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The Apollo Group offers a wide range of unit trusts or collective investment vehicles with decent returns, and among them is the Apollo money market fund. This fund was launched in 2016, and its return on investment has been impressive.
The Apollo money market fund registered an effective annual yield rate of 10.2% during the 1st of 2023 and 12.6% during the 2nd quarter. That shows a 2.4% margin, which is quite impressive.
In the first quarter, the money market fund ranked among the top 3 in Kenya, and in the second quarter, it ranked among the top 10. That proves that the Apollo money market fund is one of the highest-yielding money market funds in Kenya.
The Apollo money market fund isn’t just a high-yielding money market fund. However, it’s also affordable, considering that the minimum investment and top-up limit is only Ksh 1,000. That means most Kenyans can afford to buy unit shares and become investors.
Overall, there’s just a lot to discover about the Apollo fund, and that’s the essence of this article. Here are the issues we’ll address about the money market fund:
- What is the Apollo money market fund?
- How does the Apollo fund work?
- Why invest in the Apollo fund?
- Who should invest in the Apollo money market?
- How do you join the Apollo fund?
- How do you deposit money to your Apollo fund account?
- How do you withdraw money from your Apollo fund account?
- How does the Apollo fund compare to other funds?
- How do you contact Apollo?
Here we go!
In a rush? Below is a fact sheet of the Apollo fund:
Apollo Money Market Fund Fact Sheet
| Launch | 2016 |
| Fund Manager | Apollo Asset Management Ltd |
| Custodian | Cooperative Bank |
| Trustee | KCB |
| Auditor | PricewaterhouseCoopers (PwC) |
| Minimum Investment | Ksh 1,000 |
| Minimum Top-Up | Ksh 1,000 |
| Effective Annual Yield | 12.6% (as of Aug 29th, 2023) |
| Risk Profile | low |
| Annual Management Fee | 2.0% |
| Initial Fee | 0% |
| Withdrawals Processing | Three business days |
| Withholding Tax | 15% |
| Instruments | T-bills, fixed deposits, corporate bonds, government bonds, and commercial papers |
What Is the Apollo Money Market Fund?
The Apollo money market fund is a type of unit trust or collective investment scheme by the Apollo Group that invests in low-risk money market instruments such as treasury bills, fixed deposits, corporate bonds, government bonds, and commercial papers.
The fund’s objective is to obtain a reasonable investment return and capital preservation level. This fund was launched in 2016 and is part of a three-part unit trust investment vehicle. The other two are the Apollo Equity Fund and the Apollo Balance Fund.
How Does Apollo Money Market Fund Kenya Work?
The Apollo money market fund works like any other. First, there are four key players. The first key player is the investor or unit holder, and that’s where you come in.
It takes a minimum investment of Ksh 1,000 to join the Apollo money market fund as an investor or unit holder and at least an equal amount as a top-up. Essentially, the more the investment, the more the unit or shares an investor holds, which often translates to better payouts.
The second key player is the fund manager, who, in this case, is Apollo Asset Management Ltd. The fund manager is CMA-licensed to manage the fund on behalf of the investors.
However, the fund manager doesn’t keep the money. That’s the job of the custodian, who, in our case, is the Cooperative Bank of Kenya. To ensure the custodian works per the laid-out CMA regulations, the trustee (who, in this case, is KCB) comes in.
Why Invest in The Apollo Money Market Fund?
For several reasons, you may want to make the Apollo money market fund your next investment vehicle. Here are the most notable ones:
- Good yield – Given that the effective annual yield as of Sept 29th, 2023, was 12.6% and about 10.2% during the first quarter of 2023, there’s no doubt that the Apollo fund has an impressive return on investment.
- Affordability – You only need Ksh 1,000 and an equal top-up amount to invest in the money market fund. That’s affordable, considering an option like the Nabo Africa Money Market Fund requires a minimum investment of Ksh 1 million.
- Professional expertise – The Apollo unit trust team is knowledgeable in the financial market sector. The team of experts offers their expertise to ensure the fund manager invests only in low-risk and possibly high-rewarding instruments.
- Fast liquidity – Normally, it takes up to three business days to process payment from your Apollo money market account, which means you can be liquid as quickly as possible.
- Safety – The fund manager, Apollo Asset Management Ltd, is CMA-certified, which means they work in compliance with the laid-down CMA regulations and standards. That makes the money market fund safe. Besides, the fund managers only invest in low-risk instruments.
- Saving culture – You can look at the Apollo fund as a savings option. It allows you to save for whatever reason and withdraw the amount once you reach your target. I’ll share more on what you can save for in the next segment.
- Lower fees – Apollo only charges a 2% annual account management fee, which isn’t a lot. The other charge is the withholding tax of 15%. The initial fee is, however, 0%, which is a good thing.
Who Should Invest in Apollo Money Market Fund Kenya?
While anyone can invest in the Apollo money market fund, the fund particularly suits these sets of people:
- Investors – That includes those looking for a low-risk and safer parking spot for their investment, those seeking alternatives to fixed deposits, and those looking for capital stability and preservation.
- Savers – The Apollo fund allows you to save for different reasons, including an emergency fund, business capital, mortgage deposit, car purchase deposit, school fees, home renovation, family vacation, and staff welfare.
How Can You Join the Apollo Money Market Fund?
There are different ways to join the Apollo money market, and they include the following:
Option 1 – Through the ‘contact form’ on the website
Here’s how to go about it:
- Visit the APA insurance website
- Click the investment tap at the top of the homepage
- Choose Apollo money market fund in the drop-down menu
- Tap on the ‘Invest Now’ or ‘I Need Assistance’ to allow a contact form to pop up
- Fill out the contact form and submit it
- Wait for Apollo to get back to you with directions
- Alternatively, click on this link to fill out your details and submit them
Remember, you’ll need to provide your KYC documents, which include a passport photo, ID copy, KRA pin, proof of address (such as a utility bill), and back/MPESA statement when signing up.
Option 2 – Send an email application
You can also sign up for the Apollo fund by obtaining the application form from the APA Insurance website, filling it out, attaching KYC documents, and emailing it to assetmanagement@apollo.co.ke.
How Do You Deposit Money to Your Apollo Money Market Fund Account?
You can deposit money to your Apollo money market account using any of these options:
Option 1 – MPESA
You can deposit the money using the MPESA pay bill number 400200 and account number 1122163416400
Option 2 – Bank Deposit
You can also make the deposit using these bank details:
- Account name – Apollo money market fund
- Account number – 1122163416400
- Branch – Upper Hill
- Branch Code – 11037
- Swift code – KCooKENA
How Do You Withdraw Money from Your Apollo Money Market Fund Account?
You can withdraw money from your Apollo money market account by dialing *507# on your mobile phone and following the prompts. Alternatively, you can obtain the funds’ withdrawal form from the website, fill it out, and email the request to assetmanagement@apollo.co.ke.
How Does the Apollo Money Market Fund Compare to Other Funds?
According to a Cytonn Report, the Apollo money market fund attained an effective annual yield rate of 10.2% during the first quarter of 2023, ranking it second in Kenya, as the table below shows:
| Rank | Money Market Fund | Effective Yield Rate |
| 1 | Cytonn Money Market Fund | 10.9% |
| 2 | Apollo Money Market Fund | 10.2% |
| 3 | GenCap Hela Imara Money Market Fund | 9.9% |
| 4 | NCBA Money Market Fund | 9.9% |
| 5 | Zimele Money Market Fund | 9.9% |
The above clearly shows an impressive performance by Apollo. Not only does it rank second, but it has a better yield rate than the industrial average of 9.4%.
Another report by Cytonn shows an even more impressive yield rate for the fund. According to the report, the Apollo fund recorded an effective annual yield rate of 12.6%. Here’s a table breakdown of the performance:
| Rank | Money Market Fund | Effective Yield Rate |
| 1 | Gen Africa Money Market Fund | 14.2% |
| 2 | Enwealth Money Market Fund | 13.9% |
| 3 | Cytonn Money Market Fund | 13.8% |
| 4 | Lofty-Corban Money Market Fund | 13.2% |
| 5 | Etica Money Market Fund | 13.0% |
| 6 | Cooperative Money Market Fund | 12.9% |
| 7 | AA Kenya Shillings Fund | 12.8% |
| 8 | Jubilee Money Market Fund | 12.7% |
| 9 | Apollo Money Market Fund | 12.6% |
| 10 | Nabo Africa Money Market Fund | 12.6% |
The improvement is apparent when comparing the effective annual yield rate of the 1st and 2nd quarters, which shows a good return on investment between the two quarters. That is despite Apollo dropping in ranking. As we saw, it ranked 2nd during the 1st quarter of 2023 but 9th during the 2nd quarter.
How Do You Contact Apollo?
You can contact Apollo and inquire about the fund using these options:
- Physical address: Apollo Center Ring Road Parklands, Westland, Nairobi
- Website: Click on the ‘Contact Us’ tab at the bottom of the homepage of the APA website and fill out your contact information and message request
- WhatsApp: +254 748 644
- Call: +254 709 912 777 or +254 709 912 888
- Email: info@apainsurance.org or assetmanagement@apollo.co.ke
Concluding Thought:
The Apollo money market fund is undeniably a good investment vehicle you can use for different reasons. The returns are decent, and the investment limits are affordable. It’s, however, essential to understand the fund first before investing, and we hope the above guide will get you on a better footing.
For more investment ideas or resources on financial management, check out our online shop, where we’ve lined up some fantastic materials you can read. They are tailored to help you put your financial house in order.
