The NCBA Money Market Fund is a CMA-regulated unit trust managed by NCBA Investment Bank. It is built for capital preservation and quick access to cash, with options in Kenya shillings and US dollars.
- NCBA Money Market Fund at a Glance
- What the NCBA Money Market Fund Is
- Current Interest Rates and Yields
- Core Features
- How to Invest in the NCBA Money Market Fund
- Option 1: NCBA NOW App (existing NCBA bank customers)
- Option 2: Online or investment bank application (new or non-NCBA customers)
- Option 3: Branch
- Who It Suits
- Points to Watch
- Frequently Asked Questions
- What is the minimum investment for NCBA Money Market Fund?
- What is the current NCBA MMF rate?
- How do I invest in NCBA Money Market Fund?
- How do I withdraw money from NCBA MMF?
- Is NCBA Money Market Fund safe?
- How is interest calculated and paid?
- What tax applies?
- Bottom Line
As of the rates published on NCBA’s product page on 18 August 2026, the KES fund showed a daily yield of 6.71% and an effective annual rate of 6.92%. The USD fund showed a daily yield of 2.92% and an effective annual rate of 3.00%. Those figures are snapshots. Money market yields move with Treasury bill rates, bank deposit pricing and the Central Bank Rate, so always check the latest numbers on the fund manager’s site before you invest.
This guide covers what the fund is, current published rates, minimums, fees, tax, liquidity, how to open an account and what to watch before you put money in.
NCBA Money Market Fund at a Glance
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| Item | Details |
|---|---|
| Manager | NCBA Investment Bank (CMA-licensed) |
| Currencies | KES and USD |
| KES published rates (18 Aug 2026) | Daily yield 6.71%; effective annual rate 6.92% |
| USD published rates (18 Aug 2026) | Daily yield 2.92%; effective annual rate 3.00% |
| Minimum initial investment | KES 1,000 / USD 100 |
| Minimum top-up | KES 1,000 / USD 50 (per fund documents) |
| Entry / exit fees | None (0%) |
| Management fee | Typically about 2% p.a. on KES assets (baked into the published yield) |
| Tax | 15% withholding tax on interest (final tax for most resident individuals) |
| Liquidity | High; KES redemptions commonly on a T+1 basis; USD on a T+2 basis per fund documents |
| Risk profile | Low / moderately conservative (capital preservation focus) |
Source for rates and minimums: NCBA Investment Banking Money Market Fund page (updated 18 August 2026) and NCBA fund KIIDs / fact sheets. Confirm live rates before investing.
What the NCBA Money Market Fund Is
A money market fund pools money from many investors and places it in short-term, relatively safe interest-bearing instruments. NCBA’s version is marketed for people and businesses that want better returns than a plain current account, without locking cash for years.
The fund is managed by NCBA Investment Bank and regulated by the Capital Markets Authority. Assets typically include Treasury bills and other government securities, bank deposits, commercial paper and related short-term instruments. The goal is stable income and capital preservation, not stock-market style capital gains.
You can choose a Kenya shilling fund or a US dollar fund. The shilling fund is the usual choice for local emergency funds and working capital. The dollar fund suits people who already hold USD or want limited currency diversification.
On some NCBA Investment Bank pages the shilling product also appears under the older “Fixed Income Fund (formerly Money Market Fund)” label. The public product page still presents it as the NCBA Money Market Fund with the daily yields quoted above. When you open an account, use the product name and account details NCBA gives you for that specific fund.
Current Interest Rates and Yields
Money market yields in Kenya eased as the Central Bank cut the policy rate and short-term government paper yields normalised. NCBA’s published figures on 18 August 2026 were:
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| Fund | Daily yield | Effective annual rate |
|---|---|---|
| NCBA Money Market Fund (KES) | 6.71% | 6.92% |
| NCBA Money Market Fund (USD) | 2.92% | 3.00% |
These are the rates NCBA displayed on its investment banking money market fund page on that date. Independent trackers sometimes list slightly different figures under related NCBA fixed-income product names, which is another reason to treat any single number as provisional and confirm with the manager.
Interest is calculated daily. Published effective annual rates already reflect the fund’s expenses. What you keep after tax is lower because of the statutory 15% withholding tax on interest.
Simple illustration only: If the effective annual rate stayed at 6.92% for a full year and you held KSh 100,000 for the whole period, gross interest before tax would be about KSh 6,920. After 15% withholding tax, about KSh 5,882 would remain. Real results differ because the daily rate changes and your balance is not constant.
Past performance does not guarantee future returns. Yields can fall further if short-term market rates drop, or rise if rates firm.
Core Features
Minimum investment and top-ups
Official product materials list a minimum of KES 1,000 for the shilling fund and USD 100 for the dollar fund. Top-ups are flexible; fund documents cite a minimum top-up of KES 1,000 for the shilling fund and USD 50 for the dollar fund. Some older secondary articles quoted higher minimums, so rely on the latest NCBA form or app screen when you apply.
Fees
There are no initial (entry) or redemption (exit) fees on the money market products as described in recent fact sheets. The main cost is the annual management fee, commonly about 2% of assets under management for the KES fund, deducted inside the fund so the yield you see is already net of that charge. Total expense ratio can also include trustee, custodial and other costs. Always read the current KIID or fact sheet for the exact fee schedule.
Liquidity
The fund is designed for high liquidity. NCBA materials and fund documents describe KES redemptions on a T+1 (next business day) basis and USD redemptions on a T+2 basis, subject to cut-off times and processing rules. That makes the product suitable for emergency cash and short-term parking, not for money you might need within the same hour.
How interest works
Returns are interest income, calculated daily. Many unit trusts credit units or reinvest so that interest compounds when left in the fund. Confirm on your statement whether income is reinvested automatically or paid out.
Tax
Interest from money market funds in Kenya is subject to 15% withholding tax. For most resident individual investors this is a final tax. The fund deducts it before net amounts are reflected for you. Corporate and special tax statuses may differ; check with a tax adviser if needed.
Safety structure
Like other CMA unit trusts, the structure separates roles. NCBA Investment Bank acts as fund manager. Recent fund documents list KCB Bank Kenya as trustee and Absa Bank Kenya as custodian for the money market / related funds. The manager gives investment instructions; the custodian holds assets; the trustee oversees compliance in the interest of unit holders. This is not the same as a bank deposit insured by the Kenya Deposit Insurance Corporation.
How to Invest in the NCBA Money Market Fund
You can open and fund the fund digitally if you already bank with NCBA, or through investment bank channels if you are new.
Option 1: NCBA NOW App (existing NCBA bank customers)
- Download or update the NCBA NOW app from Google Play or the App Store.
- Log in with your mobile banking PIN.
- Open the investments / “Invest Now” or unit trust section (menu labels can change with app updates).
- Register or link a unit trust portfolio, complete any risk questionnaire, and select the money market / fixed income product you want.
- Fund from your NCBA transactional account within the app limits and confirm the transfer.
- Track balances, top-ups and statements from the same dashboard.
NCBA has long promoted unit trust registration, top-ups and liquidations through the NOW app for existing customers. If the investment menu is missing, update the app or contact NCBA support.
Option 2: Online or investment bank application (new or non-NCBA customers)
- Visit the NCBA Investment Bank / wealth management pages or the money market fund product page and start an application or request a call-back.
- Complete the unit trust application form.
- Upload or attach KYC documents: national ID or passport, KRA PIN certificate, and passport photo (plus any other documents NCBA requests).
- Once the account is approved, fund via bank transfer or the payment instructions NCBA issues (M-Pesa options may be available depending on the collection arrangement at the time).
- Keep your unit trust account number and use it for all top-ups.
Option 3: Branch
Walk into an NCBA branch and ask for unit trust / investment banking assistance. A wealth adviser can help you complete the form and start the first deposit. Bring original ID, KRA PIN and any supporting documents they list.
Contact channels published by NCBA for unit trusts include the investment team email and the group contact centre numbers on ncbagroup.com. Use only official NCBA channels and confirm you are dealing with NCBA Investment Bank products on the CMA register.
Who It Suits
- People building an emergency fund who want more than a basic savings rate
- Businesses parking short-term working capital
- Existing NCBA customers who prefer managing cash and investments in one app
- Savers who want daily liquidity rather than a fixed deposit lock-in
It is less suitable if you need the absolute highest yield in the market every month, if you cannot leave money for at least a few days when withdrawing, or if you want long-term equity growth. Higher-yielding MMFs often exist; convenience and bank integration are the main reasons many NCBA clients stay with this fund.
Points to Watch
- Rates change daily. The August 2026 figures above will not match today’s screen. Check before you transfer large sums.
- Yield is not the only score. Compare fees, withdrawal speed, fund size, and how easy it is for you to top up and redeem.
- Not KDIC-insured. Unit trusts are regulated by the CMA, not protected like bank deposits under Kenya Deposit Insurance Corporation cover.
- Naming overlap. Confirm you are investing in the specific KES or USD money market product you intend, especially where “Fixed Income Fund” and “Money Market Fund” labels both appear in NCBA materials.
- Cut-off times. Same-day processing depends on when you instruct the transfer and when the fund’s dealing window closes.
- Scams. NCBA will not ask you to send money to a personal M-Pesa or WhatsApp number. Use official apps, portals and account numbers only.
Read also:How Money Market Funds Work in Kenya (2026 Guide)
—10 Best Money Market Funds in Kenya in 2026: Yields, Minimums & How to Choose
Frequently Asked Questions
What is the minimum investment for NCBA Money Market Fund?
Official product pages and KIIDs list KES 1,000 for the shilling fund and USD 100 for the dollar fund. Confirm on the form or app you use, as operational screens can differ.
What is the current NCBA MMF rate?
On 18 August 2026 NCBA published 6.71% daily / 6.92% effective annual for KES and 2.92% daily / 3.00% effective annual for USD. Check the live NCBA money market fund page for today’s rate.
How do I invest in NCBA Money Market Fund?
Existing NCBA bank customers can use the NCBA NOW app investments section. Others can apply through NCBA Investment Bank online or at a branch with ID, KRA PIN and passport photo, then fund the account.
How do I withdraw money from NCBA MMF?
Request a redemption through the app, portal or branch. Fund documents describe T+1 for KES and T+2 for USD, subject to processing rules and cut-off times.
Is NCBA Money Market Fund safe?
It is a low-risk CMA-regulated unit trust focused on short-term instruments and capital preservation. It is not risk-free and is not a KDIC-insured bank deposit. Read the KIID and fund fact sheet.
How is interest calculated and paid?
Interest is calculated daily. Published yields are typically net of management expenses and before the 15% withholding tax. Confirm reinvestment versus payout on your statement.
What tax applies?
Interest is subject to 15% withholding tax in Kenya, treated as a final tax for most resident individuals.
Bottom Line
The NCBA Money Market Fund is a straightforward CMA-regulated home for short-term KES or USD cash if you already bank with NCBA or prefer a bank-linked unit trust. Official materials set the bar low enough to start (from KES 1,000 or USD 100), with no entry or exit fees and daily interest calculation.
Published rates on 18 August 2026 sat at 6.71% daily / 6.92% effective annual for the shilling fund and 2.92% / 3.00% for the dollar fund. Those numbers move. Compare the live yield, fee schedule and withdrawal timeline with other CMA funds, fund only through official NCBA channels, and treat the product as a cash-management tool rather than a high-return investment.
Sources: NCBA Investment Banking – Money Market Fund (rates and minimums as of 18 August 2026); NCBA (KES) and (USD) Money Market Fund KIIDs and fact sheets (minimums, fees, trustee/custodian, liquidity); Capital Markets Authority; NCBA NOW unit trust FAQs and app guidance. Yields change daily. This article is for information only and is not investment, tax or legal advice. Past performance does not guarantee future returns. Confirm current rates, fees and terms with NCBA Investment Bank before investing.