Top 10 Money Market Funds In Kenya As March Snails On

The average yield of the Top 5 Money Market Funds remained unchanged at 9.8 percent, as was recorded the previous week while the yield on the Cytonn Money Market Fund declined by 0.2 percentage points to 10.4 percent, from 10.6 percent the previous week.

At the same time, the 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 4.6 bps to 7.3 percent.

Cytonn Money Market Fund has continued being the best money market fund in Kenya since the year started. As of 18 March 2022, the Fund posted an effective annual rate of 10.4 percent.

Zimele Money Market Fund is the second-best money market fund in Kenya with an effective annual rate of 9.9 percent followed by Nabo Africa and Sanlam Money Market Fund with 9.7 percent each in an effective annual rate.

Madison Money Market Fund and Apollo posted an effective annual rate of 9.4 percent each while GenCap Money Market Fund, Dry Associated Money Market Fund, and CIC Money Market Fund posted 9.1, 9.0, and 8.7 percent respectively.

Read More: Best Performing Money Market Funds in 2022

Here is the list:

1. Cytonn Money Market Fund
2. Zilele Money Market Fund
3. Nabo Money Market Fund
4. Sanlam Money Market Fund
5. Madison Money Market Fund
6. Apollo Money Market Fund
7. GenCap Hela Imara Money Market Fund
8. Dry Associates Money Market Fund
9. CIC Money Market Fund
10. Orient Kasha Money Market Fund

Read More: Why Are Money Market Funds Performing Better Than Equities And Real Estate?

At the same time, last week, liquidity in the money markets eased, with the average interbank rate declining by 0.8 percent points to 4.3 percent, from 5.1 percent, as recorded the previous week, partly attributable to government payments that offset tax remittances.

The average interbank volumes traded increased by 40.2 percent to 17.2 billion shillings, from 12.3 billion shillings recorded the previous week.