On July 23rd, 2024, Faulu Microfinance Bank launched its highly anticipated Money Market Fund in partnership with Old Mutual Investment Group (OMIG)

Faulu MMF was launched a month after receiving a capital injection of Sh. 900 million from the Old Mutual Group. This has strengthened their financial position, allowing for increased lending capacity and a broader range of services.

As of July 18, 2024, Faulu offers a competitive effective annual yield of 16.32%, ranking it among the top similar funds. With just Sh. 1000, one can open an account in the fund.

Faulu’s competitive investment options are designed to meet the financial goals and preferences of their customers while also tapping into unreached market segments.

The MMF is part of Faulu’s strategic plan to grow its wealth management portfolio, leveraging the extensive expertise and resources of the Old Mutual Investment Group (OMIG), the investment arm of Faulu’s parent company, Old Mutual Group.

I want to save Sh. 25,000 per month. Which is better between MMF and Sacco?

Faulu MMF is one of the financial products designed to enhance the firm’s offerings, providing solutions to meet the dynamic needs of its growing customer base.

“We are pleased to introduce our MMF, 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,” said Faulu Bank’s CEO Julius Ouma.

MMFs are well-known for their benefits, such as increased safety, liquidity, and the ability to spread out investments. Investors can enjoy competitive interest returns while keeping their funds accessible, balancing profitability with financial flexibility.

 “The Old Mutual Group has extensive experience in Money Market Fund management stretching over decades and we bring this expertise to ensure that manager will be fully available to give guidance across a diversified portfolio of money market instruments,” said OMIG Managing Director, Anthony Mwithiga.