In November, the average daily rate for money market funds increased to 12.06% per annum, up from October’s 11.86%. This uptick was attributed to the escalating interest rates in government securities, a significant underlying asset class for money market funds.
Breaking down individual returns, the GenAfrica Money Market Fund boasted the highest performance, recording an average daily yield of 14.06% per annum. Following closely were Etica MMF, Cytonn MMF, Apollo MMF, and Lofty-Corban Money Market Fund, with respective average daily yields of 13.96%, 13.95%, 13.87%, and 13.74%.
Daily Average Yields for MMFs in November
| NO. | Fund Manager | Fund Name | Daily Average Yield (%) |
| 1 | GenAfrica Asset Managers Limited | GenAfrica Money Market Fund | 14.04 |
| 2 | Etica Capital Limited | Etica Money Market Fund | 13.96 |
| 3 | Cytonn Asset Managers Limited | Cytonn Money Market Fund | 13.95 |
| 4 | Apollo Asset Management Company Limited | Apollo Money Market Fund | 13.87 |
| 5 | Lofty-Corban | Lofty-Corban Money Market Fund | 13.74 |
| 6 | Enwealth Financial Services | Enwealth Money Market Fund | 13.59 |
| 7 | Madison Investment Managers Limited | Madison Money Market Fund | 13.01 |
| 8 | Nabo Capital Limited | Nabo Africa Money Market Fund | 12.66 |
| 9 | Jubilee Financial Services Limited | Jubilee Money Market Fund | 12.65 |
| 10 | African Alliance | African Alliance Kenya Money Market Fund | 12.55 |
| 11 | Co-op Trust Investment Services Limited | Co-op Money Market Fund | 12.44 |
| 12 | Sanlam Investments East Africa Limited | Sanlam Money Market Fund | 12.33 |
| 13 | Kuza Asset Management Limited | Kuza Money Market Fund (KES) | 12.31 |
| 14 | Genghis Capital | GenCap Hela Imara Fund | 12.16 |
| 15 | Old Mutual Investment Group | Old Mutual Money Market Fund | 11.95 |
1. GenAfrica Money Market Fund (14.04%)
GenAfrica MMF continued to set the standard for performance among money market funds for the fourth consecutive month after recording an impressive average daily yield of 14.04%. This is the only money market fund that reached the 14% threshold in November.
Key features of the GenAfrica MMF 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
2. Etica Money Market Fund (13.96%)
Coming in with the second-highest daily average yield this month is Etica Money Market Fund, which boasted a significant rise in both rankings and the daily average yield offered to investors compared to October.
The fund provided investors with an impressive average effective daily yield of 13.96%. For those considering beginning their investment journey with this fund, you will require an initial minimum investment of KES 100 and top-ups of KES 100 only.
More features of Etica MMF are:
- High liquidity of funds
- There is 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 (13.95%)
Surrendering its second-place position from last month is Cytonn MMF, which fell to third place after delivering an average daily yield of 13.95%. For every new investor, you will require an initial minimum investment of KES 1000 and subsequent top-ups of as little as KES 100.
More features of 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#
4. Apollo Money Market Fund (13.87%)
Unchanged at fourth place for the third month in a row, we have Apollo Money Market Fund, a product of Apollo Asset Management Company Ltd., which offered investors an attractive average daily yield of 13.87%.
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
- Fund invest in low-risk investments with an element of guaranteed returns, such as fixed deposits, T-bills, commercial paper, government bonds, and corporate bonds.
5. Lofty-Corban KSH Money Market Fund (13.74%)
Lofty-Corban KSH Money Market Fund gained ground to claim the fifth position, moving up two places, after recording an average daily yield of 13.74%.
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.
6. Enwealth Money Market Fund (13.59%)
Enwealth Money Market Fund’s four-month reign in the top three has come to an end as it settles into sixth place this month after consistently delivering an average daily yield of 13.59%.
7. Madison Money Market Fund (13.01%)
Madison Money Market Fund, which finished in seventh position and rounded out the funds that recorded average daily yields above 13%, had an average daily yield of 13.01%. 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:
- Withdrawals are processed within 72 working hours
- Monthly distribution of interest
- There are no restrictions on tenor.
8. Nabo Money Market Fund (KES) (12.66%)
Nabo MMF, a product of Nabo Capital Limited, claimed eighth place after posting an average effective daily yield rate of 12.66%.
This fund has been showing consistent growth over the past three months. For new investors in the fund, you will require an initial minimum investment of KES 100,000 and top-ups of KES 10,000 to invest in the fund.
Other notable features of this fund include:
- Zero initial and redemption fees
- High liquidity
- Investment period of at least 3 months to allow optimal returns
- Interest is earned daily and compounded monthly
- Funds are invested in short-term debt securities and instruments.
9. Jubilee Money Market Fund (12.65%)
Jubilee Money Market Fund retains its place in the ninth spot from October after posting an average daily yield of 12.65%.
Key features of the Jubilee MMF include:
- Safety of initial capital
- Monthly compounded interests
- High liquidity.
10. African Alliance Kenya Money Market Fund (12.55%)
African Alliance Money Market Fund (AAMMF) regained three spots on the list, from October, to round out the top 10 after delivering an average daily yield of 12.55%. The minimum initial investment to kickstart your investment journey in the fund is KES 100,000 with no limit on subsequent top-ups.
Other key features of the AAK Money Market Fund include:
- No entry charges
- 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
- 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)
11. Co-op Money Market Fund (12.44%)
In eleventh place is Co-op Money Market Fund, which delivered a daily average yield of 12.44%. 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.
12. Sanlam Money Market Fund (12.33%)
Sanlam Money Market Fund, which recorded an average effective daily yield of 12.33%, secures the twelfth spot. The fund is a product of Sanlam Investments East Africa Ltd., which boasts one of the highest funds under management. If you’re considering this fund as a new investor, you will need an initial deposit of KES 2,500 plus subsequent top-ups of KES 1,000.
More features of Sanlam MMF include:
- No initial fees are charged; it is free to set up an account
- Easy liquidity
- 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
- Monthly statement updates are sent via email.
13. Kuza Money Market Fund (KES) (12.31%)
Next on our rankings is Kuza Money Market Fund, a product of Kuza Asset Management Ltd., which registered an average effective daily yield of 12.31%. 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
- Fund invests in short-term KES-dominated interest-bearing securities such as T-bills, corporate bonds, commercial paper, bank calls, and fixed deposits
14. GenCap Hela Imara Fund (12.16%)
GenCap Hela Imara Fund retains its spot from last month after boasting an average daily yield of 12.16%. The fund closed funds that were documenting over 12% in daily rate performance.
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#.
15. Old Mutual Money Market Fund (11.95%)
Making a return to our rankings after missing out in October is Old Mutual Money Market Fund which wraps up our list this month.
The fund provided investors with an impressive average daily yield of 11.95%. Every new investor in the fund will require an initial investment of KES 1,000 and at least KES 1,000 in subsequent top-ups.
Other standout features of Old Mutual MMF include:
- Quick mobile sign-up by simply dialing *480#
- Provides return without penalties
- Capital stability
- Freedom to switch investments between different funds
- Easy liquidity
- Funds invested in T-bills, corporate notes, bank fixed deposits, and bank call deposits
