Top 15 Money Market Funds In 2023

Curious about the top money market funds in Kenya for December 2023? Here they are!

First off, the average daily rate for money market funds in December went up to 12.51% per year, compared to November’s 12.06%. This spike is due to the rising interest rates in government securities, which are a big deal for money market funds.

Now, let’s check out the top performers:

1. Etica Money Market Fund rocked it with the highest daily yield of 14.81% per year.
2. Cytonn Money Market Fund followed closely with a daily yield of 14.42%.
3. Apollo Money Market Fund came in strong with 14.31%.
4. GenAfrica Money Market Fund secured a solid spot with 14.29%.
5. Lofty-Corban Money Market Fund rounded out the top five with 14.27%.

For the true rate of a money market fund, remember to subtract the 15% withholding tax from the announced yield. Some funds report net returns after the tax deduction.

Now, let’s dig into the top performers:

1. Etica Money Market Fund (14.81%)

• Requires a minimum investment of KES 100 and top-ups of KES 100 only.
• Features no lock-in period and high liquidity.

2. Cytonn Money Market Fund (14.42%)

• Minimum investment is KES 1000 and top-ups start from KES 100.
• Offers speedy withdrawals and no entry or exit fees.

3. Apollo Money Market Fund (14.31%)

• Initial investment of KES 1,000 and subsequent top-ups of KES 1,000.
• Invests in low-risk options like fixed deposits and government bonds.

4. GenAfrica Money Market Fund (14.29%)

• No initial fees and no withdrawal limits.
• Provides monthly statements via email and easy sign-up.

5. Lofty-Corban Money Market Fund (14.27%)

• Allows investment as low as KES 1000 with easy access to funds.
• Focuses on preserving capital and compounding returns.

6. Nabo Money Market Fund (14.11%)
   • Requires an initial investment of KES 100,000 and subsequent top-ups of KES 10,000.
   • Offers high liquidity and daily compounded interest.
   • No initial or redemption fees.
7. Sanlam Money Market Fund (13.57%)
   • Initial deposit of KES 2,500 and subsequent top-ups of KES 1,000.
   • Boasts easy liquidity and capital retention.
   • No initial setup fees and monthly statement updates via email.
8. Enwealth Money Market Fund (13.49%)
   • Initial investment of KES 1,000 and top-ups of KES 1,000.
   • Provides options for quick withdrawals and no hidden charges.
   • Invests in low-risk instruments like fixed deposits and government bonds.
9. Zimele Fixed Income Fund (13.22%)
   • Minimum investment of KES 100 with flexible withdrawal options.
   • Allows reinvestment of returns and provides online statements.
   • Invests in low-risk assets such as bank deposits and Treasury bills.
10. Madison Money Market Fund (13.05%)
    • Minimum investment of KES 5,000 with subsequent top-ups of KES 1,000.
    • Features quick withdrawals and monthly interest distribution.
    • No restrictions on tenor and ensures timely processing of withdrawals.
11. African Alliance Kenya Money Market Fund (12.86%)
    • Minimum initial investment of KES 100,000 with no limits on top-ups.
    • Focuses on government securities and short-term assets.
    • No entry charges and no tax liabilities.
12. Co-op Money Market Fund (12.81%)
    • Initial investment of KES 2,000 with M-pesa deposit options.
    • Offers quick access to funds within 2–3 business days.
    • Invests in T-bills, corporate notes, and fixed deposits.
13. Kuza Money Market Fund (12.78%)
    • Requires a minimum investment of KES 5,000 and subsequent top-ups of KES 1,000.
    • Emphasizes high liquidity and capital preservation.
    • Invests in short-term interest-bearing securities.
14. Jubilee Money Market Fund (12.77%)
    • Ensures safety of initial capital and provides high liquidity.
    • Offers monthly compounded interests for optimal returns.
    • No restrictions on withdrawal and easy sign-up process.
15. GenCap Hela Imara Fund (12.52%)
    • Minimum investment amount of KES 500 with no additional top-up limits.
    • Focuses on capital preservation through secure short-term investments.
    • Daily interest computation with monthly credits to client accounts.
    • Offers easy sign-up via mobile apps or USSD (*895#).

There you have it, the full list of the top 15 money market funds in Kenya as of December 2023! Each fund brings unique benefits and investment opportunities, so be sure to consider your financial goals and preferences when choosing where to invest. Happy investing!