Best Money Market Funds To Bet On In Kenya

by Business Watch Team

According to a report released by Cytonn Investments, the best money market funds in Kenya based on data captured as of April 14, 2022, are:

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

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

Nabo Money Market Fund and Madison Money Market Fund posted an effective annual rate of 9.8 and 9.5 percent respectively followed by Sanlam Money Market Fund with 9.3 percent. Apollo Money Market Fund posted 9.3 percent too.

Dry Associates Money Market Fund, CIC, and Co-op posted an effective annual rate of 9.2, 9.0, and 8.6 percent respectively while GenCap Hela Imara Money Market Fund posted 8.4 percent.

Rates in the Fixed Income market have remained stable due to the relatively ample liquidity in the money market. The government is 3.9 percent ahead of its prorated borrowing target of 534.4 billion shillings having borrowed 555.5 billion shillings of the 661.6 billion shillings borrowing target for the FY’2021/2022.

“We expect a gradual economic recovery as evidenced by the revenue collections of 1.2 trillion shillings during the first eight months of the current fiscal year, which was equivalent to 100.8 percent of the prorated revenue collection target,” said Cytonn in their report.

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