• Home
  • Business
  • Kenya: Faulu Bank unveils Money Market Fund with 16.32% annual interest
Image

Kenya: Faulu Bank unveils Money Market Fund with 16.32% annual interest

Faulu Microfinance Bank has introduced its Money Market Fund (MMF), providing customers with access to flexible and profitable investment options.

This launch follows a capital injection of Ksh. 900 million from the Old Mutual Group, received a month earlier. The infusion bolstered the bank’s financial strength, enhancing its lending capacity and expanding its product and service offerings.

 The Faulu Money Market Fund (MMF) is a registered collective investment scheme with the Capital Markets Authority (CMA), focusing on short-term investments in money-market instruments such as government securities, bank deposits, and high-grade corporate securities.

The Fund offers a competitive effective annual yield of 16.32% as of 18th July 2024, making it one of the top performers among similar investment options. This attractive yield is designed to cater to the diverse financial goals and preferences of Faulu Bank’s customers, providing opportunities for previously underserved segments. Customers can start investing in the Faulu MMF with a minimum amount of Ksh. 1,000.

This initiative is part of Faulu’s strategic effort to enhance its wealth management portfolio, leveraging the extensive expertise and resources of the Old Mutual Investment Group (OMIG).

To begin investing, prospective clients will be required to open MMF accounts and a Faulu transactional account, if not an existing customer. A holding account will be created through the OMIG’s platforms, and furnished through deductions from the customer’s account. The MMF expands Faulu’s suite of financial products, strengthening its customer offering through solutions that meet the evolving needs of its growing customer base by partnering with Old Mutual Investment Group in Wealth Management in Kenya.

Speaking at the launch, Faulu Bank’s CEO Julius Ouma stated, “We are pleased to introduce our Money Market Fund, which is part of the innovative financial solutions we are creating for our customers. This launch broadens the access of our clients to high-quality investment opportunities. We are working with a team of very experienced investment managers, who will ensure that our customers get the best returns on their investments.”

On his part, Old Mutual Investment Group MD Anthony Mwithiga said, “The Old Mutual Group has extensive experience in money market fund management stretching over decades and we bring this expertise to ensure that Faulu customers get competitive returns on their investments. Our teams of fund managers will be fully available to give guidance across a diversified portfolio of money market instruments.”

Related Posts

Ghana: Stanbic Bank Ghana Launches Youth Banking Proposition

Stanbic Bank Ghana has unveiled its new Youth Banking Proposition, an innovative solution tailored to meet the unique…

Ghana: Telecel Ghana Enhances Fixed Broadband Services with New Offers

Telecel Ghana is elevating its Fixed Broadband (FBB) services by introducing new offers designed to provide increased value…

David Obuamah Appointed as New Chairperson of Dalex Board of Directors 

Dalex Finance and Leasing Company Limited (DALEX) has announced the appointment of David Obuamah as the new chairperson…

Ghana Unveils 5G Network, Driving Next-Level Digital Innovation

The Minister for Communications and Digitalisation (MoCD), Mrs. Ursula Owusu-Ekuful (MP), has officially launched Ghana’s 5G network, marking…

Leave a Reply

Your email address will not be published. Required fields are marked *