Best Performing Money Market Funds in Nigeria (Q3 2026)

Introduction

Nigerian money market funds continue to deliver competitive returns heading into Q3 2026, with leading funds posting year-to-date yields between 18% and 21% as the Central Bank of Nigeria maintains its policy rate at 26.5%. For investors seeking capital preservation, short-term liquidity, and returns that outpace inflation, money market funds remain one of the most accessible entry points into Nigeria's capital market. The sector has grown substantially, with total assets under management reaching ₦5.97 trillion as of late June 2026, representing roughly two-thirds of all mutual fund assets in Nigeria. Over 800,000 investors now hold units across 47 SEC-registered money market funds, reinforcing the category's role as a mainstream savings alternative.

This ranking evaluates the best-performing money market funds based on actual year-to-date returns through Q3 2026, alongside minimum investment requirements, management fees, liquidity terms, and the quality of the fund manager. Whether you are building an emergency fund, parking personal surplus business cash, or looking for a higher-yielding alternative to your savings account, this guide will help you identify the right fund for your situation.

Why This Ranking Matters

The gap between what a standard savings account pays and what a well-managed money market fund delivers has widened significantly under Nigeria's current monetary policy environment. The Central Bank of Nigeria's (CBN) benchmark savings deposit rate was 7.95% per annum as of late June 2026. This rate is set at 30% of the Monetary Policy Rate (MPR), which was 26.5% at the time. And records show that on 14 banks had aligned their savings rates to this benchmark.

Moreover, such offers often come with conditions, such as withdrawal limits or tiered rates. The top money market funds in this ranking are delivering returns of 18% to 21% year-to-date, a difference that compounds meaningfully over time. With headline inflation sitting at 15.93% as of May 2026 and projected to remain around that level through mid-year, a savings account yielding 3% 7.95% means, at a minimum losing over 10 percentage points of purchasing power annually. A money market fund yielding 18% or more at least provides a modest buffer above inflation, preserving more of your capital in real terms. The CBN's Monetary Policy Rate remains at 26.5% following the June 2026 MPC hold, and the next committee meeting is scheduled for 20-21 July 2026. This tight policy stance continues to support elevated yields on Treasury bills, commercial papers, and bank placements, which are the core instruments money market funds invest in. As long as this environment persists, money market fund returns should remain attractive relative to bank deposit rates.

This ranking matters because not all funds perform equally. The spread between the top and bottom performers in the category can exceed five percentage points, and factors such as management fees, minimum investment thresholds, and how safely a fund is managed differ meaningfully across providers.

Our Methodology

We evaluated money market funds across five criteria, weighted as follows:

✓ Yield performance (35%) - Year-to-date returns based on the most recently available SEC CIS valuation data and fund factsheets. This is the primary ranking signal, reflecting what investors have actually earned.

✓ Fund manager quality and track record (25%) - The reputation, SEC registration status, institutional backing, and multi-year consistency of the asset management company behind the fund. A strong quarter from an unproven manager carries less weight than consistent delivery from an established one.

✓ Accessibility and minimum investment (15%) - How easy the fund is to access, including minimum investment amount, platform availability (web, mobile app), and account opening requirements. Lower barriers to entry score higher.

✓ Fee efficiency (15%) - Annual management fees and any other charges that reduce net returns. Lower fees directly improve the investor's take-home yield.

✓ Liquidity and investor base (10%) - Redemption terms (24-48 hours is standard), number of active unitholders (reflecting real-world trust), and fund size as a signal of operational stability. All funds referenced in this ranking are managed by SEC-registered asset management companies. Verify current registration status on the SEC Nigeria website.

Best Performing Money Market Funds in Nigeria - Q3 2026

Based on SEC-reported year-to-date yields and our methodology, here are the top-performing money market funds heading into Q3 2026:

1. Coronation Money Market Fund

Quick Stats:

• Min. Amount: ₦10,000
• Yield to Date: 20.54%
• Fund Size: ₦77.84 billion
• Unitholders: 18,582
• Management Fee: 1.50%

Why It Ranks Here: Coronation Money Market Fund climbed to the top position in the most recent SEC data with a 20.54% year-to-date yield, the highest among all money market funds as of late June 2026. Coronation Asset Management's expertise in Treasury bill auction strategy and portfolio optimisation has consistently placed this fund among the top three performers across multiple quarters. With nearly ₦78 billion in assets and over 18,000 unitholders, this is the largest and most widely held fund among the top performers, a strong signal of institutional and retail confidence.

Best For: Investors who prioritise maximum yield from an established, large-scale fund manager with a proven multi-quarter track record.

2. RT Briscoe Savings & Investment Fund

Quick Stats:

• Min. Amount: ₦1,000 (unit price)
• Yield to Date: 20.30%
• Fund Size: ₦454.84 million
• Unitholders: 41

Why It Ranks Here: RT Briscoe Savings & Investment Fund, managed by DLM Asset Management and backed by RT Briscoe Nigeria Plc, slipped one place from the top spot it held in May but remains a strong performer with a 20.30% YTD yield. Launched in 2024, the fund's high unit price and small unitholder base point to a more institutional or high-net-worth investor profile than most funds in this ranking.

Best For: Investors comfortable with a smaller, more concentrated fund and a higher per-unit entry point, in exchange for top-tier yield.

3. First Ally Money Market Fund

Quick Stats:

• Yield to Date: 20.01%
• Fund Size: ₦8.64 billion
• Unitholders: 2,514
• Management Fee: 1.50%

Why It Ranks Here: First Ally Money Market Fund, managed by First Ally Asset Management, returned to the top 10 in June 2026 after dropping out in May, having last featured in April. Its re-entry at 20.01% YTD suggests improved portfolio positioning during the second quarter.

Best For: Investors comfortable with a fund manager whose top-tier performance has been intermittent rather than continuous, but who is currently delivering standout yields.

4. STL Money Market Fund

Quick Stats:

• Min. Amount: ₦5,000 (50 units @ ₦100.00
• Yield to Date: 19.70%
• Fund Size: ₦16.24 billion
• Unitholders: 1,790
• Management Fee: 1.50%

Why It Ranks Here: STL Money Market Fund, managed by STL Asset Management and backed by STL Trustees Limited, held its fourth position from May into June with a 19.70% YTD yield. The fund serves both retail and institutional investors, and its consistent yields relative to its size suggest disciplined portfolio management.

Best For: Investors seeking a high-performing fund from a specialist asset management house, particularly those who value the backing of a trustee-affiliated manager.

5. DLM Money Market Fund

Quick Stats:

• Min. Amount: ₦10,000
• Yield to Date: 19.68%
• Fund Size: ₦1.85 billion
• Unitholders: 191
• Management Fee: 1.5%

Why It Ranks Here: DLM Money Market Fund, managed by DLM Asset Management (part of DLM Capital Group), dropped two places from third in May to fifth in June, though it still delivered a solid 19.68% YTD yield. This is a distinct product from the RT Briscoe fund also managed by DLM, worth noting since both share a parent asset manager.

Best For: Investors comfortable with a newer but high-performing fund backed by a credible institutional group with strong fixed income capabilities.

6. Trustbanc Money Market Fund

Quick Stats:

• Min. Amount: ₦1,000
• Yield to Date: 19.40%
• Fund Size: ₦18.16 billion
• Unitholders: 978

Why It Ranks Here: Trustbanc Money Market Fund, managed by Trustbanc Asset Management, rose one place from seventh in May to sixth in June with a 19.40% YTD yield. The fund's steady climb reflects consistent asset allocation under Trustbanc Group's leadership.

Best For: Investors who value upward momentum from a fund manager showing consistent quarter-on-quarter improvement.

7. Page Money Market Fund

Quick Stats:

• Yield to Date: 19.00%
• Fund Size: ₦2.12 billion
• Unitholders: 291

Why It Ranks Here: Page Money Market Fund, managed by Page Asset Management, slipped one place from sixth in May to seventh in June with a 19.00% YTD yield. Despite the small dip, the fund has maintained a top-ten position through to mid-2026.

Best For: Investors who value consistency from a focused asset management firm.

8. Greenwich Plus Money Market Fund

Quick Stats:

• Min. Amount: ₦10,000
• Yield to Date: 18.81%
• Fund Size: ₦13.55 billion
• Unitholders: 1,112
• Management Fee: 1.50%

Why It Ranks Here: Greenwich Plus Money Market Fund, managed by Greenwich Asset Management (part of Greenwich Merchant Bank Group), retained its eighth position from May with an 18.81% YTD yield. The merchant bank lineage gives the fund manager strong access to wholesale money market instruments.

Best For: Investors who value institutional-grade portfolio management from a merchant banking group.

9. Zedcrest Money Market Fund

Quick Stats:

• Min. Amount: ₦1,000
• Yield to Date: 18.68%
• Fund Size: ₦19.23 billion
• Unitholders: 8,473
• Management Fee: 1.50%

Why It Ranks Here: Zedcrest Money Market Fund, managed by Zedcrest Investment Managers, made a notable entry into the top ten in June 2026 after being absent from the May ranking. Its unitholder base of over 8,000 is among the largest in the top ten, suggesting rapid retail uptake.

Best For: Investors open to newer entrants in the top tier who are showing strong momentum and broad retail adoption.

10. CardinalStone Money Market Fund

Quick Stats:

• Min. Amount: ₦100,000
• Yield to Date: 18.25%
• Fund Size: ₦30.55 billion
• Unitholders: 2,059
• Management Fee: 1.00%

Why It Ranks Here: CardinalStone Money Market Fund, managed by CardinalStone Asset Management, rounds out the top ten, slipping one place from ninth in May to tenth in June with an 18.25% YTD yield. Launched in October 2024, the fund's ₦30.55 billion in assets makes it one of the larger funds in the ranking despite its lower position.

Best For: Investors who want a low-risk investment vehicle from a fund with substantial scale, even at a slightly lower yield than the top performers.

How to Choose the Right Money Market Fund

Selecting a money market fund is not purely about chasing the highest yield. Consider these factors:

Choose a high-yield fund (Coronation, DLM, STL) if you have a lump sum to deploy, you are comfortable with fund managers that may be newer or more concentrated, and your primary goal is maximising return on idle cash.

Choose an established large-scale fund (ARM MMF, FCMBAM MMF) if you are investing for the first time, you prefer a long track record and large investor base, and you want the lowest possible minimum investment to get started.

Choose a low-fee fund (PACAM, CardinalStone) if you are deploying a larger amount where even small fee differences compound meaningfully, and you want maximum net yield efficiency.

Choose an insurance-backed fund (AIICO) if you value the institutional stability of an insurance group, you are investing ₦100,000 or more, and you want a manager with deep fixed income and Treasury bill expertise.

For side-by-side comparisons across all available funds, use the money market funds comparison tool or estimate your potential returns with the money market fund calculator.

nairaCompare Insight

If you are a young professional or salary earner putting aside ₦50,000 to ₦200,000 monthly, parking that money in a standard savings account means accepting a real loss of over 10 percentage points after inflation. A money market fund yielding 19% on the same capital closes that gap substantially. For someone setting aside ₦100,000 monthly into a fund averaging 19% YTD, the accumulated interest over six months is roughly ₦57,000 more than the same amount in a 3% savings account. That is the difference between your emergency fund growing or quietly shrinking. For business owners and corporate treasurers managing surplus cash, money market funds offer a disciplined alternative to leaving operational float in zero-yielding current accounts. The advantages are well documented, but the selection matters as much as the decision to invest. A fund with a 1.0% management fee versus one at 1.5% on ₦10 million means ₦50,000 more in your pocket annually, and fee differences compound just as returns do. Compare options carefully, verify current yields against the latest SEC data, and choose based on your actual liquidity needs rather than headline numbers alone.

Frequently Asked Questions

Q: Are money market funds safe in Nigeria?

A: Money market funds invest in low-risk, short-term instruments such as Treasury bills and high-grade commercial papers. They are not NDIC-insured like bank deposits, but they are SEC-regulated, professionally managed, and have a strong historical record of capital preservation in Nigeria. The primary risks are inflation erosion and rare liquidity events, not capital loss. Read our full safety analysis here.

Q: What is the minimum amount needed to invest in a money market fund?

A: Minimum investments range from ₦1,000 (ARM MMF, FCMBAM MMF) to ₦100,000 (AIICO MMF, CardinalStone). Most funds in this ranking accept initial investments of ₦5,000 to ₦10,000, making them accessible to the majority of salary earners and young professionals.

Q: How quickly can I withdraw my money from a money market fund?

A: Most money market funds process redemptions within 24 to 48 hours. Some funds may require a notice period for larger withdrawals. Check the specific fund's terms before investing if immediate access is a priority.

Q: Are money market fund returns guaranteed?

A: No. Returns are based on market conditions, particularly the yields available on Treasury bills, commercial papers, and other short-term instruments. Past performance does not guarantee future results. However, the current high-yield environment, driven by the CBN's 26.5% policy rate, supports continued strong returns as long as monetary policy remains tight.

Q: How are money market fund returns taxed in Nigeria?

A: Withholding tax of 10% applies to investment income from money market funds for individual investors. Corporate investors are subject to companies income tax on their returns. Always consult a tax adviser for guidance specific to your situation.

Q: What is the difference between a money market fund and a fixed deposit?

A: Money market funds offer higher liquidity (24-48-hour access vs. fixed lock-in periods), professional management across a diversified portfolio, and potentially higher yields. Fixed deposits offer a guaranteed rate for a fixed term and may be NDIC-insured up to ₦5 million (lower for individuals). For a deeper comparison, read our guide on how to invest in money market funds.

Q: Why are money market fund yields so high in Nigeria right now?

A: The CBN's aggressive monetary tightening cycle, which raised the MPR from 11.5% to 27.5% before trimming it to 26.5%, has pushed Treasury bill yields to 16-20% and commercial paper rates to 20-25%. Money market funds investing in these instruments pass those elevated yields through to investors after deducting management and other fees. Our detailed explainer covers why yields of 21-24% became possible.

Related Resources

• Compare Money Market Funds in Nigeria - Side-by-side comparison of yields, fees, and minimum investments
• Money Market Fund Calculator - Estimate your potential returns
• Are Money Market Funds Safe? - A detailed look at risks and advantages
• How to Invest in Money Market Funds in Nigeria - Step-by-step guide
• Best Performing Fixed Income Funds in Nigeria (Q2 2026) - For investors considering longer-term bond funds
• Nigeria's Money Market Funds Surge: Why Yields of 21-24% Are Possible in 2026 - Deep-dive explainer on the yield environment
• Advantages and Considerations of Money Market Funds - Balanced overview for new investors

Conclusion

Money market funds remain one of the smartest moves Nigerian investors can make in the current interest rate environment. With the CBN's policy rate at 26.5% and inflation hovering around 16%, these funds deliver real returns that savings accounts simply cannot match. The top performers in this ranking are generating 18% to 21% year-to-date, providing meaningful capital preservation alongside daily liquidity.

The key is choosing the right fund for your specific needs. Whether you prioritise maximum yield, low fees, low minimums, or the reputation of the fund manager, this ranking gives you a clear starting point. Compare your options on nairaCompare and take the first step towards making your idle cash work harder.

This article is for informational purposes only and does not constitute financial advice. Money market fund returns are based on past performance and are not guaranteed. All funds mentioned are managed by SEC-registered asset management companies; verify current registration status before investing. Yields, asset sizes, and unitholder figures cited are based on the most recently available SEC CIS valuation data as of late June 2026, supplemented by data from the nairaCompare product database. Consult a qualified financial adviser before making investment decisions.