Money Market Fund

Ascending the ladder, Kuza Money Market Fund now stands one spot higher than its January rankings after boasting an average effective daily yield of 14.28%. The initial minimum investment for new investors is KES 5,000, with subsequent KES 1,000 top-ups.

The year began with a surge in money market fund rates, causing Cytonn MMF to drop out of the top 5 in terms of daily effective rate returns. The average daily effective rate for money market funds rose to 13% per annum, up from 12.51% in December 2023.

After an illustrious four-month reign as the best-performing money market fund in the market, GenAfrica MMF descends to fourth place despite recording an increase in the average daily rate recorded over the month.

GenAfrica MMF continued to set the standard for performance among money market funds for the fourth consecutive month after recording an impressive average daily yield of 14.04%. This is the only money market fund that reached the 14% threshold in November.

The noteworthy mention was Mayfair Money Market Fund making an entrance into the market as of September 2023, bringing the number of reporting money market funds to 25.

Money Market Funds have a minimum investment amount – the minimum amount you must invest to open an account. Different MMFs have varying minimum investment requirements before investing starting from as low as KES 100.

Money Market Funds (MMFs) largely invest in short-term securities that promise higher returns compared to traditional saving methods. During the month of March, the following fund managers posted the top 10 Money Market Fund rates as of 30th March.