April 2023 Market Wrap-up Report


In the month of April 2023, Apollo MMF was the best-performing MMF with an average effective annual yield of 10.49% as compared to March where the best-performing MMF was Cytonn with an average Effective Annual Yield of 10.99%.

Cytonn MMF and Madison MMF maintained in the top 3 positions, coming in as second and third best-performing MMFs respectively.



1 Apollo Asset Management Company Limited  Apollo Money Market Fund 10.49
2 Cytonn Asset Managers Limited  Cytonn Money Market Fund  10.46
3 Madison Investment Managers Limited  Madison Money Market Fund 9.96
4 Jubilee Financial Services Limited Jubilee Money Market Fund 9.88
5 Kuza Asset Management Limited  Kuza Money Market Fund (KES) 9.58
6 Zimele Asset Management  Zimele Money Market Fund  9.56
7 Nabo Capital Limited  Nabo Africa Money Market Fund  9.52
8 Old Mutual Investment Group Old Mutual Money Market Fund  9.46
9 African Alliance African Alliance Kenya Money Market Fund  9.41
10 Sanlam Investments East Africa Limited  Sanlam Money Market Fund  9.36



        In the month of April, the government was looking to raise KES 50.00Bn for budgetary support through a dual issue reopening of three bonds.


        (a) FXD2/2018/10

        CBK issued a re-opened 10-year fixed coupon treasury Bond seeking to raise KES. 20 billion from the market for Budgetary support. 


        Particulars of the Bonds

        Name  Duration (years)  Coupon Rate 
        FXD2/2018/10 10 12.502%
        • The minimum investment is KES. 50,000.


        The FXD2/2018/10 was undersubscribed at 17.85%, receiving KES 3.57 billion worth of bids compared to the KES 20 million that the government was looking to raise.

        (b) SECOND TAP SALE – IFB1/2023/17

        CBK opened a Second Tap Sale for the Infrastructure bond IFB1/2023/17, in an aim to raise KES. 10Billion. The coupon rate is 14.399%. 


        Particulars of the Bonds

        Name  Duration (years)  Coupon Rate 
        IFB1/2023/17  17 14.399%
        • The minimum investment is KES. 100,000.


        The tap sale issue for IFB1/2023/17 was undersubscribed at 99.96%, receiving KES 5.119 billion worth of bids, out of which KES 5.117 billion were accepted.


        (c) FXD1/2022/03 & FXD1/2019/15

        CBK issued re-opened 3-year and 15-year 17-year Bonds seeking to raise KES. 30 billion from the market. The period of sale was between 16/03/2023 to 18/04/2023. The Auction date for the FXD1/2022/03 was 19/04/2023. 

        The Auction for the FXD1/2019/15 was cancelled.


        Particulars of the Bonds

        Name Duration (years) Coupon Rate
        FXD1/2022/03 3 11.766%
        FXD1/2019/15 15 12.857%
        • The minimum investment is KES. 50,000.



        The FXD1/2022/03 was undersubscribed at 24.43%, receiving KES 7.33 billion worth of bids, out of which KES 1.76 billion were accepted.

        (d) FXD1/2023/003

        CBK issued a new 3-year fixed coupon treasury Bond seeking to raise KES. 20 billion from the market for Budgetary support. The period of sale is between 26/04/2023 to 09/05/2023. 


        Particulars of the Bond

        Name  Duration Coupon Rate
        FXD1/2023/003 3 Years  Market Determined 
        • Interest is subject to a withholding tax rate of 15%.
        • The minimum investment is KES. 50,000.



        WEEK 1 – 03/04/2023

        T-bills were undersubscribed recording a reduced overall subscription rate of 34.42% from 49.16% recorded in the previous week.


        WEEK 2 – 11/04/2023

        T-bills were oversubscribed recording an increased overall subscription rate of 134.76% from 34.42% recorded in the previous week.


        WEEK 3 – 17/04/2023

        T-bills were oversubscribed recording a lower overall subscription rate of 122.59% from 134.76% recorded the previous week.


        WEEK 4 – 24/04/2023

        T-bills were oversubscribed for the third week recording a higher overall subscription rate of 146.47% from 122.59% recorded the previous week.



        The under-subscription in bonds in the last month is mainly because investors bid for higher coupon rates than what the Government was willing to give hence a lot of bids were rejected. In addition, investors are also wary of locking investments in long durations in anticipation of changing interest rates to curb inflation.

        3. EQUITIES

        During the month of April, the equities market was on a downward trend. The NASI, NSE 20, and NSE 25 declined by 4.5%, 2.7%, and 3.7% respectively over the month of April. The poor performance in the equities market was driven by losses recorded by large-cap stocks such as Bamburi, Standard Chartered Bank of Kenya (SCBK), Safaricom, KCB Group, and EABL of 14.3%, 12.4%, 8.8%, 7.5% and 6.6%, respectively. Despite some shedding, some counters recorded overall gains during the month such as NCBA Group, Diamond Trust Bank Kenya (DTB-K), and BAT of 7.6%, 6.8%, and 1.3% respectively.


        The ILAM Fahari I-REIT which is listed on the Nairobi Securities Exchange closed the last week of April, trading at an average price of KES 6.1 per share. The performance was a 0.8% gain from KES 6.0 per share recorded the previous week. Additionally, the price performance represents a 69.6% Inception-to-Date (ITD) loss from the KES 20.0 inception price.

        The ILAM Fahari I-REIT currently offers a dividend yield of 10.7%.

        Acorn D-REIT and I-REIT, which are listed on the NSE traded at KES 23.9 and KES 20.9 per unit, respectively, as of 28th April 2023. The performance represented a 19.4% and 4.4% gain for the D-REIT and IREIT, respectively, from the KES. 20.0 inception price. 




        A SACCO is a Savings and Credit Co-Operative Society that is member-based and functions like a financial institution owned and controlled by its members.


        How to Invest in SACCOS in Kenya

        1. Fill out the application/membership joining form

        Ask for the application or membership joining from the SACCO you want to invest in and fill it out.


        2. Submit the necessary documents

        The needed documents are the ID and a copy of your KRA pin. The documents are submitted together with the application form. 


        3. Pay the joining fee

        Depending on the SACCO, pay the joining or registration fee, which is about KES 500 – KES 2,000.


        4. Wait for approval to start saving

        If you register in person, the approval is usually immediate. Online applications may take around a day or so.


        5. Make minimum monthly contributions

        Now that you are a registered member, make at least the minimum monthly contribution.


        Considerations before joining a SACCO.

        a) SASRA Approval

        Only go for SACCO Societies Regulatory Authority (SASRA)-approved SACCOS. SASRA guarantees protection from exploitation by SACCOS and investment loss. Once there’s an issue, you can raise it with SASRA, and they’ll pick it up.

        SASRA also allows you to identify SACCOS that have collapsed in Kenya, such as the Kiambu Hustlers SACCO and Moi University SACCO, and stay off.


        b) Membership Requirements

        Consider a SACCO with members with the same interest as you. For example, if you are a business person, consider a business-leaning SACCO and if you are a farmer consider a farmer SACCO if you are into farming. 

        Then consider the registration requirements, such as the joining fee and the minimum contributions. 


        c) Dividend Payouts

        Dividends are usually calculated as percentages from members’ savings. In Kenya, most SACCOS pay a 10% dividend on average, so the higher the rate, the more the higher the income. 


        d) Share Capital

        Share Capital is the amount that allows SACCO members to have equity ownership and earn dividends annually. 

        Share capital is not withdrawable but can be transferred or sold during exit. 


        e) Product Accessibility

        Products offered by a SACCO can include credit and savings. Some SACCOS even sell land such as Kimisitu SACCO, Stima SACCO, Kenya Police SACCO, Afya SACCO, or KMA SACCO. Your SACCO of choice should make credit access and savings easy. 


        f) Customer Reviews and Referrals

        Make a point to read customer reviews and ask for referrals from people you know with regard to SACCOS to choose from in order to avoid scamming.


        g) SACCO’s Reputation

        It is important to choose a SACCO with a proven record. So, consider those that enjoy a good reputation among their customers. Identify the well-established SACCOs.


        h) Technology Use

        Consider SACCOs which use mobile and internet banking innovations, so that you don’t have to bodily wait in line to be served at a SACCO branch and ensure easy access to their services at any time. Other SACCOs offer ATMs. 


        i) Payment Tenure

        One of the biggest advantages of SACCOs is that they offer longer loan terms. So, if you plan to borrow once you are eligible, you should get a SACCO that offers more extended repayment periods.


        j) Customer Service and Location

        You want a SACCO you can quickly reach when you have a concern. So, good customer support is critical, which you can tell from the referrals and reviews you read. Choose a SACCO that you can easily access when you want to make an in-person loan request or withdrawal. 


        k) Exiting Policy

        It is advisable to know the exit policy beforehand in case you want to exit the SACCO at some point. Some details in the exit policy include information on what happens to your share capital when you want to opt out.



        Pros of Investing in a SACCO Cons of Investing in a SACCO
        Create a Savings culture;  A Sacco encourages you to be consistent and have the discipline to save. Lack of privacy when borrowing; you have to be guaranteed by members of the same Sacco when borrowing with a minimum of 3 members mostly. 
        Access to Emergency Loans like school fees and development loans usually processed within 48 hours of application. Limited resources: SACCOs can only lend when they have the liquidity to, unlike banks that might have unlimited resources to lend.
        High Returns: Inform of Dividends on the share capital at the end of the financial year. Collateral when borrowing; Some SACCOs require you to deposit an asset as security for a loan and in case of default, they can recover the loan through the asset.
        Access to Credit: SACCOs normally give loans up to 3 times your savings and the interest rates of borrowing are as low as 8% on a reducing balance while bank loans are at 14%+ Lack of flexibility: When it comes to SACCOS, you have to contribute a minimum amount pre-described per month. 

        In case of withdrawing from the Sacco, you have to do a total withdrawal and it takes up to 90 days.

        Long-term Savings:  SACCOS are ideal investment vehicles for long-term durations.  Risk of Poor Management: Some SACCOS have been poorly managed in the past leaving members with losses.




        SACCOs are best suited for people investing in long-term goals. They can help you get the discipline to save since you contribute a minimum amount monthly. Additionally, you can reinvest the interests and dividends you earn. If you are looking at huge borrowing for a project and minimal monthly payments, SACCOs are a good investment product consideration. 


        Some of the Best Performing SACCOS as of April 2023

        Tower Sacco 1976 Ol-Kalou (Nyandarua), Nairobi, Nakuru, Nyahururu and Laikipia 13% 20% 16.5
        Hazina Sacco 1971 Nairobi 10.30% 20% 15.15
        Police Sacco 1972 Nairobi, Eldoret, Kakamega, Nyeri, Kisii, Nakuru, Meru and Mombasa 60,000 10.50% 17.00% 13.75%
        Gusii Mwalimu 1977 Kisii, Nyamira Branch,Rongo Branch,

        Kilgoris Branch

        Keroka Branch,

        Ogembo Branch,

        31,000 12% 13% 12.5
        Sheria Sacco  8.50% 16% 12.25
        Stima Sacco 1974 Nairobi, Mombasa, Kisumu, Nakuru, Ol-Kalou, Eldoret, Embu 140,000 10.30% 14% 12.15
        Mhasibu Sacco 1986 Nairobi, Kisumu, Mombasa 18,000 8.15% 15% 11.575
        Kimitsu Sacco 1985 Nairobi 9,000 8% 15% 11.5
        Nation Sacco 1975 Nairobi 5,000 8% 15% 11.5
        Safaricom Sacco 2001 Nairobi 12,000 7.50% 12% 9.6
        Finnlemm Sacco 1997 Nairobi 6.20% 12% 9.1





        Are you interested in investing in any of these funds? We can help you analyze each further, align with your personal financial plan, and kick off your investment journey.

        To get started, contact us via https://vasiliafrica.com/wealth/#call, or call +254 741 808 463.


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