Money Market Funds are fast gaining popularity among investors due to their low-risk nature. 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.
Top 10 Money Market Funds in Kenya: March 2023
| No. | MONEY MARKET FUND (KES) | Average Effective Annual Rate (%) |
| 1 | Cytonn Money Market fund | 10.99 |
| 2 | Madison Money Market fund | 10.46 |
| 3 | Apollo Money Market fund | 10.33 |
| 4 | Kuza Money Market fund | 10.07 |
| 5 | Zimele Money Market fund | 9.99 |
| 6 | Jubilee Money Market fund | 9.97 |
| 7 | Nabo Money Market fund | 9.95 |
| 8 | Old Mutual Money Market fund | 9.94 |
| 9 | Sanlam Money Market fund | 9.80 |
| 10 | Co-op Money Market fund | 9.63 |
1. Cytonn Money Market Fund
In March 2023, Cytonn’s MMF took the first spot with an average annual return rate of 10.99%. 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:
- Easy mobile sign-up by dialling *809#
- Speedy withdrawals
- No entry or exit fee is charged
- Interest is earned daily and compounded monthly
2. Madison Money Market Fund
Madison MMF came in second with an average effective annual return rate of 10.46%.
Some of the key features of the Madison Money Market Fund include:
- Initial minimum investment of KES 5000 and KES 1,000 top-ups
- Withdrawals are processed within 72 working hours
- Monthly distribution of interest
- No restrictions on tenor
3. Apollo Money Market Fund
Apollo MMF boasted an average annual yield rate of 10.33%.
Key features of the Apollo Money Market Fund 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
4. Kuza Money Market Fund
In the fourth place is the fast-rising newcomer, Kuza Money Market Fund, which posted an average effective annual yield rate of 10.07% in March 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 1000 top-ups
- High liquidity
- Preservation of capital
5. Zimele Money Market Fund
Zimele Money Market Fund comes in 5th with an average annual return rate of 9.99%. 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:
- Provision of online statements
- Allows re-investment of returns
- Flexible and quick withdrawal of 2-4 working days
- No hidden charges
- Funds are invested in low-risk interest-yielding assets like bank deposits, treasury bills and treasury bonds
6. Jubilee Money Market Fund
Jubilee Money Market Fund posted an average effective annual yield rate of 9.97% securing sixth position.
Some of its key features include:
- Monthly compounded interests
- High liquidity
- Safety of initial capital
7. Nabo Money Market Fund
The Nabo Money Market Fund comes in seventh place boasting an average annual return rate of 9.95%. 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
- Zero initial and redemption fee
- Interest is earned daily and compounded monthly
- High liquidity
- 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 reach 9.94%. You will need an initial investment of KES 1000 and KES 1000 subsequent top-ups.
More on Old Mutual Money Market Fund:
- Freedom to switch investments between different funds
- Easy liquidity
- Provides return without penalties
- Funds invested in T-bills, corporate notes, bank fixed deposits, and bank call deposits.
- Capital stability
- Quick mobile sign-up by dialing *480#
9. Sanlam Money Market Fund
Sanlam Money Market Fund recorded an average annual return of 9.80%. 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:
- Funds are invested in high-quality interest-bearing assets, fixed deposits, and near cash holdings in the Kenyan market
- Capital retention
- Interest is calculated daily and compounded monthly
- No initial fees are charged. It is free to set up an account
- Easy liquidity
10. Co-op Money Market Fund
The Co-op Money Market Fund closed the top 10 list with an average annual yield of 9.63% in March 2023. To invest in the fund, you will require an initial deposit of KES 2,000.
More of its features include:
- No entry or exit fee charges
- Withdrawals take 2-3 business days
- Allows M-Pesa deposits
Are you interested in investing in any of these Money Market 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.
