Top 15 Money Market Funds in Kenya: July 2024

Money market fund rates have been on a consistent upward trend, with the average daily effective rate rising to 14.45% per annum in July, up from June’s average of 14.24% per annum.

The Lofty Corban Money Market Fund has maintained the lead for yet another month with an average daily return of 16.92% per annum, resulting in a net return of 14.37% after tax. It was followed by Etica, Cytonn, Kuza, and Apollo Money Market Funds, which recorded daily average effective rates of 16.86%, 16.80%, 16.05%, and 15.57% per annum, respectively.

Daily Average Yields for MMFs in July

1. Lofty-Corban KSH Money Market Fund (16.91%)

For four moons in a row, Lofty-Corban MMF has reigned supreme with its impressive 16.91% average daily yield. After the taxman takes his share, you’re left with a respectable 14.37% net return.

Key features of Lofty-Corban KSH MMF are:

• Low minimum investment of KES 1,000
• High accessibility with short notice withdrawals
• Capital preservation
• Interest compounding
• The fund invests in interest-bearing instruments, including bank deposits, Treasury bills, and commercial papers

2. Etica Money Market Fund (16.86%)

Etica Money Market Fund delivered a strong 16.86% daily average yield, securing the second-place position for the fourth consecutive month.

This fund beckons to the cautious investor, asking for a mere 100 KES to start and grow your nest egg.

More features of the Etica MMF are:

• High liquidity of funds
• No lock-in period
• Daily compounding of interest, credited daily to clients’ accounts

3. Cytonn Money Market Fund (16.80%)

Holding steady in third place, Cytonn MMF continues to impress with a 16.80% average daily return.

With a starting investment of 1,000 KES and top-ups as low as 100 KES, it’s accessible to many.

More features of the Cytonn MMF include:

• No entry or exit fees
• Quick withdrawals
• Daily interest accrual with monthly compounding
• Easy management via *809# USSD code

4. Kuza Money Market Fund (KES) (16.05%)

Kuza, meaning “to grow” in Swahili, lives up to its name with a solid 16.05% average effective daily yield to retain it’s June standing.

The initial minimum investment for new investors is KES 5,000, with subsequent KES 1,000 top-ups.

Other features of Kuza MMF include:

• Focus on capital preservation
• High liquidity
• The fund invests in short-term KES-dominated interest-bearing securities such as T-bills, corporate bonds, commercial paper, bank calls, and fixed deposits

5. Apollo Money Market Fund (15.57%)

In number 5, we have Apollo MMF that posted an average daily return of 15.57%.

Some of the notable features of Apollo MMF that stand out include:

• Low entry barrier with KES 1,000 minimum investment
• Flexible top-up options – Top-ups can be made by cheques, cash deposit, standing order, or direct debit order
• The fund invests in low-risk investments with an element of guaranteed returns, such as fixed deposits, T-bills, commercial paper, government bonds, and corporate bonds

6. GenAfrica Money Market Fund (15.45%)

Next is the GenAfrica Money Market Fund, a steady performer, offering a 15.45% average effective daily yield.

Key features of the GenAfrica MMF include:

• No initial fees
• Unlimited withdrawals
• Monthly email statements
• User-friendly sign-up and top-up via the GenAfrica Unit Trust portal

7. Nabo Money Market Fund (KES) (15.20%)

With an average daily yield of 15.20%, the Nabo Money Market Fund holds the seventh position.

For new investors in the fund, you will require an initial minimum investment of KES 100,000 and subsequent top-ups of KES 10,000 to invest in the fund.

Other notable features of this fund include:

• High liquidity
• Recommended 3-month investment period for optimal returns
• Zero initial and redemption fees
• Daily interest accrual with monthly compounding
• Funds are invested in short-term debt securities and instruments

8. GenCap Hela Imara Fund (14.94%)

GenCap Hela Imara Fund lands in 8^th place after offering investors an average daily yield of 14.94%.

“Hela Imara” means “strong money” in Swahili, and indeed, this fund aims to strengthen your financial position.

Key features of the GenCap Hela Imara Fund include:

• Minimum Investment: KES 500, with additional top-ups also starting at KES 500
• Capital Preservation: Investments are made in secure, short-term assets
• Daily interest computation credited monthly
• Management Fee: 2% per year of funds under management
• Sign up via the G-Kuze app or dial *895#

9. Enwealth Money Market Fund (14.82%)

Further in our rankings is Enwealth MMF. And true to its name, the fund seeks to enrich you with a 14.82% average effective daily yield.

Key features of Enwealth MMF include:

• Low entry barrier: KES 1,000 minimum investment and top-ups
• High liquidity with quick withdrawals (within 2 days)
• No preliminary charges or initial fees
• No redemption fees
• Daily interest declaration, credited monthly

10. Jubilee Money Market Fund (14.76%)

Climbing up four places from June’s ranking, the Jubilee Money Market Fund offers an average effective daily yield of 14.76%.

Key features of the Jubilee MMF include:

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

11. KCB Money Market Fund (14.55%)

KCB Money Market Fund drops to 11^th place after posting an average effective annual yield of 14.55%.

Some features of KCB MMF include:

• Minimum initial investment of KES 5,000
• High liquidity
• Focus on capital preservation
• Funds are invested in low-risk interest-yielding assets like bank deposits, T-bills and T-bonds.

12. Co-op Money Market Fund (14.42%)

The Co-op Money Market Fund consistently delivered an impressive average daily yield of 14.42%, securing the 12^th spot.

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 funds within 2–3 business days
• Accepts M-Pesa deposits
• Management fees: 0.9%
• Funds are invested in T-bills, corporate notes, bank fixed deposits, and bank call deposits.

13. Mayfair Money Market Fund (14.40%)

The Mayfair Money Market Fund, a product of Mayfair Asset Managers, delivered an average daily yield of 14.40%. It’s a haven for the risk-averse, offering competitive returns over traditional bank savings.

Key features of the Jubilee MMF include:

• Safety of initial capital
• High liquidity with quick access to your savings.
• Monthly compounded interests
• The fund invests in a diversified pool of interest-earning short-term investments such as fixed deposits, call deposits, certificates of deposit, and Treasury bills.

14. Madison Money Market Fund (14.33%)

Dropping one place further to land in fourteenth place is Madison Money Market Fund after delivering an average daily yield of 14.33%.

It asks for a 5,000 KES initial investment, with subsequent top-ups of at least 1,000 KES.

More notable features of Madison MMF include:

• No restrictions on tenor
• Withdrawals processed within 72 working hours
• Monthly interest distribution

15. Absa Shilling Fund MMF (14.19%)

Last but not least, the Absa Shilling Fund closes our list with a respectable 14.19% average daily rate.

You will need an initial minimum investment of KES 1,000 to start your investment journey with Absa Shilling Fund MMF, and you can top up with whatever amount you wish to save or invest at any time.

More outstanding features of the Absa Shilling Fund MMF include:

• Interest is earned daily and compounded monthly
• Immediate liquidity
• Fee structure: Initial fee – 0%; annual management fee – 2% per annum
• Offers capital stability
• The fund invests in interest-bearing securities and other short-term money market instruments.