Best Performing Money Market Funds In Kenya Right Now

Cytonn Money Market Fund is still the best-performing money market fund in Kenya with an effective annual rate of 10.6 percent followed by Zimele Money Market Fund with 9.9 percent according to the latest stats.

Sanlam Money Market Fund and Old Mutual Money Market Fund had 9.6 and 9.3 percent respectively followed by Apollo Money Market Fund with 9.2 percent. Nabo Africa Money Market Fund also had 9.2 percent.

Dry Associates Money Market Fund and NCBA Money Market Fund had 9.1 percent each in terms of effective annual rate while CIC Money Market Fund closed the top best 10 funds with 9.0 percent.

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The List:

1. Cytonn Money Market Fund
2. Zimele Money Market Fund
3. Sanlam Money Market Fund
4. Old Mutual Money Market Fund
5. Apollo Money Market Fund
6. Nabo Africa Money Fund
7. Dry Associates Money Market Fund
8. Madison Money Market Fund
9. NCBA Money Market Fund
10. CIC Money Market Fund

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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 10.4 bps to 8.7 percent.

The average yield of the Top 5 Money Market Funds and the Cytonn Money Market Fund remained relatively unchanged at 9.7 percent and 10.6 percent respectively, as was recorded last week.

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At the same time, during the week, liquidity in the money markets relatively eased, with the average interbank rate declining to 5.56 percent from 5.61 percent recorded the previous week, partly attributable to government payments that offset tax remittances.

The average interbank volumes traded declined by 13.9 percent to 22.3 billion shillings from 25.9 billion shillings recorded the previous week.