Top 15 Money Market Funds in Kenya: June 2023

July 7, 2023
11:18 am

As the financial landscape continues to evolve in Kenya, it’s important to stay informed about the best investment opportunities. In this article, we dive into the realm of money market funds and present the top performers for June 2023.

Etica Money Market Fund was the best performing MMF with an average Effective Annual Yield of 11.17%. In second and third position were Cytonn Money Market Fund and Apollo Money Market Fund respectively, recording average effective annual yields of 11.09% and 10.92% to maintain their positions in the top 3 from May.

The following fund managers posted the top 15 Money Market Fund rates in Kenya as of 30th June 2023.

Top 15 Money Market Funds in Kenya: June 2023

	FUND MANAGER	MONEY MARKET FUND	ANNUAL YIELD %
1	Etica Capital Limited	Etica Money Market Fund	11.17
2	Cytonn Asset Managers Limited	Cytonn Money Market Fund	11.09
3	Apollo Asset Management Company Limited	Apollo Money Market Fund	10.92
4	Enwealth Financial Services	Enwealth Money Market Fund	10.62
5	Madison Investment Managers Limited	Madison Money Market Fund	10.37
6	Jubilee Financial Services Limited	Jubilee Money Market Fund	10.25
7	GenAfrica Asset Managers Limited	GenAfrica Money Market Fund	10.23
8	Kuza Asset Management Limited	Kuza Money Market Fund (KES)	10.16
9	African Alliance	African Alliance Kenya Money Market Fund	10.09
10	Co-op Trust Investment Services Limited	Co-op Money Market Fund	9.95
11	Old Mutual Investment Group	Old Mutual Money Market Fund	9.88
12	KCB Group	KCB Money Market Fund	9.73
13	Sanlam Investments East Africa Limited	Sanlam Money Market Fund	9.68
14	Zimele Asset Management	Zimele Money Market Fund	9.56
15	Nabo Capital Limited	Nabo Africa Money Market Fund	9.55

1. Etica Money Market Fund

Etica Money Market Fund, a product of Etica Capital Limited, comes in first place with an average effective annual yield of 11.17%.

Key features of Etica Money Market Fund are:

Initial minimum investment of KES 100 and Top-ups of KES 100.
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.
High liquidity

2. Cytonn Money Market Fund

Cytonn’s MMF holds on to second place with an average annual yield rate of 11.09%. As a new investor, 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,
No entry or exit fee is charged,
Easy mobile sign-up by dialing *809#

3. Apollo Money Market Fund

Apollo MMF dropped from first to third place, recording an average annual return rate of 10.92%.

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,

4. Enwealth Money Market Fund

Coming in fourth place is Enwealth’s Money Market Fund, a product of Enwealth Financial Services. The product recorded average effective annual yield rate of 10.62%.

5. Madison Money Market Fund

Madison MMF secured fifth place, a drop from May, with an average effective annual return rate of 10.37%.

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,
Monthly distribution of interest,
Withdrawals are processed within 72 working hours,
No restrictions on tenor.

6. Jubilee Money Market Fund

Jubilee MMF posted an average effective annual yield rate of 10.25% to claim sixth place.

Some of its key features include:

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

7. GenAfrica Money Market Fund

GenAfrica Money Market Fund dropped two places from May to clinch seventh place recording an average effective annual rate of 10.23%.

Key features of GenAfrica MMF include:

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

8. Kuza Money Market Fund

Retaining eighth place is Kuza Money Market Fund, which posted an average effective annual return rate of 10.16%. 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:

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.

9. African Alliance Kenya Money Market Fund

African Alliance Money Market Fund (AAMMF) recorded a decline in rankings after recording an average annual yield rate of 10.09% to move into ninth 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:

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.

10. Co-op Money Market Fund

The Co-op Money Market Fund by the Cooperative Bank recorded an average annual yield rate of 9.95% to secure tenth position. 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:

Management fees of 0.9%,
Access your money within 2-3 days.
Allows M-pesa deposits.
Funds invested in T-bills, corporate notes, bank fixed deposits, and bank call deposits.

11. Old Mutual Money Market Fund

Old Mutual Money Market Fund moved five positions lower, compared to May, to secure eleventh place with average annual yield rate of 9.88%. You will need an initial investment of KES 1,000 and KES 1,000 subsequent top-ups.

12. KCB Money Market Fund

KCB Money Market Fund (formerly Natbank Money Market Fund) recorded an average effective annual yield of 9.73% to come in twelfth place.

Some features of KCB MMF include:

High level of liquidity,
Safety of initial capital,
Funds are invested in low-risk interest-yielding assets like bank deposits, T-bills and T-bonds.

13. Sanlam Money Market Fund

Sanlam Money Market Fund recorded an average annual yielrate of 9.68% to come in thirteenth place. 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,
No initial fees are charged – free to set up an account.
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.

14. Zimele Money Market Fund

Zimele Money Market Fund experienced a significant drop in rankings as well to move into fourteenth position after recording an average annual yield 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:

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

15. Nabo Money Market Fund

Last but not least, wrapping up the list is Nabo Money Market Fund boasting an average annual return rate of 9.55%. 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:

Interest is earned daily and compounded monthly,
High liquidity,
Zero initial and redemption fee,
Investment period of at least 3 months to allow optimal returns,
Funds invested in short-term debt securities and instruments.

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