The Enwealth Dollar Money Market Fund is steadily carving out a name in Kenya’s investment landscape as one of the most reliable ways to preserve and grow wealth in U.S. dollars.
At a time when the shilling continues to weaken against the greenback, this fund offers individuals and businesses a safe haven: a way to park dollars, earn consistent income, and still enjoy liquidity without the volatility of riskier investments.
Whether you’re a Kenyan diaspora professional remitting funds home, a local entrepreneur earning in dollars, or simply someone preparing for obligations like tuition fees or medical bills abroad, the Enwealth Dollar MMF ensures that your dollars don’t just sit idle.
They work for you, securely and efficiently.
What is the Enwealth Dollar Money Market Fund?
The Enwealth Dollar Money Market Fund (USD MMF) is a Collective Investment Scheme (CIS) regulated by the Capital Markets Authority (CMA). Unlike shilling-denominated funds, this one is in U.S. dollars, meaning you invest, earn, and withdraw in USD.
It pools money from multiple investors and places it in short-term, low-risk, interest-earning securities such as fixed deposits, treasury-linked products, and Eurobonds. These instruments are carefully selected to balance income, safety, and liquidity.
The fund is managed by the Old Mutual Investment Group and administered by Enwealth Capital Limited, combining expertise with a strong client-focused approach.
Key Objectives of the Fund
The Enwealth Dollar MMF is built with clear objectives that speak directly to the needs of today’s investors. These include:
- Generate Current Income:
The fund provides investors with a reasonable level of income by investing in interest-bearing securities. Rather than watching your dollars sit idle in a current account, your money earns regular income.
- Capital Preservation:
One of the biggest fears of investors is losing their hard-earned money. This fund prioritizes preserving the original value of the dollars you invest.
By sticking to short-term, high-quality investments, the fund minimizes exposure to default risk or price fluctuations.
- Liquidity:
Life is unpredictable. Emergencies, opportunities, and urgent needs can come up anytime. That’s why the fund is designed to provide easy access to your money.
Withdrawals can be processed quickly, ensuring you never feel “locked out” of your own funds.
- Steady Growth:
Beyond just generating income, the fund reinvests returns to provide a compounding effect. Over time, your dollars don’t just sit still—they grow steadily and predictably.
By balancing these four goals, the Enwealth Dollar MMF provides a stable, income-generating, low-risk solution for both short-term savers and long-term planners.
Why Invest in the Enwealth Dollar MMF?
Let’s expand the conversation beyond just “returns.” Why should you seriously consider this fund?
- Dollar Protection:
If you’ve been following the Kenyan shilling’s performance over the last few years, you’ll understand why holding assets in USD is a hedge against depreciation.
In 2020, the dollar traded at around KSh 108. By mid-2025, it was hovering around KSh 129. That’s nearly a 20% loss in value for anyone holding shillings over that period.
By investing in the Enwealth Dollar MMF, you cushion yourself against such shocks.
- Liquidity Advantage:
Unlike fixed deposits that tie up your money for months or years, this fund allows you to withdraw with ease. That makes it practical for businesses that need to maintain cash flow or individuals saving for upcoming obligations like school fees or travel.
- Low Risk with Steady Returns:
The fund doesn’t chase high-risk, high-return assets. Instead, it invests in tried-and-tested instruments like Eurobonds and fixed deposits.
For an investor, that translates into peace of mind—your money isn’t at the mercy of wild market swings.
- Competitive Yields:
With an effective yield of 4.5% as of May 2025, the Enwealth Dollar MMF offers significantly better returns than a typical dollar savings account in Kenya, which often yields less than 1%.
- Diversification:
Smart investors never put all their eggs in one basket. If your current investments are entirely in shillings, this fund allows you to diversify into dollar-denominated assets without taking on unnecessary risk.
Fund Performance – Yield and Growth
Numbers tell the real story. Here’s how the Enwealth Dollar MMF has performed:
- Effective Annual Yield (as of May 2025): 4.5%
- Range over the past 12 months: 3.82% – 5.62%
- Standard Deviation: 0.48% (shows returns are stable and predictable)
- Net Asset Value (NAV): USD 107.26
- Weighted Average Duration: 13.96 months
The yield has been supported by the fund’s strategic allocation:
| Asset Class | Allocation % |
| Fixed Deposits | 63.4% |
| Eurobonds | 34.7% |
| Cash & Call | 1.9% |
What this means for you:
- The fixed deposits provide stability and guaranteed returns.
- The Eurobond exposure boosts yields while maintaining relative safety.
- The cash buffer ensures liquidity for redemptions.
This allocation has helped the fund maintain strong consistency, even as global markets wrestle with inflation, interest rate cuts, and recession fears.
Assets Under Management (AUM)
A fund’s AUM (Assets Under Management) is a sign of investor confidence. According to the CIS Q2-2025 report, the Enwealth Dollar MMF had USD 88.06 million (approx. KSh 11.4 billion) in AUM.
That’s impressive growth, considering that just a year earlier, it had less than USD 40 million under management. The jump signals that more investors—both retail and institutional—are trusting Enwealth with their dollar savings.
In the broader market, dollar-denominated funds have seen significant inflows, with the CMA reporting that foreign-currency funds now account for 10% of the entire CIS market.
Requirements to Join
Here’s what it takes to get started with the Enwealth Dollar MMF:
- Minimum Initial Investment: USD 1,000
- Top-ups: Flexible, starting from USD 100
- Annual Management Fee: 2% + VAT
- Trustee: Co-operative Bank of Kenya Ltd
- Custodian: SBM Bank Kenya Ltd
- Fund Manager: Old Mutual Investment Group
Unlike some funds that charge joining or exit fees, the Enwealth Dollar MMF has no initial fee, making it easy and cost-effective to start.
How to Join the Enwealth Dollar Money Market Fund
The process is simple and investor-friendly:
- Application: Fill out the application form—either online through the Enwealth Capital website or by visiting their office.
- KYC Compliance: Provide necessary documents such as your National ID or Passport, KRA PIN (for Kenyans), and proof of residence.
- Funding Your Account: Transfer at least USD 1,000 to the fund’s custodian account (held at SBM Bank).
- Unit Allocation: Once funds are received, units are credited to your account, and you start earning immediately.
- Top-Ups and Withdrawals: Add funds from as little as USD 100, and request redemptions at any time.
The entire process is smooth, with Enwealth offering digital access to account statements, portfolio updates, and performance reports.
Who Should Consider This Fund?
This fund is not for everyone. But if you fall under any of these categories, it might be perfect for you:
- Diaspora Investors: You earn in dollars abroad but want to invest back home in a safe, dollar-denominated option.
- Exporters: Businesses dealing in international trade who prefer holding reserves in USD.
- High-Net-Worth Individuals: Looking to diversify holdings across currencies.
- Parents Planning for Education Abroad: If you’ll need to pay tuition in USD, why save in shillings and then convert later?
- Short-Term Planners: Anyone with dollar expenses within the next 1–2 years (travel, medical, business supplies).
Practical Use Cases
To bring it home, here are some real-world examples of how investors use the Enwealth Dollar MMF:
- Emergency Dollar Cushion: A Kenyan working in the diaspora sets aside USD 10,000 in the fund to cover family emergencies, ensuring the money grows while staying liquid.
- Education Fund: A parent saving USD 30,000 for a child’s university tuition in Canada chooses the fund to avoid currency risks.
- Business Cash Flow: An importer keeps USD 50,000 in the fund to ensure money for shipments is safe yet accessible.
- Wealth Diversification: A Nairobi investor already has KES investments but allocates USD 20,000 here to hedge against shilling depreciation.
Risks and Considerations
No investment is 100% risk-free. The Enwealth Dollar MMF is low risk, but here are a few factors to keep in mind:
- Interest Rate Changes in the U.S.: Yields are influenced by global rates such as SOFR. If rates drop significantly, returns may dip.
- Currency Fluctuations: Great for dollar holders, but if your expenses are in shillings, you might feel the pinch of holding dollars when the shilling strengthens.
- Market Liquidity: While rare, sudden global dollar shortages could affect redemption timelines.
That said, with professional management and conservative allocations, these risks are well-mitigated.
Comparison: Enwealth vs Other Dollar Money Market Funds in Kenya
| Fund (USD MMF) | Effective Yield (May 2025) | AUM (Q2 2025) | Minimum Investment | Custodian |
| Enwealth Dollar MMF | 4.5% | USD 88m | USD 1,000 | SBM Bank Kenya |
| CIC Dollar MMF | ~4.3% | USD 4.29b | USD 1,000 | Co-op Bank |
| Jubilee Dollar MMF | ~4.6% | USD 2.61b | USD 1,000 | KCB Bank |
| Dry Associates Dollar MMF | ~4.4% | USD 2.34b | USD 1,000 | Stanbic Bank |
| Old Mutual Dollar MMF | ~4.5% | USD 1.44b | USD 1,000 | Standard Chartered |
Insights:
- CIC dominates in size but slightly lower yield.
- Jubilee matches strong yields with liquidity.
- Dry Associates caters to corporates with big reserves.
- Old Mutual is a consistent performer.
- Enwealth, though smaller, is growing fast with competitive yields.
Frequently Asked Questions (FAQs)
1. What is the minimum investment?
The minimum initial investment is USD 1,000, with top-ups starting from USD 100. This allows both serious and moderate investors to access the fund.
Unlike some funds requiring huge commitments, Enwealth strikes a middle ground—accessible enough for individuals, yet large enough to keep the investor base committed.
2. How much return will I earn?
As of May 2025, the fund delivered an effective annual yield of 4.5%, with historical returns ranging between 3.8% and 5.6%. While future yields depend on market conditions, this track record suggests investors can expect steady, competitive returns that beat bank deposits.
3. Can I withdraw my money anytime?
Yes. Withdrawals are highly flexible and are typically processed within 2–5 working days. This makes the fund ideal for emergency reserves or planned USD expenses where you may need access to your money at short notice.
4. Who manages the Enwealth Dollar MMF?
The fund is administered by Enwealth Capital Limited and managed by the Old Mutual Investment Group, one of Kenya’s largest and most trusted fund managers. This gives confidence that the fund is run with both professional expertise and regulatory oversight.
5. Is my capital guaranteed?
No investment is entirely risk-free, but the Enwealth Dollar MMF minimizes risk by focusing only on short-term, high-quality instruments. While your returns may fluctuate slightly, the structure of the fund ensures a high degree of capital stability and low volatility.
Conclusion – Should You Invest?
If you’re looking for a safe, stable, and competitive way to grow your dollars, the Enwealth Dollar Money Market Fund is an excellent choice. With an annual effective yield of 4.5%, rapid growth in AUM, and conservative asset allocation, it combines capital safety, consistent income, and liquidity in one package.
It may not yet be as large as CIC or Jubilee, but its impressive growth and competitive yield make it one of the most promising funds for investors who want to diversify into USD assets.
For the diaspora, importers, exporters, parents planning for education, and high-net-worth individuals, this fund is not just an investment—it’s a shield against currency depreciation and a tool for steady wealth growth.
