Top 10 Money Market Funds In Kenya As Of September 10

In the money markets, 3-month bank placements ended the week at 7.7 percent (based on what we have been offered by various banks), while the yield on the 91-day T-bill increased by 0.7 bps to 6.8 percent. Cytonn Money Fund still leading the chart.

The average yield of the Top 5 Money Market Funds declined by 0.1 percentage points to 9.8 percent, from the 9.9 percent recorded the previous week.

The yield on the Cytonn Money Market Fund also declined by 0.1 percentage points to 10.6 percent, from 10.7 percent recorded last week. This fund has sustained its position since the year started.

Read More: Top 10 Money Market Funds in Kenya And How To Invest

Cytonn Money Market Fund has been the top money market fund according to the Capital Markets Authority since the year began. As of September 10, it was still leading followed by Nabo Africa Money Market Fund and Zimele Money Market Fund.

Here are the top 10 money market funds in Kenya:

1. Cytonn Money Market Fund
2. Nabo Money Market Fund
3. Zimele Money Market Fund
4. Sanlam Money Market Fund
5. Madison Money Market Fund
6. CIC Money Market Fund
7. Apollo Money Market Fund
8. Dry Associates Money Market Fund
9. Orient Kasha Money Market Fund
10. Co-op Money Market Fund

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

Rates in the fixed income market have remained relatively stable due to the sufficient levels of liquidity in the money market, coupled with the discipline by the Central Bank to reject expensive bids.

The government is 21.6 percent ahead of its prorated borrowing target of 139.3 billion shillings having borrowed 169.4 billion shillings of the 658.5 billion shillings borrowing target for the FY’2021/2022.

“We expect a gradual economic recovery going into FY’2021/2022 as evidenced by the KRA July collections of 267.1 billion shillings compared to the monthly prorated amount of 266.0 billion shillings,” said experts from Cytonn Investments Limited.