Money market funds in Nigeria: top yields and how to choose
Nigerian money market funds hold over ₦6.5 trillion and the best returned about 19% to 21% this year. The leaders and how to choose a fund.
A money market fund (MMF) pools savers' money and invests it in short-term, low-risk assets such as Treasury bills, commercial paper and bank deposits. In Nigeria, money market funds are regulated by the Securities and Exchange Commission (SEC) and run by licensed fund managers. They have become the most popular type of mutual fund in the country because they offer better returns than most savings accounts with easy access to your money. This guide compares the best money market funds in Nigeria by yield, explains why yields may fall, and shows how to choose a fund.
How money market funds work
When you invest in a money market fund, you buy units in a large pool. The fund manager uses the pool to buy short-term naira assets and passes the income back to investors after fees. A separate custodian holds the assets, which protects investors if the manager runs into problems. You can usually start with a small amount, add money whenever you like and withdraw within a few working days, which makes MMFs useful for emergency funds and short-term goals.
How big Nigeria's money market funds are
As of 25 September 2026, Nigeria's 49 money market funds held ₦6.56 trillion, about 68% of all mutual fund assets in the country. That dominance reflects how many Nigerians now use MMFs as an alternative to bank deposits.
Top money market funds by year-to-date yield (September 2026)
According to SEC data compiled by Nairametrics, the leading funds by year-to-date yield were:
- First Ally Money Market Fund: 21.43%
- Coronation Money Market Fund: 21.11%
- DLM Money Market Fund: 20.54%
- RT Briscoe Savings & Investment Fund: 20.53%
- STL Money Market Fund: 19.39%
- Comercio Partners Money Market Fund: 19.33%
- CardinalStone Money Market Fund: 19.31%
- Greenwich Plus Money Market Fund: 19.29%
- Apel Wealth Money Market Fund: 19.20%
- Myrtle Nest Money Market Fund: 19.01%
Yields change every week, and past returns do not guarantee future ones. The gap between the top funds is small, so other factors such as fees and service often matter as much as the headline number.
Why money market fund yields may fall
The CBN cut its policy rate from 26.5% to 23% in September 2026. Money market funds hold Treasury bills and similar assets, so as those rates fall, fund yields usually drift down too, with a lag as older, higher-yielding assets mature. Even so, yields still compared well with inflation of 14.63% in September, giving investors a positive real return.
How to choose a money market fund in Nigeria
Check that it is SEC-registered. Only invest in funds registered with the SEC and run by a licensed fund manager. Be wary of schemes that call themselves money market funds but are not registered, or that promise fixed high returns.
Look at the fees. Ask about management fees and whether the quoted yield is after them. Some funds also charge for early withdrawals within a set period.
Check withdrawal times. Most funds pay out within a few working days. If you plan to use the fund for emergencies, confirm the timing and the process, such as whether you can redeem through an app.
Look at size and consistency. A large fund with steady returns over several years is often a better choice than one at the top of this month's table. Consistency suggests careful management.
Consider the platform. Many managers now offer apps that let you invest, track and withdraw from your phone, which makes regular saving easier.
Money market funds or Treasury bills?
Treasury bills lock in a rate for a fixed term, while money market funds give flexible access with a rate that changes. Prefer to hold the bills yourself? See how to buy Treasury bills in Nigeria. For long-term protection against rising prices, read our guide on protecting savings from inflation in Nigeria, and estimate growth with our money market fund calculator.
Frequently asked questions
Are money market funds in Nigeria safe?
They invest in low-risk assets and are regulated by the SEC, but they are not bank deposits and are not guaranteed.
Which money market fund has the highest yield in Nigeria?
In September 2026, First Ally led with a year-to-date yield of 21.43%, but rankings change weekly.
How quickly can I withdraw from a money market fund?
Usually within a few working days, depending on the fund.
Sources
This article is general information, not financial advice.