Top 15 Money Market Funds in Kenya: June 2024

As we move into the second half of 2024, Kenya’s money market funds continue to offer attractive returns for investors in a dynamic financial environment.

MMF rates have been on a consistent upward trend, with the average daily effective rate rising to 14.24% per annum in June, up from May’s average of 14.16% per annum.

The Lofty Corban Money Market Fund led the market with an average daily yield of 16.92% per annum, resulting in a net return of 14.38% after withholding tax.

It was followed by Etica, Cytonn, Kuza, and Apollo Money Market Funds, which recorded daily average effective rates of 16.62%, 16.19%, 16.04%, and 15.65% per annum, respectively.

Daily Average Yields for MMFs in June

1. Lofty-Corban KSH Money Market Fund (16.92%)

For the third consecutive month, Lofty-Corban MMF leads the pack with an impressive 16.92% average daily yield, resulting in a net return of 14.38% after withholding tax.

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 (16.62%)

Etica Money Market Fund delivered a strong 16.62% daily average yield to secure the second-place position.

For those considering beginning their investment journey with this fund, you will require an initial minimum investment of KES 100 and top-ups of at least KES 100 only.

More features of the Etica MMF are:

• High liquidity of funds
• No lock-in period
• With the daily compounding of interest, which is then credited daily to clients’ accounts, you are able to see your money grow on a day-to-day basis

3. Cytonn Money Market Fund (16.19%)

With an average daily return of 16.19%, Cytonn MMF has retained its third spot since May.

For a new investor with this fund, you will require an initial minimum investment of KES 1000 and subsequent top-ups of as little as KES 100.

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) (16.04%)

Kuza Money Market Fund posted a solid 16.04% average effective daily yield.

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 (15.65%)

Falling one place from its May standing, Apollo MMF has landed in fifth place, despite posting an average daily return of 15.65%.

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 (15.46%)

GenAfrica Money Market Fund maintains its strong performance, securing sixth place with an impressive 15.46% 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) (15.35%)

With an average daily yield of 15.35%, Nabo Money Market Fund maintains its position in seventh place.

This fund caters to investors looking for higher minimum investment options.

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. Mali Money Market Fund (15.24%)

Safaricom’s Mali Money Market Fund, featuring an average daily yield of 15.24%, makes a notable reappearance in our latest rankings.

Key features of the Mali MMF include:

• Minimum Investment: KES 100.
• Maximum Investment: KES 300,000 per day.
• Top-Up Limit: KES 100 – KES 70,000.
• Withdrawals: Instant withdrawals (partial or full) to your M-PESA wallet.
• Fund Manager Fee: 2% per annum.
• Trustee Fee: 0.2% per annum.
• Custodian Fee: 0.15% per annum per KES 10,000.
• Withholding Tax Rate: 15%

9. Enwealth Money Market Fund (14.75%)

Further in our rankings is Enwealth MMF, a product of Enwealth Financial Services, which registered an average effective daily yield of 14.75%.

Key features of Enwealth MMF include:

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

10. KCB Money Market Fund (14.60%)

KCB Money Market Fund secures 10^th place for the third consecutive month after posting an average effective annual yield of 14.60%.

Investors seeking a well-managed fund can find confidence in this option, which has demonstrated consistent growth over the past five months.

Some features of KCB MMF include:

• Accessible 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.

11. Co-op Money Market Fund (14.58%)

Investors seeking high returns should consider the Co-op Money Market Fund as it consistently delivered an impressive average daily yield of 14.58%, securing the 11^th position among money market funds.

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.

12. GenCap Hela Imara Fund (14.47%)

Up next in our rankings is GenCap Hela Imara Fund offering an average daily yield of 14.47% to move up into twelfth spot.

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#.

13. Madison Money Market Fund (14.44%)

Even with a strong average daily yield of 14.44%, Madison Money Market Fund has moved down four positions from its previous standing.

If you’re a novice investor in this fund, you will need an initial minimum investment of KES 5,000 and subsequent top-ups of at least KES 1,000.

More notable features of Madison MMF include:

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

14. Jubilee Money Market Fund (14.43%)

In fourteenth place, the Jubilee Money Market Fund offers an average effective daily yield of 14.43%.

Key features of the Jubilee MMF include:

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

15. Sanlam Money Market Fund (14.11%)

Closing our top 15 ranking, the Sanlam Money Market Fund delivers a notable average daily yield of 14.11%.

New investors need an initial deposit of KES 2,500, with subsequent top-ups of KES 1,000.

More features of the Sanlam MMF include:

• No initial fees; account setup is free
• Easy liquidity
• Capital retention
• Interest calculated daily and compounded monthly
• Funds are invested in high-quality interest-bearing assets, fixed deposits, and near-cash holdings in the Kenyan market
• Monthly statement updates via email