The Capital Markets Authority (CMA) released Collective Investment Schemes (CIS) fund performance for 2023. The total assets under management were KES 215,054,231,777 as of December 2023, up from KES 161,004,846,353 as of the end of 2022, signifying a 34% growth year on year.
Money Market Funds (MMFs) accounted for KES. 140.7 Bn, which makes up 65% of all the funds under management by Collective Investment Schemes for the quarter that ended December 31, 2023 (source: CMA Website)
Throughout March, there was a persistent uptrend in money market fund rates, evidenced by the average daily effective rate reaching 13.90% per annum, up from February’s average of 13.37% per annum. The increasing interest rates in government securities, a pivotal asset class for MMFs, primarily fueled this escalation.
In terms of individual performance, Etica topped the table with an average daily yield of 16.40% per annum, followed closely by Lofty-Corban, Apollo, Cytonn, and Nabo Africa Money Market Funds, with daily average effective rates of 16.39%, 15.82%, 15.67%, and 15.42% per annum, respectively.
Daily Average Yields for MMFs in March
| NO. | FUND MANAGER | NAME OF FUND | AVERAGE (%) |
| 1 | Etica Capital Limited | Etica Money Market Fund | 16.40 |
| 2 | Lofty-Corban | Lofty-Corban Money Market Fund | 16.39 |
| 3 | Apollo Asset Management Company Limited | Apollo Money Market Fund | 15.82 |
| 4 | Cytonn Asset Managers Limited | Cytonn Money Market Fund | 15.67 |
| 5 | Nabo Capital Limited | Nabo Africa Money Market Fund | 15.42 |
| 6 | GenAfrica Asset Managers Limited | GenAfrica Money Market Fund | 15.26 |
| 7 | Enwealth Financial Services | Enwealth Money Market Fund | 14.82 |
| 8 | Kuza Asset Management Limited | Kuza Money Market Fund (KES) | 14.75 |
| 9 | Safaricom Financial Services | Mali Money Market Fund | 14.70 |
| 10 | Madison Investment Managers Limited | Madison Money Market Fund | 14.51 |
| 11 | Jubilee Financial Services Limited | Jubilee Money Market Fund | 14.18 |
| 12 | Co-op Trust Investment Services Limited | Co-op Money Market Fund | 14.03 |
| 13 | KCB Group | KCB Money Market Fund | 13.91 |
| 14 | ABSA Bank | Absa Shilling Fund MMF | 13.88 |
| 15 | Genghis Capital | GenCap Hela Imara Fund | 13.82 |
1. Etica Money Market Fund (16.40%)
Hitting the ground running in 2024, Etica Money Market Fund has proven unmatched, securing the #1 ranking three months straight as we reach March. The fund boasted an average effective daily yield of 16.40%.
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.
2. Lofty-Corban KSH Money Market Fund (16.39%)
The Lofty-Corban KSH Money Market Fund, managed by Lofty-Corban Investments Limited (L-CIL), has defended its runner-up position for the third consecutive month after delivering an average daily yield of 16.39%.
Key features of Lofty-Corban KSH MMF are:
- Low minimum investment: you can invest as little as KES 1000
- Accessibility: funds are accessible at short notice
- Capital preservation: no loss of money invested
- Compounding: earn interest on interest
- The fund invests in interest-bearing instruments, including bank deposits, Treasury bills, and commercial papers.
3. Apollo Money Market Fund (15.82%)
Rounding out the top three is the steadily performing Apollo Money Market Fund, which delivered an impressive average effective daily yield of 15.82%.
Some of the notable features of Apollo MMF that stand out 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
- 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.
4. Cytonn Money Market Fund (15.67%)
Falling one place from its February standing, Cytonn MMF has landed in fourth place, despite posting a solid 15.67% average daily return.
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 fee is charged
- Speedy withdrawals
- Interest is earned daily and compounded monthly
- Easy sign-up and top-up by dialing *809#
5. Nabo Money Market Fund (KES) (15.42%)
Nabo Money Market Fund impressed with a 15.42% average effective daily yield, securing the fifth spot.
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
- Investment period of at least 3 months to allow optimal returns
- Zero initial and redemption fees
- Interest is earned daily and compounded monthly
- Funds are invested in short-term debt securities and instruments.
6. GenAfrica Money Market Fund (15.26%)
The GenAfrica Money Market Fund, a product of the respected GenAfrica Asset Managers Limited, has fallen to the sixth position in our rankings, despite recording an effective average daily yield of 15.26%. Once a standout performer, the fund has faced increased competition in the current market environment.
Key features of the GenAfrica MMF include:
- No initial fees
- There are no limitations on withdrawal
- Monthly statement updates via email
- Easy sign-up and top-up via the GenAfrica Unit Trust portal
7. Enwealth Money Market Fund (14.82%)
Securing the seventh-place ranking is the Enwealth Money Market Fund, which posted an average effective daily yield of 14.82%.
8. Kuza Money Market Fund (KES) (14.75%)
Dropping from its February placement, the Kuza Money Market Fund now occupies the eighth position, despite an impressive average effective daily yield of 14.75%. The initial minimum investment for new investors is KES 5,000, with subsequent KES 1,000 top-ups.
Other features of Kuza MMF include:
- Preservation of capital
- 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
10. Madison Money Market Fund (14.51%)
Next on our rankings is the Madison Money Market Fund, which boasted an effective average daily yield of 14.51%. If you’re a novice investor in this fund, you will need an initial minimum investment of KES 5,000 and KES 1,000 top-ups.
More notable features of Madison MMF include:
- No restrictions on tenor
- Withdrawals are processed within 72 working hours
- Monthly distribution of interest
11. Jubilee Money Market Fund (14.18%)
Cementing its position in eleventh place for the second month running, the Jubilee Money Market Fund recorded an average effective daily yield of 14.18%.
Key features of the Jubilee MMF include:
- Safety of initial capital.
- Monthly compounded interests.
- High liquidity.
12. Co-op Money Market Fund (14.03%)
Surrendering the tenth-place standing it had secured for the last two months, the Co-op Money Market Fund has descended two places to twelfth after delivering an impressive average daily yield of 14.03%. That brings us to the conclusion of the money market funds that have managed to surpass the 14% average daily yield threshold.
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 are invested in T-bills, corporate notes, bank fixed deposits, and bank call deposits.
13. KCB Money Market Fund (13.91%)
In thirteenth place is KCB Money Market Fund which is making its way back into our rankings for the first time this year after recording an average effective annual yield of 13.91%.
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.
14. Absa Shilling Fund MMF (13.88%)
The Absa Shilling Fund MMF recorded an average daily rate of 13.88% to slip one place from February’s rankings to land in 14th.
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:
- Offers capital stability
- Immediate liquidity
- Interest is earned daily and compounded monthly
- Fee structure: Initial fee – 0%; annual management fee – 2% per annum
- The fund invests in interest-bearing securities and other short-term money market instruments.
15. GenCap Hela Imara Fund (13.82%)
And to cap off the list, we have the GenCap Hela Imara Fund. The fund posted an impressive average daily yield of 13.82%.
Key features of the GenCap Hela Imara Fund include:
- The minimum investment amount is KES 500. The minimum additional or top-up amount is KES 500.
- Capital Preservation: Investments are made in short-term, secure investments.
- Interest is computed, earned daily, and credited to the client’s account monthly.
- Management fee of 2% per year of funds under management.
- To sign up, download the G-Kuze app from Google Play or the Apple App Store, or dial *895#.
