In this guide, we’ll explain everything you need to know about CIC Money Market Fund, including how to join, and invest, and its benefits to help you grow your wealth.
In recent years, the money market fund industry in Kenya has experienced exponential growth as more and more people look for avenues to grow their wealth and ways to hedge against rising inflation. CIC Money Market Fund has undoubtedly been a haven. With consistent interest payouts, CIC is amongst Kenya’s best money market funds.
How to Join CIC Money Market Fund
The CIC Money Market Fund is a unit trust product offered by the CIC Group PLC and is regulated by the Capital Markets Authority (CMA). It provides a low-risk investment opportunity aimed at providing investors with stable returns.
The Capital Markets Authority (CMA) Quarterly Statistical Bulletin (QSB) Q3 2022 (Quarter ended September 2022) shows that the CIC Unit Trust scheme controls the largest market share with assets under management (AUM) of Kshs 57.1 billion as of June 2022. This is a 0.36% rise compared to Kshs 56.9 billion as of March 2022.
Follow these steps to open a CIC Unit Trusts account.
- Download the application form from CIC Website – Click on the Individual Button.
- Print the form, and fill in your correct details
- Scan the form and submit it via email to cic.asset@cic.co.ke.
To open a joint account or corporate account, download and fill out the respective application forms.
Know Your Customer (KYC) Requirements
Note that to meet Know Your Customer (KYC) Requirements, you are required to submit the following documents;
- Your ID – Clear Front and Back.
- Bank details
- KRA Pin Certificate
- Passport size photo
Failure to submit the above documents, your account will not be opened.
If you provide all the required KYC documents, your account will be opened within 24 working hours. And CIC will send you a welcome letter via email and your member number via SMS.
How Does CIC Money Market Fund Work?
CIC MMF is a low-risk investment fund offered by CIC Group PLC. The fund invests in a diversified portfolio of instruments such as Treasury bills and bonds, Corporate bonds, Fixed deposits, and commercial papers issued by the Kenyan government and other corporations. These assets mature in short periods of time and earn interest rates depending on the applicable market interest rates.
If you are interested in investing in the market fund market in Kenya, you can do your due diligence. This is by carefully reviewing the fund’s prospectus to understand its investment strategy, risks, and fees before making any investment decision.
And if you are not sure how, please consult a financial advisor. A financial advisor will help you evaluate your investment goals and risk tolerance, and come up with a customized investment plan.
CIC Money Market Fund Fact Sheet
The table below gives a summary of the key features of the CIC Money Market Fund:
| Fund Manager | CIC Asset Management Ltd |
| Launch Date | June 2011 |
| Risk Profile | Low |
| Trustee | Kenya Commercial Bank |
| Custodian | The Co-operative Bank of Kenya Ltd. |
| Auditors | PWC Kenya |
| Minimum Investment | Ksh 5,000.00 |
| Minimum Additional Investment | Ksh 1,000.00 |
| Initial Fee | Nil |
| Management Fee | 2.00% Per Annum |
| Effective Annual Yield | 8.71% |
| Distribution | Credited Monthly |
| Ease of Access | Web Portal and Mobile App |
CIC Money Market Fund Interest Rates
As of March 2023, the effective annual yield was 8.71%. It is, however, good to note that in the money market fund investments, there are no specific guaranteed rates as all earnings are subject to market dynamics.
How to Deposit to CIC Money Market Fund
You can deposit to your CIC MMF either via MPESA or bank.
How to Deposit to Your CIC Unit Trust Account Via M-PESA
- Go to M-Pesa Toolkit
- Select Lipa na M-Pesa
- Go to Paybill Option and Enter Paybill Number 600118
- Enter Your Member Number as your Account Number
- Enter the Amount you wish to pay
- Enter your M-PESA PIN, and then send the request
- You will receive an SMS confirming the transaction
- You will then receive an email of purchase confirmation within 24hrs.
How to Deposit to Your CIC Unit Trust Account Via Bank
The table below gives the bank details for the CIC money market fund for easy bank deposits;
| Account Name | CIC Unit Trust Collection Account |
| Bank | Co-operative Bank |
| Branch | Co-operative House |
| Branch No. | 02 |
| Branch Code | 11 |
| Account Number | 01122190806600 |
| Swift Code | KCOOKENA |
The minimum amount to invest in a CIC MMF is KES. 5,000, and the minimum subsequent top-up is KES. 1,000.
How to Withdraw Funds from CIC Money Market
Using the CIC Asset Mobile App is the easiest way to withdraw your money. Here are the steps;
- Download and Install the CIC Asset Mobile App from Play Store or Apple Store
- Login to your Account
- Click on the “Withdraw” Button.
- Enter the Amount and select the account to debit.
- Select a Payout method (Bank or MPESA), then tap Continue.
- Enter the six-digit code sent via SMS.
- Tap “Confirm Withdrawal.“
And that is it. Wait for the funds to hit your bank account or MPESA wallet which takes between 2 to 4 working days.
How Long It Takes to Withdraw Money from CIC MMF
CIC will execute withdrawal requests made by 9:00 am on the same. Expect to receive funds in your account within 2 – 4 working days.
It is also good to note that you can only withdraw your funds once per month on CIC MMF. You will be charged KES 1,000 if you withdraw funds more than once per month from your account.
Benefits of Investing in CIC Money Market Fund
1. Liquidity
MMFs usually invest their funds in highly liquid assets such as Treasury bills and bonds, fixed deposits, and commercial papers that mature in short periods of time. These assets can easily be redeemed for cash, which provides investors the opportunity to withdraw their funds anytime.
2. Flexibility
The clients can switch or transfer funds to another fund they may have with CIC Asset Management Ltd (CICAM).
3. Security
The fund invests in low-risk and highly liquid instruments such as Treasury Bills, CBK Treasury Bonds, Commercial Papers, and Fixed Deposits. These investments are safe and come with fairly low risk.
4. Competitive Returns
Interest is calculated daily and credited to your account at the end of every month.
4. Low Fees
Money market funds typically have lower fees than other mutual funds or investment options. The CIC Management fee is 2% per annum.
5. Professional Fund Management
Prospective investors will benefit from the expertise of seasoned investment professionals.
CIC MMF Customer Service Contacts
You can contact CIC MMF via the following channels;
- Call – 0703099322
- Email – cic.asset@cic.co.ke
- Social Media – You can contact them on Twitter, Facebook, or Instagram.
JOIN CIC MMF
We hope this article helped you learn how a money market fund works and how to join and invest in the CIC Money Market Fund.
You may also want to see our guide on how to buy shares in Kenya as a way to diversify your portfolio and own shares of some of your favorite listed companies, such as Safaricom.
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