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Best Money Market fund in Kenya
Rank: Member Joined: 1/2/2008 Posts: 268 Location: Nairobi
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Tall Order wrote:Not all of them do 3 months, others even do 1 year terms like CIC, however, try Zimele, they do 1 month terms but the rate is a flat one of 9% per annum, a stone throw away from where you were yesterday, they are located at Ecobank Towers, 7th Floor Muindi Mbingu Street, Nairobi. Tel: 254-2—246273,246267 0722-207662 Telefax: 216507 e-mail: info@zimele.net Thanks. I will check them out. Have you dealt with them (Zimele) before? How is their service and information sharing? Any charges? At Gencap, the money market, what they call Hela, is free.
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Rank: Member Joined: 5/9/2014 Posts: 130 Location: Nairobi
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Yes, I have dealt with Zimele and they are a honest lot of people. Service wise you will term them lazy (not tech savvy), you cannot lose your money, that I have learnt with them, but they have to be pushed to get your online statement updated every now and then, maybe (few staff,I suppose).
So suppose you make a deposit in their bank account, then you have to scan to them, they will acknowledge receipt but if you check online after a day or two, it doesn't reflect but they won't con you either, when you call they will update accordingly.
Effectively there are No charges, the 9% interest quoted is net of everything.
Gencap which I have done also, is 11 or 12%, but that is before withholding tax which is effectively as @Chaka pointed out on this thread post #37 "Is the 11 pc before WTH,its likely before which means net return is 9.35 pc?" I agree with @Chaka fully.
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Rank: Member Joined: 2/18/2011 Posts: 448
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ecstacy wrote:XSK wrote:mkonomtupu wrote:ecstacy wrote:mchambuzi wrote:mkonomtupu wrote:ecstacy wrote:If you are not in a hurry, you are better off buying NSE blue chips to the end of time.. why buy shares with dividend yields of 1-5% when you can get 8-10% on the money market without risking your capital 8-10%? Thats low, inflation is at 7.15% although in actual sense its usually much higher. That means you are making 2-3% gain. In shares you can make more from capital gains not just the dividends. I would opt for a portfolio of blue chip companies if I was risk averse To make it easier, assume you had been buying SCOM, BAT and KCB shares over the past three years. Look at the share price appreciation and dividend yield and that money market fund is exposed as a joke. At that point the dividend yield was good 7-10% but right now the same stocks are over-valued e.g SCOM has p/e of 36(overvalued highest should be 18). That means you to wait 36 years. It's unlikely that company earnings will match up with those prices any time soon. For the record i bought my shares at rock bottom prices KCB 21, NIC 24, kengen 8.3 but I have taken capital gains and re-invested in money market. It depends on timing
@Mkonomtupu Thanks for that education on the money market fund. Its basically a place to keep/park your money as you wait for an opportunity to strike! Meanwhile the money will not be losing value. I assume I am talking to Wazua veterans here. And where do we imagine these fund managers take your money? HAHA Let us put this in perspective. After waiting 12 solid months, the fund promises me 8-10% in a country with 7% inflation at best and we are happy? To put this to rest. Buy KQ today 13.50, sell on 2015 FY announcement. Buy NBK today 31.75, sell by March 2015. Buy HFCK today 33.75, sell March 2015. NB: Any negative NSE reaction on sign of fed tapering and sell the above before Sept 2014 for a lower re-entry. We shall compare notes at this time next year OR before Sept 2014. And just to hammer the point closer home, buy SCOM TODAY at 11.70/= and sell by this 2014 full year results in June therabouts. Between now and then, price appreciation estimate is 13.50, that is 15% up from TODAYs 'over valued' price for this GROWTH stock!! HAHA 7 months later and KQ=10.10 25% loss NBK=29 8% loss and HFCK=47 40% gain scom 12.10 3.3% gain If you cherry picked your stocks you would have eat the money market thus far
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Rank: Member Joined: 1/2/2008 Posts: 268 Location: Nairobi
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Tall Order wrote:Yes, I have dealt with Zimele and they are a honest lot of people. Service wise you will term them lazy (not tech savvy), you cannot lose your money, that I have learnt with them, but they have to be pushed to get your online statement updated every now and then, maybe (few staff,I suppose).
So suppose you make a deposit in their bank account, then you have to scan to them, they will acknowledge receipt but if you check online after a day or two, it doesn't reflect but they won't con you either, when you call they will update accordingly.
Effectively there are No charges, the 9% interest quoted is net of everything.
Gencap which I have done also, is 11 or 12%, but that is before withholding tax which is effectively as @Chaka pointed out on this thread post #37 "Is the 11 pc before WTH,its likely before which means net return is 9.35 pc?" I agree with @Chaka fully. Thanks for this elaborate feedback. I highly appreciate your selflessness and openness. Keep up sharing great information.
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Rank: Member Joined: 5/9/2014 Posts: 130 Location: Nairobi
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Much appreciated @icecube, that's the wazua spirit, offer assistance where one can to your colleagues and together we achieve our goals.
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Rank: Member Joined: 10/23/2008 Posts: 234
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anyone with most current rates net after tax/charges? actual, not those published in media? hows gencap? zimele?
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Rank: Member Joined: 5/9/2014 Posts: 130 Location: Nairobi
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@oops,I can only comment on Zimele in that respect, because theirs is a flat rate net of everything (9%), but Gencap fluctuates its rates, today its 10%, tomorrow its 11% the other day its 12% and so forth and Gencap's rate is not net of everything, they still have to remove the withholding tax on your earnings.
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Rank: Elder Joined: 2/16/2007 Posts: 2,114
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Tall Order wrote:@oops,I can only comment on Zimele in that respect, because theirs is a flat rate net of everything (9%), but Gencap fluctuates its rates, today its 10%, tomorrow its 11% the other day its 12% and so forth and Gencap's rate is not net of everything, they still have to remove the withholding tax on your earnings. @Tall Order, If I got you correct,for Zimele,the minimum investment period is one month?Also, is the interest compounded or the interest at day one is multiplied by 30 for the one month? Britam have a product called cash management and they had an offer recently for mimimum 1M for three months at 12 pc interest..not sure if it is still there.
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Rank: Member Joined: 5/9/2014 Posts: 130 Location: Nairobi
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@Chaka
That is correct for Zimele, the minimum investment period is one month, the interest is NOT compounded, so you have to withdraw each end month and re-invest. They only re-invest the interest if you keep it for a whole year with them. With a flat rate the interest on day one is indeed multiplied by 30 days
Thanks for the information on Britam's offer, we'll check it up.
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Rank: Elder Joined: 2/16/2007 Posts: 2,114
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Forgot to mention that the Britam thing is also flat rate...
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Rank: Member Joined: 1/2/2008 Posts: 268 Location: Nairobi
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With Zimele, they say you can access your account online, but for the last 1 week, have been told the online system is down. Anybody with latest information on this?
@Tall Order? anyone?
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Rank: Member Joined: 3/26/2012 Posts: 830
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When starting this thread, I must admit I was lost.Thanks to my guts I went with this other option http://www.wazua.co.ke/f...spx?g=posts&t=27314 ...money markets and mutual funds are a waste of time. Invest the cash yourself and stop some fat cat from 'eating' your already small cake A successful man is not he who gets the best, it is he who makes the best from what he gets.
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Rank: Member Joined: 5/9/2014 Posts: 130 Location: Nairobi
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@icecube Yes you can access your account online, the system is up, who says it is down?, I've just used it to view my account statement for a small amount that I have with them that I don't want to risk at the NSE. Try the link below http://www.zimele.net/in...&id=7&Itemid=107
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Rank: Member Joined: 1/2/2008 Posts: 268 Location: Nairobi
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[quote=Tall Order]@icecube Yes you can access your account online, the system is up, who says it is down?, I've just used it to view my account statement for a small amount that I have with them that I don't want to risk at the NSE. Try the link below http://www.zimele.net/in...amp;id=7&Itemid=107[/quote] Thanks. my account with them is new. I am told they are yet to enable me for online access.
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Rank: Member Joined: 5/9/2014 Posts: 130 Location: Nairobi
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@icecube
It doesn't matter how old or new your account is with them, just call them and insist that you wish to view your account statements online, they'll take a day or so to create it and you can view your statement. At least you'll see the investment amount you put with them and that gives you the piece of mind and several 000s because it hasn't earned any interest as such will still give comfort that your cash in is very safe hands.
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Rank: Member Joined: 1/2/2008 Posts: 268 Location: Nairobi
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Tall Order wrote:@icecube
It doesn't matter how old or new your account is with them, just call them and insist that you wish to view your account statements online, they'll take a day or so to create it and you can view your statement. At least you'll see the investment amount you put with them and that gives you the piece of mind and several 000s because it hasn't earned any interest as such will still give comfort that your cash in is very safe hands. Thanks. I want to see my money online. I will call them and insist.
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Rank: Member Joined: 1/2/2008 Posts: 268 Location: Nairobi
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I have tussled with Zimele for online account access but there still seems to be a problem, one month later. There seems to be some yet undisclosed "technical" challenges over there.
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Rank: Member Joined: 5/9/2014 Posts: 130 Location: Nairobi
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Call Zimele, the lady who picks up your phone 'read her the Riot Act'. You have placed your investment with their company and you expect better treatment than that, if they don't do it call them again in the week and again and if they don't, walk in and see if they don't respond. I can't see of another way.
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Rank: Member Joined: 5/6/2011 Posts: 391 Location: Nairobi
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As we close the year 2014, any reviews on the various money market funds ? both good and bad ... "You can't have everything. Where would you put it?" - Stephen Wright
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Rank: Elder Joined: 7/11/2010 Posts: 5,040
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Hi debt gurus. I've seen CiC have a fixed income fund. The returns are higher than the Money market fund. My question. What makes the fixed income more risky and what is its worst case scenario The investor's chief problem - and even his worst enemy - is likely to be himself
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