Dollar money market funds in Kenya
By Arnold Ochieng · Money market funds hub · paybillke is an independent guide and is not affiliated with any fund manager.
A dollar MMF holds your money in US dollars and invests it in short-term dollar debt. It suits diaspora savers, people paid in dollars from Upwork, Fiverr or remote work, and anyone saving for a cost priced in dollars. Etica takes M-PESA through Equity's paybill 247247, but your shillings are converted at the bank's rate on the day.
Exchange-rate risk
Before you pick a dollar fund
- The rate quoted is in dollars. Do not compare it with a shilling fund's rate. Dollar funds pay less, because dollar interest rates are lower.
- Converting costs you twice. You pay the bank's spread converting in, and again when you withdraw to shillings.
- Withdrawals usually go to a bank. Ask the fund whether it pays dollars to M-PESA, or only shillings at the day's rate.
- Tax is the same. The 15% withholding tax applies to dollar fund interest too.
Stablecoin deposits at Cytonn
Cytonn's payment page also lists USDC and USDT deposits on Solana and BNB Smart Chain through its client portal, credited at the shilling value. Send only on the networks it names: a coin sent on the wrong network can be lost for good. More in the crypto hub.
Related
Online jobs that pay in dollars, the MMF paybill list, and the currency converter. We leave dollar yields off this page on purpose; check each fund's dated factsheet.
About this page
| Fund | From M-PESA | From a bank | Source |
|---|---|---|---|
| Etica USD funds | Paybill 247247, account 0180285106666, quoting your member number (e.g. 1019MU); converted at the bank's rate that day | Equity Bank USD account 0180285106666, SWIFT EQBLKENA | eticacap.com |
| Cytonn Money Market Fund (USD) | Through the Cytonn app or portal | SBM 0082378419001, Sidian 01999330000504, DTB 0269867004 or Stanbic 0100018709168 | cytonn.com |
| Old Mutual Dollar MMF | Confirm with Old Mutual | KCB Custody Services, account 1318304717, SWIFT KCBLKENX | oldmutual.co.ke |
Frequently asked
Can I invest in a dollar MMF with M-PESA?
With Etica, yes: Equity paybill 247247, account 0180285106666, quoting your member number. The bank converts your shillings at its rate that day. Cytonn takes dollar deposits through its app, portal or bank transfer.
Is interest on a dollar MMF taxed in Kenya?
Yes. The same 15% withholding tax applies to the interest.