Money Markets Funds in Kenya

Make the most of your investing options by learning about Kenya’s money market funds.

How to Invest in Money Market Funds in Kenya

Understanding money market funds first before you join one in Kenya is important. It provides a convenient and safe way for you to grow your savings.

The first step is to look for a money market mutual fund with a good past performance.

A money market investment will involve government securities and cash equivalents. It also involves other money market instruments, such as commercial paper. This makes it a powerful investment vehicle.

You should use a good fund manager for your money market account. They help you monitor your investments. A money market fund also involves other parties, such as a custodian, a trustee, and an auditor.

The Central Market Authority (CMA) regulates and licenses money market funds in Kenya.

List of money market funds

Cytonn Money Market
Apollo Money Market
Zimele Money Market
Madison Money Market
Jubilee Money Market
Absa Shilling Fund MMF
Old Mutual Money Market Fund
Britam Money Market Funds
CIC Money Market
Sanlam Money Market Fund

Top Money Market Accounts

The following are some of the best money market accounts:

Cytonn Money Market

This is one of the best money market funds in Kenya. There are no extra fees when opening an account. Your savings grow over time because interest compounds daily with this account. You can access your account through an online portal.

You can withdraw funds into your MPESA account if you need it. You can make a small investment for Kes. 1000 with this money mutual fund. This is affordable for any first-time investor.

Apollo Money Market

This fund also offers the best money market account in Kenya. If you have a low-risk appetite, you can access guaranteed returns. The daily average yield is around 12.52%.

This is among the best money market interest rates. With this fund, the smallest investment you can make is Kshs. 1000. Thereafter, you can add top-ups of KSHS. 1000. You can make deposits via:

Direct cash deposits
Cheque
Direct standing order or debit order.

Zimele Money Market

This is another fund that is on the list of money market funds in Kenya. It is a good investment for emergencies. You can also refer to the Zimele fund as the Zimele Savings Plan. It is part of the Zimele Unit Trust Scheme. The Zimele Fund also offers:

Zimele Joint Account
Zimele Junior Plan
Zimele Guaranteed Personal Pension Plan

Madison Money Market

This is also another one of the best money markets with competitive yields. With this fund, you need a small investment of Ksh 5,000. Afterward, you’ll have to make the smallest top-up amount of Kes. 1000.

The money market account rates for this fund range between 13% and 15%. If you want to make withdrawals, keep in mind that the processing of payments takes 3 working days.

Jubilee Money Market

This fund also has the best short-term investments. It has high liquidity, with competitive returns of up to 14.22%. The initial smallest investment is KSHS. 5,000. You’ll top up with a sum amount of KES. 1000.

Absa Shilling Fund MMF

This is from Absa Asset Management Ltd. This fund has a high-interest portfolio. You will earn interest daily. The initial fee is 0%. In a high stock market volatility, the fund has a low risk. The current money market rate is around 11.01% for this fund.

Old Mutual Money Market Fund

This fund is good for you if you want to build an emergency fund. Corporations can also invest in this fund as it offers low risk. As one best money market funds, it provides immediate liquidity. You can access your funds within a few days,

You can invest these funds in bank fixed deposits, T Bills, and corporate notes. You will need an initial investment of Ksh 1000. The fund distributes money market returns each month.

Britam Money Market Funds

Britam offers money market savings that work best for a 1-year investment horizon. This is a low-risk investment for your short-term goals. It is good for Chama investment and paying school fees as it is easy to track.

Other features include:

1.5% per annum management fee
Kshs. 1000 small investment
0% initial fees

CIC Money Market

The main fund manager for this fund is CIC Asset Management Limited. The fund credits money market account interest rates at the end of the month. The calculation of the interest rate is daily.

You can make a small money market investment of Kesh. 5000. The smallest extra investment is KSH. 1000. There are no penalty fees when you withdraw funds. PWC is the main auditor of this fund.

Sanlam Money Market Fund

This fund also provides one of the best money market fund rates of around 11.13%. The smallest investment to invest in Sanlam is Ksh.2500. It is free to set up an account with this fund.

After you open an account, you’ll have to make extra contributions of Kshs. 1,000 and above. You can do this through a bank account or Mpesa. But making withdrawals with this money market savings account takes time. It can take 3 working days for you to receive the money.

Does KCB have a Money Market Fund?

KCB Bank also has a money market fund with a small investment of KSH. 5,000. The money market fund returns for KCB are around 10.50%. This can be a good option for many investors.

The Kenyan government backs up any investment that you make with KCB. You can grow your savings with Treasury Bills through KCB. It provides lock periods between 3 to 12 months.

Does NCBA have a Money Market Fund?

NCBA has two types of money market funds. It has the NCBA Dollar Investment Fund and NCBA Equity Fund. You need a small of KSHS.5000 to invest in the NCBA Equity Fund account. For the NCBA Dollar Investment Fund, you’ll need a small of $100.

Final Thoughts On The Top Money Market Funds in Kenya

If you have saving goals, you put your money in a Money market Fund. You can grow your savings when you invest in money market funds and benefit a lot. Brokerage firms, insurance institutions, and banks make this investment possible.

Most money market accounts have a variety of features. You’ll have to make an initial deposit when opening these accounts and top-up afterward. Different institutions also have different withdrawal durations.

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