have a diversified and professionally managed investment portfolio whose performance they can monitor using the USSD code.

Users can run several accounts within the same profile. For instance, one can have a personal account (where they have wealth, retirement and emergencies goals), a joint account with their spouse (where they have the education and home goals), and a group account with their investment club, SACCO, or retirement scheme.

Users can also withdraw part or all of your money from their investment account at any time. It should be noted that this takes three business days to process and pay the amount you have requested.