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    Top MMFs, Based On September Returns

    Oct 30, 2024
    3 mins read
    Top MMFs, Based On September Returns
    Premium Content

    Money Market Fund (MMF) is a financial instrument where managers take money from clients, invest it in bonds, bills, Real Estate etc and then give each client their interest.

    The good thing about investing in an MMF is you can withdraw part or whole of your savings at any time, which makes MMFs ideal for keeping emergency funds

    The interest clients earn can be as high as 14% while others range between 11.5% Some MMFs have a mobile app making it convenient to invest and transact with them.

    Returns from MMFs rival government securities where most MMF fund managers invest their money.

    As at the close of September the returns on T-bills stood at 15.74% for the 91-day bill, 16.60 for the 182-day bill, and 16.81% for the 364-bill.

    In September, the Central Bank Of Kenya, CBK, re-opened two fixed coupon bonds: FXD1/2024/010, which has a remaining maturity of 9.5 years, and FXD1/2016/020, which has a remaining maturity of 12 years.

    The fixed coupon rates for these re-opened bonds stood at 16.00% and 14.00%, respectively.

    Sacco dividends are also a popular choice among Kenyans looking for long-term passive income.

    Recent data reveals that top Saccos have announced dividend rates as high as 13% on member deposits. The average return on Kenya's Sacco deposits in 2024 stood at 9.6%.

    Here is a list of the top 15 performing MMFs in Kenya based on their daily average return in September 2024.

    1. Lofty Carbon Money Market Fund – 16.80%

    2. Cytonn Money Market Fund – 16.72%

    3. Etica Money Market Fund – 16.21%

    4. Arvocap Money Market Fund – 16.04%

    5. Kuza Money Market Fund (KES) – 15.73%

    6. GenAfrica Money Market Fund – 15.36%

    7. Apollo Money Market Fund – 15.11%

    8. Jubilee Money Market Fund – 14.98%

    9. Nabo Africa Money Market Fund – 14.86%

    10. Absa Shilling Fund MMF – 14.84%

    11. KCB Money Market Fund – 14.56%

    12. Madison Money Market Fund – 14.50%

    13. Co-op Money Market Fund – 14.41%

    14. Genghis Money Market Fund – 14.37%

    15. Sanlam Money Market Fund – 14.20%

    DOLLAR ACCOUNTS YOU CAN OPEN IN KENYA.

    A dollar account, also known as a USD account, is a type of bank foreign currency account denominated in United States dollars (USD). It allows individuals and businesses to hold, transact, trade, and invest in/with US dollars

    USD Bank Account

    USD bank accounts are savings and current accounts denominated in United States dollars (USD). These accounts allow individuals and businesses in Kenya to hold, transact, and save in USD, providing access to international financial markets and facilitating cross-border transactions

    USD Money Market Fund (MMF)

    USD Money Market Funds are investment vehicles that pool funds from multiple investors to invest in short-term, low-risk securities such as treasury bills, commercial paper, and fixed deposits. Unlike traditional MMFs, you are required to invest using dollars as the account is denominated in USD

    USD Fixed Deposit (FD)

    USD Fixed Deposit accounts are investment products offered by commercial banks, microfinance banks, and other deposit-taking financial institutions that allow customers to deposit funds for a fixed period at a predetermined interest rate. These accounts offer higher interest rates compared to savings accounts and provide a guaranteed return upon maturity

    USD Stable Coin Crypto Wallet

    USD Stable Coin Crypto Wallets are digital wallets that enable users to store, send, and receive USD-backed stablecoins, which are cryptocurrencies pegged to the value of the US dollar. These wallets provide a digital alternative to traditional bank accounts and offer instant, borderless transactions with minimal fees

    Holding funds in a dollar account provides a hedge against currency volatility, helps you diversify your cash holdings, and reduces depreciation risks associated with the local currency

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