No.1 Guide to Sanlam Money Market Fund [with 7 insider tips]

ByNash Thuo Updated on

Sanlam Money Market Fund is known as the best money market fund in Kenya when it comes to customer service.

I should know as I’ve personally invested my money with them!

Sanlam Money Market Fund Fact Sheet

Here is the latest Sanlam Money Market Fund (Kenya) fact sheet:

Sanlam Money Market Fund (Kenya) Fact Sheet for FY 2023/2024
Attribute Information
Started on November 2014
Risk profile Low/conservative
Initial fee Nil
Fees 1.2% (annual)
Effective rate 10.2% (annual – net of fees)
Initial deposit Kshs 2,500 (minimum)
Top-up Kshs 1,000 (minimum)
Fund manager Sanlam Investments East Africa Limited
Trustee Stanbic Bank Kenya Limited (Corporate Trustee)
Custodian Stanbic Bank Kenya Limited (Tier 1 Bank)
Auditor PwC (Big 4 audit firm)
Establishment Related to Sanlam listed in the JSE (SA)
Access Web portal & mobile app
Distribution Interest earned daily, compounded monthly

How to join Sanlam Money Market Fund

Member

Here is step by step guidance on how to join Sanlam Money Market Fund.

The process if fully online. No need to meet an agent physically or go to any offices.

This saves you time and keeps you safe.

Also makes it possible to open a Sanlam MMF account even when out of the country.

Total Time: 10 minutes

Download the applicable form

Form

Complete the applicable Sanlam Money Market Fund application form.

You can also access all the latest Sanlam forms in this folder. See also detailed section below.

Append signature(s)

append signature

Remember to sign all sections of the applicable form that require a signature.

For your convenience, these sections are marked with two red stars**

Complete the residential details section

location

The Land Registration number is optional.

If you don’t have it, just ensure you indicate the name of the office block/apartment/estate and the nearest road/town.

Use your Kenyan residential details.

If you are overseas, use your address back home or your parent’s.

Any non-Kenyan residential details need to be accompanied by a certified utility bill showing your name and residential address on it.

Complete the risk assessment section

check box

The results of the assessment don’t affect your decision. e.g. you can still invest in a money market fund even if it suggests an equity fund.

Include KYC documentation

KYC documents

Make sure to read the section below on the KYC requirements for each type of application form. PDF format is preferred.

Submit the completed forms and KYC documents

Submit Form

If you can’t get access to a scanner or haven’t completed the forms electronically, then clear photos are also acceptable.

Send the documents to nashthuo@gmail.com

Even if you drop them off at the Fund’s offices, I recommend you inform me on email so I can help fast track the account creation.

Expect your Sanlam unit trust account to be created within a day of submitting the duly completed forms and KYC documents!

Account creation

Account creation

I will then send an intro email for the account creation and copy you in.

The email will also include a free Sanlam Money Market Beginners Guide to help in your investment journey!

Please note that a minimum of Kes 2,500 or above will be required for Sanlam to finalize the account opening process.

Proof of payment can be any of the below depending on the method used to send the initial investment:

– M-pesa transaction reference number and time sent; or
– A screenshot or PDF of the bank transfer; or
– A scanned copy of the cash deposit slip; or
– Signed physical cheque.

See the Sanlam money market fund M-pesa and Bank details in the section below.

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.

Access your free PDF wealth compounding report

Report

Once your account has been mapped under my financial advisor code 04102, use this form to generate your free customized PDF wealth compounding report

The report shows you:

– How an initial deposit of x with monthly deposits of y invested in the Sanlam Money Market Fund will grow over a 15 year period.

– When your money will grow to ABOVE your targeted amount.

– When the monthly passive income earned from Sanlam MMF will exceed your monthly expenses i.e. when you achieve financial freedom.

– Run a scenario analysis of how quicker you’ll reach the targeted amount and monthly passive income if you were to increase your deposits by z amount.

Supply:

  • Sanlam Money Market Fund Application Form

Tools:

  • PDF Editor
  • Nash MMF Bot

Materials: Sanlam Money Market Fund Application Form, KYC Documents

Sanlam Money Market Fund application forms

Sanlam Money Market Fund Individual Application Form

Sanlam Individual Form

Use this form if opening an account for yourself.

Download Form
Sanlam Money Market Fund Joint Application Form

Sanlam Joint Form

Use this form if opening a joint account (maximum of 3 people) or for unregistered chamas or groups in Kenya.

Download Form
Sanlam Money Market Fund Corporate Application Form

Sanlam Corporate Form

This form is suitable for registered chamas or groups, companies, NGOs, Saccos, Trust funds, Partnerships, Churches etc.

Download Form

Sanlam KYC Requirements

  • The following Know Your Client (KYC) documentation is required to join Sanlam Money Market Fund.
  • For further guidance, click on the plus sign (+) of the applicable pane below.

The KYC documents required to open an individual account with Sanlam Money Market Fund are:

The KYC documents required to open a joint account with Sanlam Money Market Fund are:

  • Certified copy of National ID or Passport for each applicant
  • Certified Passport size photo for each applicant
  • Copy of KRA PIN for each applicant
  • Certified copy of Kenyan bank details for a joint bank account or the nominated bank account used
  • Copy of Tax exemption certificate (if applicable)
  • Completed Sanlam Money Market Fund joint application form

Note that joint accounts only allow a maximum of 3 applicants.

If there are more than 3 joint applicants…

The Sanlam Money Market Fund is a great way to grow your collective wealth as a chama in Kenya.

The KYC documents required to open a corporate account with Sanlam Money Market Fund are:

  • Certified copy of National ID or Passport for each signatory
  • Certified Passport size photo for each signatory
  • Copy of KRA PIN for each signatory
  • Copy of the entity’s KRA PIN (where applicable)
  • Certified copy of the certificate of Incorporation or Registration of the entity
  • Copy of the Memorandum and articles of association or the updated CR12
  • Certified copy of Kenyan bank details for the entity
  • Board resolution or Excerpt of minutes approving investment in the Sanlam Money Market Fund (signed by at least two signatories)
  • Copy of Tax exemption certificate (if applicable)

1. Entity would be a registered chama/group, company, NGO, Sacco, Trust fund, Partnership, Church etc.

2. The signatories would be the governing personnel for the entity e.g. directors, trustees, partners etc.

Notes on the KYC requirements

  • Make sure to read the below important points on the KYC documents before submitting them.
  • Click on the plus sign (+) in each of the panes below for further guidance.
  • A clear photo of the signatory is acceptable (doesn’t have to be an official passport photo).
  • Where possible, submit the documents in PDF format.
  • KYC requirements are also listed on the last page of the application form.
  • KYC documentation is a MUST for the account to be opened.
  • Ensure you include both the 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:

  • a certified copy of the top of the ATM card; or
  • a certified copy of the bank statement; or
  • a certified original cancelled cheque

The bank account number and your name must be visible in the bank detail submitted.

It also has to match the bank account number and name filled in the bank section of the application form.

Sanlam require certified copies of the KYC documentation.

Sanlam has authorized me to certify documents on their behalf.

I do this for free as a way to give back and make it easier for my readers to open MMF accounts.

Alternatively, you can pay a lawyer to certify them for you.

You can also get the forms by sending me a chat via this WhatsApp link or Telegram link.

Sanlam M-Pesa and Bank details

  • Initial deposit – Kshs 2,500 or higher.
  • Top up – Kshs 1,000 or higher.
  • Click on the plus sign (+) of the relevant pane for more details.

See details for Sanlam money market fund deposit via bank:

Account nameSanlam Unit Trust
Account number0100003738118
BankStanbic Bank
BranchKenyatta Avenue
Swift codeSBICKENX
Sanlam Money Market Fund bank account details

Always include your member number in the reference or narration section of the transaction.

See Sanlam money market fund paybill details:

Sanlam Money Market Fund Paybill number888111
Account number – initial deposit00000
Account number after account creationYour member number
Sanlam money market paybill number

How to deposit money to Sanlam Money Market Fund via Mpesa

  1. Go to M-PESA Menu and select the Paybill option
  2. Enter 888111 as the Sanlam Money Market Paybill Number
  3. For the initial deposit before your account creation, enter 00000 as the M-Pesa account number (5 zeroes).
  4. The M-Pesa account number going forward will be the 5 digit Member number given once your account is created.
  5. Enter the amount you want to deposit (Don’t use any commas)
  6. Enter your M-PESA PIN
  7. Send the request
  8. An SMS confirming the transaction will be sent to you
MPESA Charges for Withdrawals & Deposits

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 Sanlam MMF via Stanbic Paybill

This section is not relevant for those with Stanbic accounts. This is because transfers will be free and instant as you share the same bank with the Sanlam Money Market Fund.

However, for those with other banks and want to deposit directly to Sanlam MMF’s Stanbic account (compare the M-Pesa charges, for this method and the one above and choose the most optimal):

  1. Go to the M-PESA menu and select Lipa na M-Pesa
  2. Then, Pay Bill option and enter paybill number 600100
  3. Then, enter account number 0100003738118
  4. Add amount and then the M-Pesa PIN
  5. You will receive a confirmation SMS from M-Pesa and from Stanbic Bank
  6. Forward the two messages above to clientservice@sanlameastafrica.com
  7. Remember to include your member number in the email above. This ensures quick allocation of the deposit to your Sanlam MMF account.

Please note, unlike when you use the Sanlam Money Market Fund’s paybill (888111), 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 used to be FREE but in 2023 now it incurs charges.

Sanlam Money Market Fund Video Guides

  • Here is a step by step video tutorial on how to complete the Sanlam Money Market Fund application form (Pesa+)
  • Here is a step by step guide on how fill the Sanlam Money Market Fund joint/corporate application forms

The Money Market Funds Kenya Bot has an in-built Sanlam Money Market Fund calculator which also shows the latest Sanlam Money Market Fund interest rate as of June 2023.

You can also find the latest Sanlam Money Market Fund interest rates for FY 2023/2024 in the section below.

Finally, you can watch this short tutorial on how to fill money market forms without printing or scanning!

Subscribe to the YouTube Channel for more video tutorials.

YouTube subscribers

Sanlam Money Market Fund interest rates

  • Interest rates go up or down based on the performance of the underlying investments.
  • See FAQ section below which shows the assets which Sanlam money market fund invests in.
  • Click on the plus sign (+) in each of the panes below for more details.
  • First pane is about the daily yield.
  • The second one has details on the effective annual yield.

Use the free MMF bot to get the Sanlam Money Market Fund rate today (Daily Yield).

Further, it will calculate how your investment with Sanlam asset management will compound over time.

The Sanlam Money Market Fund interest rate in FY 2023/2024 is an effective annual rate of 10.2% as of 06 June 2023.

Insider tips for your Sanlam MMF

  • Here are the top 7 tips to make the best out of your investment with the Sanlam Money Market Fund.
  • Click on the plus sign (+) in each of the panes below for more details.

Lets start with some 4 quick general tips to get the most bang for your bucks:

  • Setting up a monthly standing order will convert your MMF to a true set it and forget it investment that grows over time without interruptions.
  • Log into the online portal or app and ensure your details (including beneficiaries) is captured correctly. Update it when changes occur.
  • Ensure you maintain a minimum of Kes 2,500 in the Sanlam money market fund to avoid it becoming dormant.
  • Track your withholding tax to make it easy to file your tax returns in Kenya.

There is one free withdrawal for any amount above Kshs 1,000 anytime during the month.

A transfer frequency charge of Kshs 500 is charged for any additional withdrawals in the month.

You want to make one withdrawal in a month rather than many small ones so as to avoid the transfer charges.

Only withdraw when necessary e.g. during emergencies so as to avoid interrupting the compounding growth of your money.

You should be aware of Sanlam MMF’s Cash Withdrawal Facility (CWF).

This is perfect for those who based on their goal or stage in life, are keener on regular cashflows rather than waiting for their funds to compound.

For example:

  • Retirees wanting to earn a regular passive income from their lumpsum retirement fund. Sanlam MMF will deposit cash to your bank account for your living expenses each month or quarter etc. This is cheaper and flexible than expensive annuities.
  • Managing standard expenses while earning a higher return before they are due. For example, you can set it up so cash is automatically sent to your bank account when rent or school fees is due and so on.

Let me know if you’d like help setting the CWF up.

Here are tips to avoid bank charges when sending money to Sanlam Money Market Fund Kenya:

  • Use a Stanbic bank account as the bank transfers will be free and fast; or
  • If you have the time, do a free over the counter cash deposit at your nearest Stanbic branch.

Here are tips to reduce bank charges when sending money to Sanlam Money Market Fund Kenya:

  • Do bulk transfers rather than sending small amounts frequently hence incurring more charges.
  • Shop for better transfer charges if you don’t bank with Stanbic. Often, PesaLink is cheaper than options such as M-Pesa, RTGS, EFT etc.

Here is how much you’d make if you avoided that tiny transfer charge each month and instead invested it in the Sanlam Money Market Fund!

How transfer charges avoided and invested in Sanlam Money Market Fund would grow over time
How transfer charges avoided and invested in Sanlam Money Market Fund would grow over time

Zoom the image if viewing on mobile

Infographic on benefits of Sanlam Money Market Fund
Infographic on benefits of Sanlam Money Market Fund

Why invest with Sanlam Money Market Fund

  • Here are the top reasons to join Sanlam Money Market Fund.
  • Click on the plus sign (+) in each of the panes below for more details.

The Sanlam Money Market Fund is set up with capital preservation as its main goal.

That means investment decisions are made with the view of protecting your money rather than earning unsustainable returns which might put it under risk.

Sanlam MMF is able compound your investment tax free as well as pass on the benefits of being tax exempt to you in the form of higher returns.

Please note a preferential rate of 15% withholding tax is charged on interest credited to your account.

Sanlam Money Market Fund has experienced fund managers that work tirelessly to offer competitive returns without compromising on the main goal of capital preservation.

You can see this through the historical Sanlam money market fund returns included in the section below.

Sanlam Money Market fund has one of the lowest initial deposits in Kenya.

You only need a minimum of Kshs 2,500 to get started.

There are no initial fees charged to join Sanlam Money Market.

The minimum top up to the Sanlam money market fund is Kshs 1,000.

Please note it is not a must to top up your account.

You can also top up with any amount and or as many times as you wish as long as it is Kshs 1,000 and above.

You can log into the Sanlam Money Market Fund portal and access your daily and monthly statements as well as the latest performance data.

Or, use the Sanlam Unit Trust App on Google Play store for the same.

Statements are also sent to your email on or before the 5th working day of the month.

You can even chat with them via WhatsApp!

See more details on this in my intro email when we create your account.

You can start off with a money market fund. However, you have the choice of the other Sanlam unit trusts:

  • Sanlam Balanced Fund (Chama+)
  • Sanlam Dividend Plus Fund (Pata+)

The above offer potentially higher returns but with increased risk of capital loss if one withdraws when the market is performing poorly.

Sanlam money market fund withdrawal is super efficient!

You just need to input your Sanlam money market fund login details into the online portal and click withdraw.

Alternatively, send an email quoting your member number and amount to the Sanlam money market fund contacts shared in my intro email.

You will receive your money within 3 days or less!

Sanlam money market fund offers monthly compounding of interest.

The interest is calculated daily and credited to your money market account monthly.

This means that in the next month, you earn interest from the interest earned in the previous month!

That’s how compounding helps you grow your wealth in Kenya.

Watch this video tutorial on the power of compounding to better understand how it works.

Frequently Asked Questions about Sanlam MMF

If you don’t find an answer in the FAQ section below, feel free to contact me or leave a comment.

I will answer it and update the FAQ section for future readers 🙂

  • Click on the plus sign (+) in each of the panes below for more details.

See Tip 6 in the “Insider tips” section above 🙂

Easy! Just tick on the reinvest option in the form to allow Sanlam MMF to compound your interest automatically!

Reinvest section of the Sanlam Money Market Fund application form
Tick Yes on the Reinvest section of the form

This plus regular top ups will set you on the path to growing your wealth.

Nope. You can invest for any time period you wish after the initial holding period of 14 days.

There are no penalties for early withdrawal.

You get to keep your capital and interest.

Yup. Just send an email to the contacts shared in my intro email to you.

Let them know you’d like another Sanlam MMF account for a new goal and cc me.

Note you need to include proof of initial deposit (Min Kes 2,500) for the requested account so it can be created.

Yes you can.

If the child is below 18 years, you can open an individual account, in your name, with the child as the sole beneficiary.

You will then need to provide the child’s birth certificate and passport photo.

Otherwise, a normal joint account with them as the sole beneficiary also works, especially for those above 18 years.

Here is why Sanlam money market fund is very safe.

Firstly, it has high quality service providers to look over your money:

  • The custodian (Stanbic) is a Tier 1 bank in Kenya.
  • The auditor (PwC) is the largest audit firm in Kenya.
  • It is the 3rd largest money market fund in Kenya by Assets Under Management (AUM)

Secondly, as seen in the section below, their asset allocation is mainly to ensure the safety of your capital.

Finally, there’s a reputation to protect as they’re ultimately owned by Sanlam Group listed in the South African securities exchange.

As noted above, the Sanlam money market fund main goal is the preservation of your capital.

This can be seen from its conservative asset allocation below:

Chart showing Sanlam Money Market Fund Asset Allocation
Sanlam Money Market Fund Asset Allocation in FY 2023/2024

Here is the link to the latest Sanlam money market fund fact sheet that shows the current asset allocation.

It also shows, among other things, the following:

  • How Sanlam MMF has performed in comparison to the 182 day treasury bill since inception.
  • The maturity profile of the underlying investments.
  • Fund manager commentary on the latest market performance.

You can read more about how Sanlam Money Market Fund is set up including the investment policy statement here.

Read the full article to get answers to these commonly asked questions:

  • How can I find a Sanlam Money Market Fund Calculator
  • How can I join Sanlam Money Market Fund Kenya
  • How to monitor your Sanlam MMF account
  • Where can I get the Sanlam Money Market Fund application form
  • Where can I get the Sanlam Money Market Fund Fact Sheet
  • What is the current Sanlam Money Market Fund interest rate
  • What is the Sanlam money market fund withdrawal process
  • What is the minimum/maximum initial deposit
  • What is the Sanlam Money market Fund registration process in Kenya
  • What is the Sanlam Money Market Fund MPESA paybill
MonthEffective Annual Rate
June 229.40%
May 229.40%
Apr 229.30%
Mar 229.60%
Feb 229.44%
Jan 229.50%
Dec 219.50%
Nov 219.52%
Oct 219.36%
Sep 219.46%
Aug 219.28%
Jul 219.25%
Jun 219.44%
May 219.19%
Apr 219.22%
Sanlam Money Market Fund historical interest rates (tracked)

Other Valuable Guides

Here are links to other valuable content on this blog:

Useful Links

If you want to learn more about MMFs…

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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 Sanlam Money Market Fund account.

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10 Comments

  1. Pingback: Personal Finance Kenya [10+ free lessons and templates]

  2. Thanks for this insightful piece. Sadly the unit trust application does not work. I usually use the online portal

    Reply

    1. Agreed! I also use the online portal and not the app. Thanks for the feedback and sharing your thoughts

      Reply

  3. You are providing a really good information service to the general public for free! This is appreciated and shall be shared in most of my platforms.

    Reply

    1. Yes the best thing you can do is share the articles to your platforms so as many people as possible can benefit from the free content!

      Reply
  4. Pingback: Money Market Funds in Kenya: The Ultimate FAQ - Nash Thuo

  5. This was very insightful Nash. I am certainly very interested.

    Reply

    1. Thanks for the great feedback. You can reach out to me and will help you open your Sanlam Money Market Fund account within a day of receiving your filled forms and the required documents (as per the last page of the form)

      Incase of any questions you can contact me via my email or WhatsApp number below:

      nashthuo@gmail.com

      +254 724 82 32 66

      Reply
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  7. Pingback: No. 1 Guide to Money Market Funds in Kenya [with a Free Bot]