Top 10 Money Market Funds in Kenya And How To Invest

Money market funds have become popular in Kenya. When making an investment we tend to look at the one with the highest yield.

Money market funds have good interest rates, are highly liquid, very secure, and well managed. Start investing with the best asset fund managers and earn good yields monthly. If you haven’t invested in Money market funds you’re wasting the opportunity to earn high yields and create wealth.

Many investors prefer money market funds because they are low-risk investments that are conservative and efficient. The short-term investments are for one year or less and are highly liquid meaning you can easily convert to cash.

Investor’s funds are secure and they earn good yields monthly. It is simple to invest on your phone and they are good investment vehicles. Let money work for you.

Yields for money market funds are calculated daily due to the fluctuations in the inflation rate that affect the interest rates offered by Asset Fund Managers.

The Daily yields are added to get the monthly yields.  The monthly income is charged withholding tax of 15 percent and asset fund managers also charge management fees.

Start investing today in money market funds and see the magic of compounded interest yield. Interest in the money market fund is compounded daily and paid at the end of each month. If you keep topping up your investment and leave it untouched, it will continue to grow.

Read More: Top 10 Money Market Funds In Kenya As Of September 3

This is a chart of the best money market funds in Kenya based on yield:

Cytonn Money Market Fund

Cytonn is the best money market fund you would like to invest in. They are giving a Daily Yield of 10.15 percent and an Effective annual rate of 10.68 percent.

Computations of Yield for Cytonn Money Market Fund in the month of September

If you invest 100,000 shillings in Cytonn Money Market Fund at an interest rate of 10.15 percent daily you will earn 27.81 shillings Daily and monthly 834.3. The monthly income is charged withholding tax of 15 percent. Net monthly Income after tax is 709.16 shillings.

“When we started, offering returns of above 8 percent in this market it was said to be impossible, unrealistic, we ask investors to do their research and find out the rates being offered by the top 5 money markets. It is always ‘unrealistic’ until it is done!” Cytonn Invest

Go cashless with Cytonn Money Market Fund. Simply Dial *809#. Start investing today by opening a CMMF wallet and stand a chance to earn up to 11 percent p.a.

Nabo Africa Money Market Fund

Nabo Africa comes second with a daily yield of 9.70 percent and 10.18 percent annually. It is easy to open an account on their mobile platform and start investing.

Computations of Yield for Nabo Africa Money Market Fund in the month of September

If you invest 100,000 shillings in Nabo Africa at an interest rate of 9.70 percent PA you will earn 26.58 shillings Daily and 797.26 shillings monthly. The monthly income is charged withholding tax of 15%. Net Monthly Income after withholding tax will be 677.67 shillings.

Zimele Money Market Fund

Coming third is the Zimele Money market with a daily yield of 9.56 percent and an effective annual rate of 9.91 percent.

Computations of Yield for Zimele Money Market Fund in the month of September

If you invest 100,000 shillings in Zimele at an interest rate of 9.56 daily you will earn 26.19 shillings Daily and 785.75 shillings Monthly. The monthly income is charged withholding tax of 15%. Net Income after withholding tax will be 667.89

Madison Money Market Fund

Coming fourth is the Madison Money market with a daily yield of 9.06 percent and an effective annual rate of 9.48 percent.

Computations of Yield for Madison Money Market Fund in the month of September

If you invest Ksh 100,000 at an interest rate of  9.06 percent you will earn 24.82 shillings daily and 744.66 shillings monthly. The monthly income is charged withholding tax of 15 percent. Net income after withholding tax will be 632.96 shillings.

Sanlam Money Market Fund

Coming fifth, Sanlam Money market Fund has a daily yield of 8.87 percent and an effective annual yield of 9.28 percent.

Computations of Yield for Sanlam Money Market Fund in the month of September

If you invest Ksh 100,000 at an interest rate of 8.87% daily you will earn Ksh 24.30 daily and Ksh 729.04 monthly. The monthly income is charged withholding tax of 15%. Net monthly Income after withholding tax will be Ksh 619.68

CIC Money Market Fund

Coming sixth is the CIC Money market with a daily yield of 8.70 % and an effective annual rate of 9.01%.

Computations of Yield for CIC Money Market Fund in the month of September

If you invest Ksh 100,000 at an interest rate of 8.70% you will earn Ksh 23.84 daily and Ksh 715.07 monthly. The monthly income is charged withholding tax of 15%. Net monthly income after withholding tax will be Ksh 607.81.

Apollo Money Market Fund

Coming seventh is the Apollo Money market with a daily yield of 9.10% and an effective annual rate of 8.95%.

Computations of Yield for Apollo Money Market Fund in the month of September

If you invest Ksh 100,000 at an interest rate of  9.10% daily you will earn Ksh 24.93 daily and Ksh 747.95 monthly. The monthly income is charged withholding tax of 15%. Net monthly income after withholding tax will be Ksh 635.75

Dry Associate Money Market Fund

Coming eighth is the Dry Associate Money market with a daily yield of 8.44% and an effective annual rate of 8.77%.

Computations of Yield for Dry Associate Money Market Fund in the month of September

If you invest Ksh 100,000 with a daily yield of 8.44 % you will earn Ksh 23.12 daily and Ksh 693.70 monthly. The monthly income is charged withholding tax of 15%. Net income after withholding tax will be Ksh 589.64.

Co-op Money Market Fund

Coming ninth is the Co-op Money market with a daily yield of 8.32% and an effective annual rate of 8.68%.

Computations of Yield for Coop Money Market Fund in the month of September

If you invest Ksh 100,000 at a daily yield of 8.32% you will earn Ksh 22.79 daily and Ksh 683.84 monthly. The monthly income is charged withholding tax of 15%. Net income after withholding tax will be Ksh 581.26.

Orient Kasha Money Market Fund

Coming tenth is the Orient Kasha Money market with a daily yield of 8.16% and an effective annual rate of 8.50%.

Computations of Yield for Orient Kasha Money Market Fund in the month of September

If you invest Ksh 100,000 at an interest rate of 8.16% you will earn Ksh 22.36 daily and Ksh 670.68 monthly. The monthly income is charged withholding tax of 15%. Net income after withholding tax will be Ksh 570.08

A money market fund is an ideal investment plan for cash you intend to use to meet your short-term goals. These may include:

• Emergency Fund
• School Fees
• Deposit – Car/Mortgage /Land
• Chama/Investment Funds
• Family and Staff welfare funds – for weddings and burials etc.
• Wedding planning
• Construction/Project funds
• Holiday Planning, etc

Read More: Cytonn Money Market Fund Among Top 3 Fastest-Growing Units

By Frank Waruhiu