Home Blog Page 5

Top 5 Best Money Market Funds in Kenya 2024

The “money markets” are a financial segment where assets provide a relatively near-stable high market-driven rate of return to investors short-term, ranging from a day to a year, meaning money market funds (MMFs) invest in high-quality low-risk securities such as government treasury bills, bank certificates of deposit, repurchase agreements, and commercial papers that can be converted into cash almost immediately and is safe to guarantee capital preservation.

Money market funds are a good option for investors wanting stability and liquidity because they offer investors a liquid and low-risk way of earning interest.

Generally, returns on money market deposit accounts are strongly linked to interest rates, so the best ones pay higher yields.

In Kenya today, assets in money market funds are at all-time highs after the Central Bank of Kenya (CBK) raised its base lending rate to 13%, positively affecting the value of investments and income from this type of mutual fund.

But that does not mean that all money market fund providers are the best because further, returns are also affected by day-to-day inflation, other economies of scale, and the fund manager’s expertise.

To help you get the best money market fund accounts you can open right now, here are the top 5 that have the highest yields:

Today’s top money market account rates in Kenya

What is the best money market fund rate in Kenya? Luckily, it’s easy to find these top-paying accounts. Our Editorial Team analyzed all high-paying money market fund accounts today to produce this list of Top 5 Best Money Market Funds in Kenya in 2024. Check out with their current rates;

No. Institution Nominal rate After-tax rate Real rate (APY) Minimum deposit
1. Etica Money Market Fund 18.20% 15.47% 11.83% Ksh100
2. Lofty-Corban Money Market Fund 17.96% 15.27% 11.60% Ksh1,000
3. Cytonn Money Market Fund 17.06% 14.50% 10.75% Ksh100
4. GenAfrica Money Market Fund 16.88% 14.35% 10.58% Ksh500,000
5. Nabo Money Market Fund 16.79% 14.27% 10.49% Ksh100,000

*Note:

Here are some key facts about money market funds in Kenya –

* On average, the rates of most money market deposit accounts are 8.92% real returns after tax, and the above top 5 of best performing MMFs pay above this
* Their chief regulator is Capital Markets Authority, but all fund managers have different trustees and custodians
* The opening deposit of a GenAfrica Money Market Fund account is Ksh500,000 and not Ksh1,000
* For optimal return impact on your invested capital, most money market funds recommend a 3-month lock-in period
* You can open and manage these money market funds on your phone as withdrawals and deposits are made via Mpesa

Other best-performing money market funds in Kenya are the Kuza Money Market Fund, Enwealth Money Market Fund, and Apollo Money Market Fund, with impressive 10.24%, 9.91%, and 9.64% annual yield rates, respectively.

Read: CIC Kenya Money Market Fund Review in 2024

CIC Kenya Money Market Fund in 2024

After the Central Bank of Kenya (CBK) raised its lending rates higher than they have been in some time to 13%, if you’re an average Kenyan, a borrower, it is a tough time as consumer borrowing rates have skyrocketed, the capacity to repay existing debt has seen a stretch, and it’s harder to get approved for new loans. But the rate escalation has been a big boon for savers, especially those who save on money market funds like that of CIC Group, as higher rates mean bigger earnings.

CIC Group provides CIC Money Market Fund, whose investment objective is to seek to provide current income while getting inflation protection by investing in government paper and a broad range of liquid instruments with short-term maturity like certificates of deposit, interbank loans, treasury bills, and repurchase agreements (repos).

It is a way for investors to keep cash safe while earning consistent income because it is less risky. Also, it can be the best option for those seeking to maintain an emergency fund to help meet expenses without disrupting their investment plan or borrowing high-interest loans in times of need.

How much interest does the CIC money market pay?

In 2024, the average CIC Money Market Fund annual yield is at 9.64% as per their financial declaration posted in May 2023 compared to the 8.86% Effective Annual Yield for the fiscal year ended Dec. 2021, a rise by almost a percent in 1.5 years but the Fund Manager has urged investors to be optimistic and promised to strive to pay above inflation, especially after the rates on government securities climbed last year.

“The money market fund rate is expected to gradually increase as maturities are repriced to reflect the increased rates,” CIC Asset Management Ltd said.

How do you invest in CIC money market funds?

CIC Money Market Fund

After deciding that you want to invest in this mutual fund managed by CIC Asset Management Ltd, it is time to open your own CIC Money Market Fund account and start investing online to access potentially higher yields on your cash.

To register your account, go to CIC’s website, and on the homepage, go to ‘Invest in Money Market Fund’ or click clients.cic.co.ke then the ‘Invest’ tab for new users then choose an account type that you’d like to use to purchase the mutual fund online as either Individual Members, Joint Member, Company, Junior, and Student and complete your registration.

You will need your National ID and details of at least one beneficiary, such as their name, birth date, and ID number, for a successful account opening. It takes less than 10 minutes, and you will get an email response from the CIC Group within 1-2 working days.

How much do you need to invest with CIC?

New investors make an initial minimum investment of Ksh5,000 upon registering and getting the CIC Money Market Fund account to take advantage of its high interest, which accrues daily based on prevailing market rates and inflation, and pay annual costs, known as the Annual Management Fee, now 2%, to maintain the fund and the interest earned is taxed at 15%. This is withholding tax, which is a final tax.

The minimum additional deposits of Ksh1,000 apply to this mutual fund account when you are making regular top-ups.

You can deposit money via MPESA directly to your CIC Money Market Fund account using their pay bill number 600118, and the account number is the member number

Why Telkom Network Keeps Disappearing in Kenya

If you are a Telkom user in Kenya, you are tough, enduring, resilient, brave, and patient. All those characteristics of warriors, which are mostly heard of or found in comic books, are found in you! It can be really hard. Congrats on being tough on the inside!

I mean, how do you keep up with its frequent network outages? As in, how are you still its subscriber? Telkom Kenya has been going through a series of network disruptions since the end of January 2023, and in the 12 months leading up to December 2023, it lost 1.8 million subscribers due to the frequent network instability affecting its quality of service, among other factors like government crackdown on irregularly registered SIM cards to combat sim fraud.

Telkom Kenya itself is a government entity, and its poor cell phone signal is because of the debt it has with American Tower Corporation (ATC), whose main work is building and developing telecom sites, so Telkom had a debt totaling Ksh7.1 billion as of October last year, and the telco had failed to pay it to lead to ATC shutting down its networks.

Honestly, today, the Telkom network is unreliable because it employs another method of ensuring each loyal customer gets at least a moment of its poor quality service, as flagged by the Communications Authority of Kenya (CA).

If you are a Telkom user in Kenya and wondering why your data speeds regularly drop below normal levels almost daily as the network gradually disappears, this mobile service provider has applied some restrictions on its network – what they call a Fair Usage Policy.

Fair usage policies limit the usage of one user over another to ensure equitable and efficient usage of their network resources. They do so by implementing a data cap, whereby when you deplete a particular data bundle allocation, the network stops working.

For Telkom Kenya, when you consume data between 500MB and 1GB on mobile, you start facing network issues. Mostly, it occurs maybe as early as 6 AM or between 7-11 PM, and when it happens, be sure to stay unconnected until midnight for the services to be back. The good thing is it does so automatically.

To prevent this, put your data saver on to make sure you browse at low speeds to avoid hitting the bandwidth cap.

JKUAT Bans ChatGPT Amid Fears of AI-Assisted Cheating

Jomo Kenyatta University of Agriculture and Technology (JKUAT) has announced a ban on ChatGPT, the artificial intelligence-powered writing tool producing speedy texts or ‘answers’ when prompted, amid fears that students could continue to use it to cheat in examinations and assessments.

In a communique to students following the school’s Student Examinations Disciplinary Committee meeting held late in February 2024, it was noted with concern that a large number of exam irregularities were cheating using mobile phones and electronic devices, and teachers and professors were particularly concerned about the AI chatbot, which is now restricted, and any student found using it will be discontinued from learning.

“Kindly take note that use of auto coding software during an examination such as ChatGPT is a very serious offense under the University Examination Regulations and is punishable by expulsion from the University,” reads part of the memo signed by Dr. Aggrey Wanyama, Registrar of Academic Affairs JKUAT.

ChatGPT makes it far too easy for students to use it as a shortcut for essays or other writing assignments due to its ability to create stunningly human-like responses to a wide range of questions and various writing prompts.

Despite this AI chatbot, released by OpenAI in November 2022, producing quick and easy answers to questions, educators have found fault with it, arguing that it does not build critical thinking and problem-solving skills essential for academic and lifelong success.

JKUAT is the first university in Kenya to ban the software altogether.

The National Intelligence Service: What You Need to Know about the ”Secret Police” in Kenya

The National Intelligence Service (NIS) was created in 1999 with the signing and the coming into effect of the National Intelligence Security Act of 1998. Before that, the Directorate of Security Intelligence (DSI) of the Office of the President carried out intelligence gathering and most of the critical roles relating to national security that NIS plays today.

NIS is known as the secret police because it is a civilian agency separate from Kenya Police and has no law enforcement function like the closely related Directorate of Criminal Investigations (DCI) – previously CID – which is of the National Police Service (NPS) under the command and control of the Inspector General.

Aside from the differing leadership structures, another distinction lies in their jurisdiction as DCI normally operates within the country’s borders, dealing with, among them, organized crime, drug trafficking, money laundering, civil rights violations, and public corruption, unlike NIS, whose capabilities and concerns of the intelligence to promote national security allows them to work with partners in unclassified venues even internationally.

However, the two security organs work collaboratively to mitigate and address the realities that threaten the security of Kenya.

Functions of NIS

As outlined in The National Intelligence Service Act, 2012, the duties and responsibilities of NIS include:

* Gathering, collecting, analyzing as well as and transmitting or sharing security intelligence and counterintelligence with the relevant State agencies;

* Detecting and identifying threats or potential threats to national security;

* Supporting other law enforcement agencies in detecting and preventing serious crimes and other threats to national security;

* Gathering, evaluating, and transmitting departmental intelligence at the request of any State Department or organ, agency, or public entity;

* In cooperation with any State department or agency, NIS officers regulate the flow of security intelligence between the Service and that State department or agency;

* Advising the President and Government of any threat or potential threat to national security;

* Safeguarding and promoting national security and national interests within and outside Kenya;

* Commissioning research that is relevant to the protection and promotion of national security;

* Safeguarding information systems and processes within State departments or agencies;

* When required, obtain intelligence about the activities of foreign interference and capabilities, intentions, or activities of people or organizations outside Kenya;

* Liaising with intelligence or security services, agencies, or other authorities in other countries when need be; and

* Performing such other functions and duties related to intelligence affecting the national security subject to the provisions of the Constitution or any other written law or as the President may direct.

The head of NIS is a Director General who oversees intelligence collection, analysis, and dispatch to the President, National Security Council, and other policymakers to help them make national security decisions to keep the nation safe.

The current National Intelligence Service Director General is Mr. Noordin Haji. He was nominated by President William Ruto and sworn to take over the office after his approval by the Parliament “to use his knowledge of the service operations to fix teething security threats including cross-border economic crimes.”

He has been an advocate of the High Court of Kenya for over two decades and was the Director of Public Prosecutions before his appointment to head NIS.

How KCB Mpesa Fixed Savings Account Work

Can you set aside your money for at least a year? Opening a KCB M-Pesa fixed-term savings account might be right for you to save money and take advantage of some of the best interest rates available, which are guaranteed, meaning you’ll know how much interest you will earn over the given time your money sleeps there safely.

KCB Mpesa is provided by KCB Bank Kenya Ltd to Safaricom M-PESA customers and its fixed savings account entails saving your initial deposit for a fixed period without making withdrawals and earning a fixed rate of 6.3% p.a over that time.

With a minimum deposit of Ksh500, Safaricom customers can open KCB Mpesa fixed savings account directly from their phones without going to the bank as after making the deposit, they can choose the length of their term from 1-12 months, the time in which their money will remain locked away while earning a fixed rate.

KCB Mpesa fixed savings account secures your money in a savings account for a set time, and the interest accrued is paid directly into your account at the end of the term. You just need to pay in a lump sum and leave it until your term ends because it does not allow regular deposits.

If you want to withdraw your savings early before the duration of the term ends, you have to forfeit the interest it earned during the time it remained locked, but there is flexibility because these withdrawals are instant to Mpesa.

Savers who wouldn’t want to give up interest after saving their money on a KCB Mpesa fixed savings account should opt for target savings, which also pays interest rates of over 6% p.a. It accepts an initial deposit amount of Ksh500 to open an account just like the fixed savings one but allows minimum contributions of Ksh50 thereafter.

However, when you want to access your savings, you’ll have to wait 1 or 2 days, and you cannot break the bank any day you make a deposit to the account.

The advantage of the two accounts is that the more you save, the higher your chances of getting a loan limit, which ranges from Ksh100 to Ksh1 million depending on how often you save and discipline and how you use Safaricom services like voice and data.

You must be a Safaricom Mpesa subscriber for at least six months before you can open a KCB Mpesa account. To open one, go to your SIM toolkit, select Loans and Savings, KCB Mpesa, and then activate.

READ: Instant KCB Bank to Mpesa Charges 2024

The New Prices for GOtv Packages From Next Month – 2024

GOtv Kenya has confirmed it is raising the price of some of its subscription plans from next month, April 1, 2024.

The MultiChoice-owned pay television terrestrial service provider said the prices of all its six packages would rise except for GOtv Plus with 45+ channels, whose Ksh999/month subscription fee will be maintained.

GOtv Lite package would rise from Ksh199 per month to Ksh220, GOtv Value would rise from Ksh649 a month to Ksh669, GOtv Max subscription price will jump from Ksh1,449 per month to Ksh1,499, the new GOtv Supa subscription costs is Ksh1,999 and lastly, GOtv Supa+ its most expensive package would cost Ksh3,700 monthly up from Ksh3,500 from Easter Monday through the year.

How much is GOtv a month 2024 Kenya?

Well, as said, GOtv is raising prices from next month. Check out and compare the old and new prices now in this simplified table;

No. Packages Old prices New prices
1. GOtv Lite Ksh199 per month Ksh220 per month
2. GOtv Value Ksh649 per month Ksh669 per month
3. GOtv Plus Ksh999 per month Ksh999 per month
4. GOtv Max Ksh1,449 per month Ksh1,499 per month
5. GOtv Supa Ksh1,899 per month Ksh1,999 per month
6. GOtv Supa+ Ksh3,500 per month Ksh3,700 per month

Despite the increase in monthly subscription fees, the number of TV channels across GOtv’s offerings remains the same: GOtv Lite has over 20 channels, GOtv Value has 35+, GOtv Plus 45+, GOtv Max has 60+, the Supa package has over 70, and lastly, GOtv Supa+ has channels exceeding 75+.

Can You Hide Last Seen on IG?

If you use Instagram regularly, chances are you have seen the green dot next to a person’s profile picture on Instagram Direct Messenger, where you were video chatting and probably exchanging direct messages, or in short, called DMs.

If you see this green dot, it lets you know they are active, and when this timestamp is not there, it shows the hours they were online on the free photo and video-sharing social networking app.

But as you see their active status and last seen on IG (Instagram), they probably are seeing yours too, but maybe, this time, you are pissed off with that function and cry to maintain your privacy by turning it off. For most people, it is because they do not want those they were chatting with to bother them for being online and failing to give them timely replies. The conversation might have been boring, dead already, or… there are many reasons.

Though Instagram makes your Activity Status visible to people you follow and anyone you message by default, you can easily change it. Here’s how:

How to easily hide your active status on Instagram

Here is a quick guide to hiding last seen on Instagram for Android and iPhone users using the official Instagram app because the steps are similar;

1. Open the Instagram application where your account is logged in and online
2. Tap on your profile picture on the far right below your screen to access your profile
3. Tap the three parallel horizontal lines (displayed as ≡) to go to Instagram’s main profile menu or Settings and Activity page
4. On the Search box, type ‘active status’
5. Before you finish typing ‘active,’ you’ll see ‘Show activity status’ in the results. Click on it to proceed


6. You will go to the Activity Status section with a toggle. Put it off

That is how to hide your online status on Instagram on Android and iPhones. If you are using www.instagram.com on a computer or a laptop and want to hide your last seen, go to your profile > click on Options next to the View archive tab > tap Settings and privacy > And on the ‘How others can interact with you’ menu, go to Messages and story replies > ‘Who can see you’re online’ > ‘Show activity status’ then turn off to hide your Instagram active status. It is easy, and you will be done in seconds, and your friends won’t be able to see when you are active when using Instagram.

How to Join Traffic Police in Kenya

Traffic police officers at the Kenya Police Traffic Department provide oversight in matters relative to the safe use of roads; their functions and duties include ensuring the free flow of traffic on Kenyan roads, prevention of road accidents, investigation of accidents, enforcement of all laws, rules, and regulations with which the department is charged, and initiating road safety sensitization to the members of the public.

The Kenya Police Traffic Department is one of the special wings of the Kenya Police Service formed in accordance with Section 24 of the National Police Service Act, 2011, which outlines its functions.

The top priorities at the Kenya Police Traffic Department are to keep the traveling public and general transportation facilities safe and secure and increase mobility by setting safety regulations governing them.

How to become a traffic cop in Kenya

Because the Kenya Police Traffic Department is under the Kenya Police Service of the National Police Service (NPS), traffic cops are recruited first and trained as normal police officers before undergoing further specialized training to become traffic personnel.

So, if you want to be a traffic police in Kenya, you must attend the yearly police recruitment, where you will be shortlisted and sent to train at any of the Kenya Police Colleges in the country if you meet the requirements.

After completing your training, you can apply to join the Kenya Police Traffic Department. If successful, you will be re-admitted to the police college for deep skilling to have the highest possible standards of competence to serve as a traffic police officer.

In the recent past, general duty police officers were allowed to join trained traffic personnel and assist in carrying out their day-to-day duties, but Deputy Inspector General Douglas Kanji said, “You are directed to deploy back to general duty all those officers who had been attached to traffic duties. Ensure that they are deployed back to police station general duties” in an order sent to all police heads in the country to imply that you must be trained as a traffic cop to serve as one onward.

How much do traffic officers make in Kenya?

The average traffic police officer salary in Kenya is Ksh17,190 per month as of 2024, but their salary range typically falls between Ksh17,000 to Ksh180,000 monthly depending on the rank to which one belongs, police officer job group, and the job grade.

However, the National Police Service Commission (NPSC) is considering raising the salaries of the lowest-paid traffic cops to about Ksh18,760 per month before the year ends.

READ: Recruitment for the Kenya Police in 2024

Who Owns Kifaru Matchboxes?

A photo collage of Kifaru Match Box and the brand's owner (Kushal Shah).

Just like Kensalt, Kifaru is another commodity or product – it is actually a matchstick – that could fit the riddle “Who am I, and I am available in all Kenyan households?” Then the answer would be it. Kifaru Matchbox with the sticks inside it. But have you ever wondered who owns the company that makes them? Well, the answer is here;

Since 2000, Kifaru matches have been known for being sturdy and easy to light owing to the special ingredient on its match head that makes it light on any surface that can create enough friction.

Also, they are extra thick for a longer burn time, thus great for use in the kitchen, bathroom, fireplace, campsite, emergency kit, or anywhere you need them. That is why many people in Kenya love it.

This number one brand of wooden matches is manufactured by Match Masters Limited (MML), whose journey began in 1998 on Magana Road in Kikuyu, Nairobi. It started its match manufacturing operations then, with its flagship brand Rhino Matchsticks, which was rebranded later to Kifaru in 2000 after its first major investment in upgraded match manufacturing machinery to produce the quality product it is today.

Match Masters Limited is owned by Kushal Shah, who is now the managing director of the company, which not only manufactures Kifaru matchsticks but also Farasi wax matches and Kasuku and Tinga Match Box brands in neighboring Tanzania, where it extended to in 2012.

“Despite various challenges and a highly competitive marketplace, the brands have established leadership positions in their respective markets. The MML team has been, and still is, at the forefront of innovation and exceptional quality service delivery, which has propelled the company to become one of the leading manufacturers of wooden and wax safety matches in Africa.” The company says.

Kushal Shah is an alumnus of Manchester Metropolitan University, where he studied between 1990 and 1994.

X Premium: How Much Twitter Blue Tick Costs in Kenya (2023)

0
Long before Elon Musk bought Twitter for a staggering $44 billion in a deal that was closed on October 27, 2022, and turned it...
Exit mobile version