Top 10 Money Market Funds in Kenya: May 2023

June 7, 2023
10:57 am

In the month of May 2023, Apollo MMF maintained its position as the best-performing MMF with an average effective annual yield of 10.71%, showcasing an improved performance from the month of April where it recorded an average effective annual rate of 10.49%.

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

GenAfrica Money Market Fund showcased the highest improvement in performance in the month of May to join the top 10, recording an average effective annual rate of 10.00% as compared to 9.11% recorded in April.

The following fund managers posted the top 10 Money Market Fund rates in Kenya as of 30th May 2023.

Top 10 Money Market Funds in Kenya: May 2023

	FUND MANAGER	MONEY MARKET FUND	ANNUAL YIELD %
1	Apollo Asset Management Company Limited	Apollo Money Market Fund	10.71
2	Cytonn Asset Managers Limited	Cytonn Money Market Fund	10.55
3	Madison Investment Managers Limited	Madison Money Market Fund	10.31
4	Jubilee Financial Services Limited	Jubilee Money Market Fund	10.10
5	GenAfrica Asset Managers Limited	GenAfrica Money Market Fund	10.00
6	Old Mutual Money Market Fund	Old Mutual Investment Group	9.69
7	African Alliance	African Alliance Kenya Money Market Fund	9.64
8	Kuza Asset Management Limited	Kuza Money Market Fund (KES)	9.58
9	Zimele Asset Management	Zimele Money Market Fund	9.57
10	Sanlam Investments East Africa Limited	Sanlam Money Market Fund	9.57

1. Apollo Money Market Fund

In May 2023, Apollo MMF held on to top spot with an average annual return rate of 10.71%.

Key features of the Apollo MMF include:

Initial minimum investment of KES 1,000 and KES 1,000 top-ups,
Invests in low-risk investments with an element of guaranteed returns such as fixed deposits, T-bills, commercial paper, government and corporate bonds,
Top-ups can be made by cheques, cash deposits, standing orders and direct debit orders.

2. Cytonn Money Market Fund

Cytonn’s MMF remained in second place with an average annual yield rate of 10.55%. 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:

Interest is earned daily and compounded monthly,
Speedy withdrawals,
No entry or exit fee is charged,
Easy mobile sign-up by dialing *809#

3. Madison Money Market Fund

Madison MMF secured third position, similar to April, with an average effective annual return rate of 10.31%.

Some of the key features of the Madison Money Market Fund include:

Initial minimum investment of KES 5,000 and KES 1,000 top-ups,
Withdrawals are processed within 72 working hours,
Monthly distribution of interest,
No restrictions on tenor.

4. Jubilee Money Market Fund

Jubilee MMF posted an average effective annual yield rate of 10.10% to retain fourth place.

Some of its key features include:

High liquidity,
Safety of initial capital,
Monthly compounded interests.

5. GenAfrica Money Market Fund

Some of the features of GenAfrica MMF include:

No initial fees,
No limitations on withdrawal,
Monthly statement updates via email,
Easy sign-up and top-up via the GenAfrica Unit Trust portal.

6. Old Mutual Money Market Fund

Old Mutual Money Market Fund moved two positions higher, compared to April, to secure sixth place with average annual yield rate of 9.69%. You will need an initial investment of KES 1,000 and KES 1,000 subsequent top-ups.

7. African Alliance Kenya Money Market Fund

African Alliance Money Market Fund (AAMMF) also saw an improvement in rankings after recording an average annual yield rate of 9.64% to move into seventh position. 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:

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),
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.

8. Kuza Money Market Fund

In eighth place was Kuza Money Market Fund, which posted an average effective annual return rate of 9.58%, which saw it drop three places compared to April. The initial minimum investment for new investors is KES 5,000 and subsequent KES 1,000 top-ups.

Other features of Kuza Money Market Fund include:

Fund invests in short-term KES-dominated interest-bearing securities such as T-bills, corporate bonds, commercial paper, bank call and fixed deposits,
Preservation of capital,
High liquidity.

9. Zimele Money Market Fund

Zimele Money Market Fund experienced a drop in rankings as well to move into ninth position recording an average annual yield rate of 9.57%. 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:

No hidden charges,
Provision of online statements,
Flexible and quick withdrawal of 2-4 working days,
Funds are invested in low-risk interest-yielding assets like bank deposits, treasury bills and treasury bonds,
Allows re-investment of returns.

10. Sanlam Money Market Fund

Sanlam Money Market Fund recorded an average annual return rate of 9.57% to wrap up the top 10. 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:

Easy liquidity,
Interest is calculated daily and compounded monthly,
Capital retention,
Funds are invested in high-quality interest-bearing assets, fixed deposits, and near cash holdings in the Kenyan market,
No initial fees are charged. It is free to set up an account.

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