Introduction to CIC Money Market Fund
CIC Money Market Fund
CIC Money Market Fund is a type of a unit trust in Kenya that invests in low-risk securities, providing its investors with consistent returns and liquidity. It offers easy accessibility, professional fund management and tax benefits (interest taxed at preferable 15% withholding tax rate).
CIC Money Market Fund is one of the most popular money market funds in Kenya.
This is evident as its the largest money market fund in Kenya by Assets under Management (AUM).
CIC Money Market Fund reviews in Kenyan social media and Google are off the charts.
In fact, based on the latest report by the Capital Markets Authority of Kenya, CIC Asset Management Limited had a total market share of 38.05% of the Kenyan unit trust market.
CIC Money Market Fund Fact Sheet
| Attribute | Information |
|---|---|
| Establishment | Largest MMF in Kenya |
| Online Application – No forms! | |
| Ease of Access | Web portal & Mobile app |
| Distribution | Daily interest, credited monthly |
| Effective Annual Yield | 9.6% (net of management fee) |
| Annual Management Fee | 2% |
| Minimum Initial Investment | Kshs 5,000 |
| Minimum Additional Investment | Kshs 1,000 |
| Initial Fee | Nil |
| Risk Profile | Low |
| Launch Date | June 2011 |
| Trustee | KCB (Tier 1 Bank) |
| Auditor | PwC (Big 4 audit firm) |
| Custodian | Co-operative Bank (Tier 1) |
| Fund Manager | CIC Asset Management Ltd |
How to join CIC Money Market Fund
Here is a step by step guide on how to join CIC Money Market Fund.
No need to meet an agent or go to any offices (Process is fully online to save time and keep you safe).
Thus, you can get started with CIC MMF even when out of Kenya.
Total Time: 15 minutes
Download the applicable form(s)
Fill in the applicable CIC Money Market Fund application form as shared below.
Append signatures
The sections of the form requiring a signature are marked with two red stars**
Fill in the residential details
Add your Kenya residential details e.g. name of the office, apartment or estate and the nearest road or town. The Land Registration number is optional if don’t have one.
Read this article for the Nairobi postal code and the rest of the Kenya postal codes.
If abroad, use your parent’s or own Kenya residential details. Otherwise, provide a certified foreign utility bill showing your name and residential details on it.
Complete the risk assessment
Complete the risk assessment to calculate your risk profile. You can override the results of the assessment if need be.
For example, you can invest in a money market fund even if it suggests the CIC Equity Fund and so on.
Include KYC documentation
See section below on the Know Your Client (KYC) documents needed for each type of application form.
Send the completed forms & KYC documents
Send the completed application forms and KYC documents to nashthuo@gmail.com
Scanned copies or clear photos are also accepted.
Expect your CIC unit trust account to be created within a day of submitting the above!
Account creation
I will then send an email for the account creation and copy you in.
The email will also include a free CIC Beginners Guide to help in your investment journey!
Do not send any money to CIC until you have been allocated a member number.
This is because your member number needs to be included as a reference any time funds are deposited into the CIC Money Market Fund.
Your member number will be sent to the registered contacts filled in the form (email and SMS).
The message may take a day due to the volume of new accounts created.
However, if there are any significant delays let me know so I can push for you as well as check it in the system.
Get exclusive benefits
Once your account has been mapped under my financial advisor code 02581, use this form to generate your free customized PDF wealth compounding report
Summary: How to Invest in CIC Money Market Fund
- Open an account with CIC Money Market Fund.
- Complete the required documentation.
- Deposit funds into your account.
- Choose your investment amount and duration.
- Monitor your investment and enjoy the benefits of consistent returns.
CIC Money Market Fund application forms
Please note you will have to request access to Google Drive Folder. The folder has the signed forms and member only guides.
I normally grant access to these exclusive folders within 3 hours from when access is requested.
How to get the CIC Money Market Fund Forms via WhatsApp or Telegram
- Chat with me via this or this Telegram link.
- Save my contact as Nash Thuo for it to work.
- Send a message with the word “secret” to activate the bot.
- Follow the bot commands to get the forms and other information on CIC MMF.
The above also works with Instagram. Just DM me the word “secret” to activate the bot!
KYC Requirements
The following Know Your Client (KYC) documentation is required to join CIC Money Market Fund (preferably in PDF format).
Notes on the KYC requirements
Ensure you include both Top and Back sides of the ID card.
If using a Passport, then include the Bio data pages.
The bank details have to be for a Kenyan Bank operating in Kenya Shillings.
Acceptable bank detail documentation is:
The bank account number must be visible in the bank detail submitted.
It also has to match to the bank account number filled in the application form.
Never share the back side of the ATM card.
Unscrupulous people can use it to make fraudulent purchases.
Only share the top side which normally shows the bank account number.
Nash Thuo
If there is no official passport picture, a clear picture of the signatory is also acceptable.
The KYC requirements are also listed in the last page of each application form.
KYC documentation is a MUST and the account won’t be opened without it.
You can also get the forms by sending me a chat via this or Telegram link.
Top Benefits of Investing in CIC Money Market Fund
- Consistent Returns: Enjoy stable and reliable returns on your investment.
- Liquidity: Easily access your funds when needed.
- Professional Management: Expert fund managers handle your investments.
- Tax Advantages: Benefit from potential tax advantages available with this investment option.
CIC Money Market Fund Video Guides
Here is a video on how to complete the CIC Money Market Fund Application Form
Here is a video on how the CIC Money Market Fund return is calculated
Subscribe to the YouTube Channel for more video tutorials.
Check out the Money Market Fund Kenya Bot.
It has an in-built CIC Money Market Fund calculator and also the latest CIC MMF interest rate as of June 2023.
CIC Money Market Fund interest rates
CIC Money Market Fund vs. CIC Equity Fund
While CIC Money Market Fund offers low-risk investments and stable returns, CIC Equity Fund focuses on higher-risk equities for potential higher returns. The choice between the two depends on your risk tolerance and investment goals.
10 insider tips for your CIC Money Market Fund
Here are 10 tips to make the best out of your investment with the CIC Money Market Fund:
If you take typical bank or MPESA charges and compound them over time, you will be surprised at how much you can accumulate over a 20 year period!
The chart assumes one charge saved per month and invested in the CIC Kenya MMF at the prevailing rate when this article was published.
If you incur transfer charges frequently or would like to find out how a certain amount saved would grow over time then use the Money Market Kenya Bot.
Zoom the picture of the chart if reading on mobile to get a clearer view of how the funds would grow.
Hope the above gives you some motivation to plan your transfers more efficiently. You can do this by:
- Sending your money within the same bank. Hence why it makes sense to have a Co-op account if you invest with CIC Kenya MMF.
- Shopping for better transfer charges if you don’t bank with Co-op. Generally, PesaLink has competitive fees compared to other options such as M-Pesa, EFTs and RTGS.
- If you have the time, doing over the counter cash deposits which are free. This would mean going to a Coop Bank to deposit your cash.
It also makes sense to do bulk transfers rather than sending small amounts frequently hence incurring more charges.
Speaking of banks, the best thing you can do for your CIC unit trust investment is to automate it.
You can do this by setting up a standing order to deposit a certain amount each month.
This converts it to a true set it and forget it investment as you don’t have to remember to deposit each month.
It also ensures you’re always using the power of compounding to grow your wealth over time!
With the CIC MMF, you get one free withdrawal for any amount, anytime during the month.
Plan to take advantage of the free withdrawal and not incur the transfer charge of Kshs 1,000 for each additional withdrawal in the month.
You want to make one withdrawal in a month rather than many small ones so as to avoid the transfer charges.
Remember any withdrawals will delay the compounding of your money.
So you should withdrawal only when necessary e.g. during emergencies etc.
Make use of the detailed guidance included with my introduction email for your account creation.
The email includes:
- CIC Beginners Guide eBook
- Insider contacts for any system issues, faster fund allocation etc.
- Guidance on how to access the CIC App and portal
Once your account is created and mapped under my financial advisor code (02581),make use of the automated wealth compounding report.
The report shows you:
- How an initial amount of x with monthly deposits of y invested in the CIC MMF will grow over a 15 year period.
- It shows when your money will grow to beyond your targeted amount.
- It shows you when the monthly passive income earned from the CIC Kenya MMF will surpass your monthly expenses. Hence showing the exact point when you achieve financial freedom.
- It allows to run a scenario analysis of how faster you would reach the targeted amount and monthly passive income if you were to increase your deposits by z amount.
Here is the link for the online application for CIC Money Market Fund (for individual applications only).
I think it is not actively monitored.
So your account will be created faster if filled forms are submitted rather than using the online process.
However, if you use the online process and get significant delays, let me know so I can push for you.
Ensure you maintain a minimum of Kes 5,000 in the money market fund to avoid the account becoming dormant.
Track your withholding tax to make it easy to file your tax returns in Kenya.
Once your account is created, log into the online portal and or app and ensure your details, including those of your beneficiaries, are captured correctly.
Ask for details to be updated when circumstances change.
Whenever you make a payment, make sure you include your member number in the reference or narration section of the transaction.
Then, send the proof of deposit(showing your member number) to the insider contacts shared in my introduction email.
This will ensure quick allocation of the deposited funds.
Finally, make use of my Money Market Kenya Bot to get the current rate for the day you are reading this.
The CIC money market fund interest rate provided by the bot is updated each day for the latest information.
Understanding the Risks of CIC Money Market Fund
- Market Fluctuations: Although low-risk, the Fund’s returns may vary based on market conditions. See point below.
- Interest Rate Changes: Changes in interest rates affect the returns of money market funds in Kenya.
- Credit Risk: There is a low risk of default by issuers of the Fund’s underlying securities. However, this is mitigated by the use of professional fund managers as well as the oversight by the custodian and trustee
CIC Bank and M-Pesa details
Learn about the New MPESA charges for sending or receiving money via phone, ATM or MPESA agent.
The guide includes a curated list of transactions that are FREE via MPESA!
How to deposit into CIC Money Market Fund for free!
This section is not relevant for those with Co-operative bank accounts. This is because transfers will be free and instant as you share the same bank with the CIC Money Market Fund.
However, for those with other banks and want to avoid Bank and M-Pesa charges, here is a way to deposit money to CIC Money Market Fund for free!
- Go to the M-PESA menu and select Lipa na M-Pesa
- Then, Pay Bill option and enter paybill number 400200
- Then, enter account number 01122190806600
- Add amount and then the M-Pesa PIN
- You will receive a confirmation SMS from M-Pesa and from Co-operative Bank
- Forward the two messages above to cic.asset@cic.co.ke
- Remember to include your member number in the email above. This ensures quick allocation of the deposit to your CIC MMF account.
Please note, unlike when you use the CIC Money Market Fund’s paybill (600118), this method doesn’t allow you to input your member number.
Therefore it is VERY IMPORTANT to share the proof of deposit as per the guidance above.
The method remains FREE as of the time of writing but this may change in the future.
9 Top Reasons to Join CIC Money Market Fund
Are you considering joining CIC Money Market Fund? Here are the top 9 reasons why it’s a great choice:
- Consistent Returns: Enjoy reliable and stable returns on your investment.
- Compounding: Benefit from compounded growth over time, maximizing your earning potential.
- Ease of Investment: Invest effortlessly with a straightforward and user-friendly process.
- Ease of Top-ups: Conveniently add funds to your investment at any time.
- Ease of Withdrawal: Seamlessly withdraw your funds when needed without hassle.
- Ready Access to Information: Stay well-informed with easy access to relevant investment details.
- Professional Fund Management: Rely on experienced professionals to manage your funds effectively.
- Flexibility: Enjoy the flexibility to adjust your investment strategy as per your needs and goals.
- Tax Benefits: Take advantage of potential tax benefits that come with investing in CIC Money Market Fund.
We will go over each in detail below.
Here is the link to without the need to fill long application forms!
Click on the plus sign (+) to see what is underneath each pane:
Other Valuable Guides
Here are links to other valuable content on this blog:
- Complete step by step guide to PayPal in Kenya
- Here is the link to the Free Personal Finance Lessons for Kenyans. The first 10 free lessons are ready for your learning!
- The Comprehensive Guide on How to Earn Money in Kenya
- Easily get your TSC payslip online
- Below are some short and sweet personal finance and investing lessons. Watch. Learn. Enjoy. Share.
Useful links
Here are some useful links to learn more about money market funds in Kenya:
- Get started with money market funds in Kenya and fully understand them.
- This link answers frequently asked questions about money market funds in Kenya.
- This links goes into detail on the benefits of money market funds in Kenya and why you need one.
- If you want to diversify, Sanlam Money Market Fund is a great option for a second account.
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Outro
Hope you found this article helpful and got some valuable insights.
Feel free to share it with your family, colleagues or friends who would be interested in a CIC Money Market Fund account.
I will ensure their account is created within a day of receiving the required documents!
They will also get access to premium reports and guidance once their account is mapped under my code (02581).
Hello how do i attach the documents required online?
Good info and insight. Would like to join your list and also CIC
Thanks for the great feedback. You can send me an email to nashthuo@gmail.com
If you send the filled forms and the required documents as per the last page of the form to the aforementioned email address, will ensure your account is created within a day of receiving the same!