The following fund managers posted the top 10 Money Market Fund rates in Kenya as of 30th April 2023.
Top 10 Money Market Funds in Kenya: April 2023
| No. | MONEY MARKET FUND (KES) | Average Effective Annual Rate (%) |
| 1 | Apollo Money Market Fund | 10.49 |
| 2 | Cytonn Money Market Fund | 10.46 |
| 3 | Madison Money Market Fund | 9.96 |
| 4 | Jubilee Money Market Fund | 9.88 |
| 5 | Kuza Money Market Fund (KES) | 9.58 |
| 6 | Zimele Money Market Fund | 9.56 |
| 7 | Nabo Africa Money Market Fund | 9.52 |
| 8 | Old Mutual Money Market Fund | 9.46 |
| 9 | African Alliance Kenya Money Market Fund | 9.41 |
| 10 | Sanlam Money Market Fund | 9.36 |
1. Apollo Money Market Fund
In April 2023, Apollo MMF secured top spot with an average annual yield rate of 10.49%.
Key features of the Apollo MMF include:
- Initial minimum investment of KES 1,000 and KES 1,000 top-ups
- Top-ups can be made by cheques, cash deposits, standing orders and direct debit orders
- Invests in low-risk investments with an element of guaranteed returns such as fixed deposits, T-bills, commercial paper, government and corporate bonds
2. Cytonn Money Market Fund
Cytonn’s MMF moved down into second place with an average annual return rate of 10.46%. You will need an Initial minimum investment of KES 1,000 to start investing with Cytonn MMF and regular top-ups from as low as KES 100.
More features of Cytonn MMF include:
- Speedy withdrawals
- Interest is earned daily and compounded monthly
- Easy mobile sign-up by dialling *809#
- No entry or exit fee is charged
3. Madison Money Market Fund
Madison MMF dropped a position to third, compared to March, with an average effective annual return rate of 9.96%.
Some of the key features of the Madison Money Market Fund include:
- Withdrawals are processed within 72 working hours
- Initial minimum investment of KES 5,000 and KES 1,000 top-ups
- Monthly distribution of interest
- No restrictions on tenor
4. Jubilee Money Market Fund
Jubilee MMF posted an average effective annual yield rate of 9.88% to move into fourth.
Some of its key features include:
- Safety of initial capital
- Monthly compounded interests
- High liquidity
5. Kuza Money Market Fund
In fifth place was Kuza Money Market Fund, which posted an average effective annual yield rate of 9.58% as of April 2023. The fund invest in short-term KES-dominated interest-bearing securities such as T-bills, corporate bonds, commercial paper, bank call and fixed deposits.
Other features of Kuza Money Market Fund include:
- Initial minimum investment of KES 5,000 and KES 1,000 top-ups
- Preservation of capital
- High liquidity
6. Zimele Money Market Fund
Zimele Money Market Fund comes in 6th, one position lower than in March, with an average annual return rate of 9.56%. You only need a minimum investment of KES 100 to get started and top-ups of KES 100 to invest in the fund.
More features of this fund include:
- Flexible and quick withdrawal of 2-4 working days
- Allows re-investment of returns
- Provision of online statements
- No hidden charges
- Funds are invested in low-risk interest-yielding assets like bank deposits, treasury bills and treasury bonds
7. Nabo Money Market Fund
The Nabo Money Market Fund holds onto seventh place boasting an average annual return rate of 9.52%. Investors require an initial minimum investment of KES 100,000 and top-ups of KES 10,000 to invest in the fund.
More on Nabo Money Market Fund below:
- Investment period of at least 3 months to allow optimal returns
- Interest is earned daily and compounded monthly
- High liquidity
- Zero initial and redemption fee
- Funds invested in short-term debt securities and instruments
8. Old Mutual Money Market Fund
In eighth place, Old Mutual Money Market Fund last month saw their average annual yield rate reach 9.46%. You will need an initial investment of KES 1,000 and KES 1,000 subsequent top-ups.
More on Old Mutual MMF:
- Freedom to switch investments between different funds
- Easy liquidity
- Provides return without penalties
- Capital stability
- Funds invested in T-bills, corporate notes, bank fixed deposits, and bank call deposits.
- Quick mobile sign-up by dialing *480#
9. African Alliance Kenya Money Market Fund
Formerly African Alliance Kenya Shilling Fund (AAKSF), African Alliance Money Market Fund (AAMMF) recorded an average annual return rate of 9.41% to join the top 10. The minimum initial investment to begin your investment journey in the fund is KES 100,000 with no limit on subsequent top-ups.
More features of AAK Money Market Fund include:
- No entry charges
- Does not incur any tax liabilities – All income earned by the Fund is distributed to unit holders and taxable in their hands in accordance with their individual tax status.
- Funds are invested in Treasury bills by the Kenyan government, among other securities such as banker’s acceptance, commercial papers, and bank deposits with a short-term maturity (less than 13 months).
10. Sanlam Money Market Fund
Summing up the top 10 list is Sanlam Money Market Fund that recorded an average annual return rate of 9.36%. If you want to invest in the fund, you will need an initial deposit of KES 2,500 plus subsequent top-ups of KES 1,000.
More features of Sanlam Money Market Fund include:
- No initial fees are charged. It is free to set up an account
- Capital retention
- Interest is calculated daily and compounded monthly
- Easy liquidity
- Funds are invested in high-quality interest-bearing assets, fixed deposits, and near cash holdings in the Kenyan market.
