The Jubilee Money Market Fund (KES) delivered a weighted average annual yield of 10.24 percent in the week covered by its November 3, 2026 weekly report, according to Jubilee Asset Management. That is about 8.70 percent after the 15 percent withholding tax, against October inflation of 7.3 percent. Investors can start with Sh100.

Contents

Jubilee Money Market Fund at a glance
Current yield and what you keep after tax
Performance against its benchmark
What the fund holds
Fees and tax
How Jubilee compares with other funds
How to open and fund a Jubilee MMF account
Frequently asked questions

What is the Jubilee Money Market Fund?
What is the minimum amount to start?
What are the fees?
How long do withdrawals take?
Is my money safe, and can I lose it?
Is the Jubilee fund taxed?
Does Jubilee offer a dollar money market fund?
Who is the fund suitable for?

Sources

The fund is run by Jubilee Asset Management Limited, which is licensed by the Capital Markets Authority (CMA). This guide covers the yield, fees, holdings, risks, comparison with other funds and how to open and fund an account, with answers to common questions at the end.

Jubilee Insurance headquarters on Kilimanjaro Avenue in Upper Hill, Nairobi — Jubilee Asset Management is based at Jubilee Insurance headquarters in Upper Hill, Nairobi. Photo: Jubilee HQ

Jubilee Money Market Fund at a glance

The details below come from the fund’s August 2026 fact sheet unless stated otherwise.

Feature	Detail
Fund manager	Jubilee Asset Management Limited
Regulator	Capital Markets Authority (CMA)
Scheme	Jubilee Unit Trust Collective Investment Scheme, registered September 21, 2022
Inception	October 1, 2022
Trustee and custodian	Standard Chartered Bank Kenya Limited
Minimum investment and top-up	Sh100 each
Entry, exit and performance fees	None
Management fee	2 percent a year, excluding VAT
Total expense ratio	2.62 percent a year, including VAT
Benchmark	Average bank deposit rate
Fund size (August 31, 2026)	Sh13.19 billion
Income	Accrues daily, distributed monthly

Current yield and what you keep after tax

Jubilee reports the effective annual yield net of fees and gross of withholding tax. Its latest figures are:

10.24 percent weighted average for the week covered by the November 3 report
10.21 percent for the month to date and quarter to date, and 10.28 percent for the year to date, all as of October 29
10.42 percent as the monthly average for August 2026, the latest fact sheet

Taking 15 percent off 10.24 percent leaves about 8.70 percent. On Sh100,000 held for a year at that rate, interest would be about Sh10,240 before tax and about Sh8,704 after tax. Rates change daily, so this is an illustration, not a forecast.

Kenya’s annual inflation was 7.3 percent in October 2026, up from 6.8 percent in September. An after-tax yield of 8.70 percent is about 1.4 percentage points above that, on a simple comparison.

Jubilee’s website product page still shows a three-month average yield of 10.34 percent for the period to March 31, 2026. Use the weekly report or the monthly fact sheet for current figures.

Performance against its benchmark

The fund’s benchmark is the average commercial bank deposit rate. The figures below are cumulative returns to August 31, 2026, not annual rates, and are after fees.

Period	Jubilee MMF	Benchmark
Year to date (January to August 2026)	6.86%	5.13%
Six months	5.14%	3.87%
One year	10.59%	7.66%
Since inception (October 2022)	55.12%	40.50%

Monthly yields have eased from 12.9 percent in January 2025 to 10.4 percent in August 2026, based on the distribution history in the fact sheet.

What the fund holds

At the end of August 2026, the portfolio was split as follows:

50.8 percent in government securities
35.8 percent in term deposits
10.5 percent in commercial papers
2.9 percent in cash and call deposits

The fact sheet reports a weighted average maturity of 1.7 years. By time to maturity, 6.5 percent of assets fall due within a month, 21.7 percent in one to six months, 36.1 percent in six to twelve months and 35.7 percent beyond twelve months. The stated strategy targets an overall duration of 18 months or shorter.

CMA’s report for the quarter ended June 30, 2026 shows the fund at Sh13.55 billion, the 10th largest of 59 money market funds. The wider Jubilee Unit Trust Scheme held Sh32.9 billion, the 7th largest of 47 schemes.

Fees and tax

The 2 percent management fee, 0.26 percent in other expenses such as trustee, custodian and audit fees, and 16 percent VAT on fees add up to a total expense ratio of 2.62 percent. The yield Jubilee quotes is already after these charges.

Jubilee says the fund is registered as tax-exempt on income and capital gains, and that distributions to investors carry 15 percent withholding tax. The Kenya Revenue Authority says withholding tax is final for resident individuals on qualifying interest. Companies and other non-individual investors may need to declare the income and claim the tax withheld as a credit, so confirm your position with KRA or a tax adviser.

How Jubilee compares with other funds

Rate tracker Serrari Group ranked Jubilee 8th of 27 shilling money market funds on October 29, at 10.26 percent gross and 8.72 percent net. Its market average net yield was 7.78 percent. Jubilee’s own report puts the average for comparable KES assets at 9.08 percent.

Measure	Rate
Jubilee MMF, latest weekly yield (Jubilee, November 3 report)	10.24%
Serrari average, 27 funds, early November	9.13%
Cytonn MMF, early November (Serrari)	11.11%
Stanbic MMF, November 7 (Stanbic)	5.38%
91-day Treasury bill, October 29 auction	8.7498%
182-day Treasury bill	8.8508%
364-day Treasury bill	9.0288%

All rates above are gross of withholding tax and change daily. Jubilee yields more than the bills, but its holdings include term deposits and commercial papers, which carry issuer credit risk that government securities do not.

How to open and fund a Jubilee MMF account

Jubilee says investors can open an account online through its JAMHub portal. The steps are to enter personal details, upload identification and verification documents, then fund the account through M-PESA or bank transfer. Jubilee’s page does not list the documents, so check the portal for the current requirements.

Jubilee’s funding guide lists these options:

M-PESA: Paybill 4103749, using your JAML account number as the account number
Bank transfer: RTGS or EFT to the scheme’s Standard Chartered Bank inflow account, with details in the funding guide
Cheque: payable to the scheme and deposited at any Standard Chartered branch
Standing order: set up through your bank at weekly or monthly intervals

Jubilee asks investors to email proof of payment to jamlcustomerservice@jubileekenya.com to speed up crediting. It says a receipt should arrive within 48 working hours. Investments of USD 15,000 or the shilling equivalent need proof of source of funds, and third-party payments face additional checks.

A Jubilee blog post also promotes the USSD code *706*3#. That post still quotes the former Sh5,000 minimum, so confirm the code with customer service on 0709 949 000.

Frequently asked questions

What is the Jubilee Money Market Fund?

It is a low-risk collective investment scheme run by Jubilee Asset Management. It invests in Treasury bills and bonds, commercial papers and bank deposits in Kenya and offshore markets, and aims to preserve capital while earning income.

What is the minimum amount to start?

Sh100 to open an account and Sh100 for each top-up, according to the August 2026 fact sheet and Jubilee’s funding guide. Earlier fact sheets and some third-party sites still show Sh5,000, which was the previous minimum.

What are the fees?

There are no entry, exit or performance fees. The fund charges a 2 percent management fee excluding VAT, and a total expense ratio of 2.62 percent a year including VAT, all of which is built into the published yield.

How long do withdrawals take?

Jubilee’s website says withdrawals are typically processed within 48 hours after approval, and the fact sheet says within two working days of receiving instructions. Money is paid to your nominated bank or M-PESA account. Units are priced at about 12:00 p.m. on each business day.

Is my money safe, and can I lose it?

The fund is regulated by the CMA, and its assets are held by Standard Chartered Bank Kenya as trustee and custodian. Returns are not guaranteed, and the fact sheet warns that redemption rights may be suspended in certain circumstances. CMA also says it does not take responsibility for the financial soundness of the scheme.

Is the Jubilee fund taxed?

The fund itself is tax-exempt, but distributions carry 15 percent withholding tax. For resident individuals KRA treats this as final tax on qualifying interest, while companies may be treated differently.

Does Jubilee offer a dollar money market fund?

Yes. The Jubilee Money Market Fund (USD) has a minimum of USD 100 and delivered a weighted average annual yield of 5.57 percent in the week covered by the November 3 report, with a year-to-date average of 5.04 percent. Its management fee is 1 percent a year excluding VAT, according to the July 2026 fact sheet.

Who is the fund suitable for?

Jubilee says it targets first-time investors, people saving for short-term goals, businesses managing cash flow and conservative investors. Anyone considering it should compare net yields, fees and risks across funds and read the latest fact sheet first.

This article is general information and not financial, tax or investment advice. Yields change daily and past performance does not predict future returns. Read the fund’s latest fact sheet and information documents, and consider speaking to a licensed adviser, before investing.