In the month of July 2023, Enwealth Money Market Fund was the best-performing MMF with an average Effective Daily Yield of 11.43%.
In second place were Etica Money Market Fund and Cytonn Money Market Fund, both recording an average Effective Daily Yield of 11.41%. The third best-performing MMF was the Apollo Money Market Fund with an average Effective Daily Yield of 10.95%.
To note, to get the true rate of a money market fund, remove the withholding tax of 15% from the announced yield. Some funds though report net return after the withholding tax.
| FUND MANAGER | MONEY MARKET FUND | Avg. Daily Yield % | |
| 1 | Enwealth Financial Services | Enwealth Money Market Fund | 11.43 |
| 2 | Etica Capital Limited | Etica Money Market Fund | 11.41 |
| 3 | Cytonn Asset Managers Limited | Cytonn Money Market Fund | 11.41 |
| 4 | Apollo Asset Management Company Limited | Apollo Money Market Fund | 10.95 |
| 5 | GenAfrica Asset Managers Limited | GenAfrica Money Market Fund | 10.77 |
| 6 | Jubilee Financial Services Limited | Jubilee Money Market Fund | 10.75 |
| 7 | Madison Investment Managers Limited | Madison Money Market Fund | 10.64 |
| 8 | Zimele Asset Management | Zimele Money Market Fund | 10.56 |
| 9 | Old Mutual Investment Group | Old Mutual Money Market Fund | 10.50 |
| 10 | Co-op Trust Investment Services Limited | Co-op Money Market Fund | 10.45 |
| 11 | Kuza Asset Management Limited | Kuza Money Market Fund (KES) | 10.45 |
| 12 | Nabo Capital Limited | Nabo Africa Money Market Fund | 10.23 |
| 13 | African Alliance | African Alliance Kenya Money Market Fund | 10.19 |
| 14 | Genghis Capital | GenCap Hela Imara Fund | 10.10 |
| 15 | Sanlam Investments East Africa Limited | Sanlam Money Market Fund | 10.06 |
1. Enwealth Money Market Fund (11.43%)
Enwealth Financial Services leads the way with its Enwealth Money Market Fund. This fund has consistently delivered an average daily yield of 11.43%, making it an attractive option for investors seeking stable returns.
2. Etica Money Market Fund (11.41%)
A close contender, Etica Capital Limited’s Etica Money Market Fund, follows closely and takes the second spot with an impressive average daily yield of 11.41%.
Key features of the Etica Money Market Fund are:
- Initial minimum investment of KES 100 and Top-ups of KES 100.
- High liquidity.
- Daily compounding of interest then credited daily to clients’ accounts – you are able to see your money grow on a day-to-day basis.
- No lock-in period.
3. Cytonn Money Market Fund (11.41%)
Cytonn Money Market Fund shares the same average daily yield as Etica, rounding out the top three funds in the Kenyan market. Signing up for the fund is as easy as dialing *809#.
More features of Cytonn MMF include:
- Initial minimum investment of KES 1000 and Top-ups from as low as KES 100.
- Speedy withdrawals.
- No entry or exit fee is charged.
- Interest is earned daily and compounded monthly.
4. Apollo Money Market Fund (10.95%)
Apollo Money Market Fund, a product of Apollo Asset Management Company Limited, secures the fourth spot on our list, offering investors a daily yield of 10.95%.
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 deposit, standing order, or direct debit order.
- Invests in low-risk investments with an element of guaranteed returns, such as fixed deposits, T-bills, commercial paper, government and corporate bonds,
5. GenAfrica Money Market Fund (10.77%)
GenAfrica MMF ranks fifth with an average daily yield of 10.77%, recording an improvement from June.
Some of its key features 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. Jubilee Money Market Fund (10.75%)
Retaining sixth place is Jubilee Money Market Fund, which delivers an average daily yield of 10.75%.
Key features of the Jubilee MMF include:
- High liquidity.
- Safety of initial capital.
- Monthly compounded interests.
7. Madison Money Market Fund (10.64%)
Madison Money Market Fund, which has been on the decline in ranks, takes the seventh spot with an average daily yield of 10.64%.
Some of the key features of the Madison MMF 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.
8. Zimele Money Market Fund (10.56%)
Zimele Asset Management’s Zimele Money Market Fund experienced a significant rise in ranking compared to June to secure eighth place, offering investors an average daily yield of 10.56%. As a new investor, you only need a minimum investment of KES 100 to get started and subsequent top-ups of KES 100 to invest in the fund.
More features of this fund include:
- Allows reinvestment of returns.
- Flexible and quick withdrawal of 2-4 working days.
- No hidden charges.
- Provision of online statements.
- Funds are invested in low-risk interest-yielding assets like bank deposits, treasury bills and treasury bonds.
9. Old Mutual Money Market Fund (10.50%)
Old Mutual MMF ranks ninth, providing investors with a daily yield of 10.50%. As a respected brand in the financial industry, Old Mutual continues to deliver consistent results. Every new investor in the fund will need an initial investment of KES 1,000 and at least KES 1,000 subsequent top-ups.
Other key features of Old Mutual MMF:
- Quick mobile sign-up by simply dialing *480#.
- Capital stability.
- Provides return without penalties.
- Easy liquidity.
- Freedom to switch investments between different funds.
- Funds invested in T-bills, corporate notes, bank fixed deposits, and bank call deposits,
10. Co-op Money Market Fund (10.45%)
Co-op Money Market Fund retains the tenth spot from June with an average daily yield of 10.45%. This fund remains a trusted option among investors in the market. The minimum initial investment to begin your investment journey in the fund is KES 2,000 with no limit on subsequent top-ups.
More features of Co-op MMF include:
- Access your money within 2-3 business days.
- Allows M-pesa deposits.
- Management fees of 0.9%.
- Funds invested in T-bills, corporate notes, bank fixed deposits, and bank call deposits.
11. Kuza Money Market Fund (KES) (10.45%)
Just shy of cracking the top 10, Kuza Money Market Fund claims 11th place with an average daily yield, similar to Co-op MMF, of 10.45%. The initial minimum investment for new investors is KES 5,000 and subsequent KES 1,000 top-ups.
Other features of Kuza MMF include:
- High liquidity.
- Preservation of capital.
- Fund invests in short-term KES-dominated interest-bearing securities such as T-bills, corporate bonds, commercial paper, bank call and fixed deposits.
12. Nabo Money Market Fund (KES) (10.23%)
Sitting pretty in 12th place is Nabo Capital’s Nabo Money Market Fund boasting an average daily yield of 10.23%. Investors require an initial minimum investment of KES 100,000 and top-ups of KES 10,000 to invest in the fund.
More features of this fund include:
- Zero initial and redemption fee.
- Investment period of at least 3 months to allow optimal returns.
- High liquidity.
- Interest is earned daily and compounded monthly.
- Funds invested in short-term debt securities and instruments.
13. African Alliance Kenya Money Market Fund (10.19%)
African Alliance Money Market Fund (AAMMF) continued on a decline in rankings after recording an average daily yield of 10.19% to land in 13th place. The minimum initial investment to begin your investment journey in the fund is KES 100,000 with no limit on subsequent top-ups.
Other key features of AAK Money Market Fund include:
- No entry charges.
- 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).
- 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.
14. GenCap Hela Imara Fund (10.10%)
GenCap Hela Imara Fund, a product of Genghis Capital Ltd, secures the fourteenth spot after boasting an average daily yield of 10.10%.
Key features of GenCap Hela Imara Fund include:
- Minimum Investment amounts: KES 500. The minimum additional/top up amount is KES 500.
- Capital Preservation – Investments are made in short term secure investments.
- Interest is computed and earned daily, and credited to the client’s account monthly.
- Management fee of 2% per annum of funds under management.
- To sign up, download the G-Kuze App from Google Play/Apple App Store or dial *895#.
15. Sanlam Money Market Fund (10.06%)
Wrapping up the rankings is Sanlam Money Market Fund which recorded an average daily yield of 10.06%. 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 MMF include:
- Easy liquidity.
- No initial fees are charged – free to set up an account.
- Capital retention.
- Interest is calculated daily and compounded monthly.
- Funds are invested in high-quality interest-bearing assets, fixed deposits, and near cash holdings in the Kenyan market.
This list showcases the best performing MMFs in Kenya in the month of July, presenting opportunities for investors seeking competitive returns and reliable performance. We encourage investors to conduct detailed research and consider their financial goals before making any investment decisions.
