By Boluwatife Oshadiya | August 24th 2026
KEY POINTS
- Nigeria’s money market fund segment reached a net asset value of N6.27 trillion as of July 31, 2026, a 4.96% increase from N5.97 trillion in June
- The segment now serves 846,933 unitholders across 48 funds, the largest single-month unitholder growth in recent months
- DLM Money Market Fund topped the July rankings with a year-to-date yield of 20.69%, rising four places from fifth position in June
- Two funds — Alpha10 and Myrtle Nest — entered the top 10 for the first time in July, reflecting the segment’s increasingly competitive landscape
MAIN STORY
Nigeria’s money market fund industry closed July 2026 at its highest net asset value on record, with the segment expanding to N6.27 trillion — accounting for 66.74% of the country’s total mutual fund assets. The figure, drawn from data compiled by the Nairametrics Research team from the Securities and Exchange Commission (SEC), represents a 4.96% month-on-month increase from the N5.97 trillion recorded in June and reflects a sustained appetite for short-term, high-quality investment instruments among Nigerian retail and institutional investors.
The segment now hosts 48 funds following the entry of Radix Money Market Fund as a new participant and serves 846,933 unitholders — a monthly addition of 46,883 investors, or a 5.86% increase from June. That figure represents the largest single-month unitholder growth recorded in recent months, reinforcing the category’s role as a primary gateway into Nigeria’s capital market.
Despite the impressive aggregate size, the top 10 performing funds by year-to-date yield collectively manage N215.82 billion — just 3.44% of total money market fund assets — highlighting how performance leadership and asset scale do not always coincide in this segment. Returns among these top performers range from 18.36% to 20.69% for the year so far.
The DLM Money Market Fund, managed by DLM Asset Management Limited, leads the July ranking with a YTD yield of 20.69%, rising four places from fifth in June in what amounts to the joint-largest upward move among the top 10 this month. An investor who committed N5 million to DLM at the start of the year would have earned approximately N1,034,500 in returns by July 31, bringing the portfolio total to N6,034,500.
THE ISSUES
A rate environment that keeps giving
The money market fund sector’s continued expansion does not exist in a vacuum. It is being propelled by a monetary policy environment that has kept short-term yields elevated well above savings account rates. The Central Bank of Nigeria’s Monetary Policy Committee, at its 306th meeting held on July 20 and 21, 2026, retained the Monetary Policy Rate at 26.5%, its third consecutive hold following a 50-basis-point cut in February from 27%. CBN Governor Olayemi Cardoso cited heightened global uncertainties — specifically the renewed conflict in the Middle East and its potential pass-through to domestic inflation — as the primary rationale for maintaining a cautious policy stance.
With the MPR at 26.5%, the underlying instruments in which money market funds invest — treasury bills, commercial papers, bank placements, and bankers’ acceptances — continue to reprice at competitive rates. This translates directly into the double-digit yields that fund managers are passing on to unitholders.
The size-versus-performance paradox
One of the clearest structural patterns in the July data is the inverse relationship between fund size and yield leadership. The DLM Money Market Fund, which leads the ranking, manages just N2.07 billion in assets — a fraction of the Coronation Money Market Fund’s N98.55 billion. Similarly, the Myrtle Nest Money Market Fund, which entered the top 10 in July with a 19.09% yield, manages only N652.39 million. Smaller, more agile funds appear able to concentrate their portfolios in higher-yielding instruments without the constraints that come with deploying larger pools of capital. This creates a bifurcated market where investors choosing for maximum yield and those choosing for scale and stability are making distinctly different trade-offs.
The crowdfunding effect
One structural feature that continues to drive unitholder growth is the democratisation of access. Money market funds effectively function as a pooling mechanism, allowing investors with as little as N1,000 to participate in treasury bill auctions and commercial paper markets that typically require a minimum of N5 million in the primary market. This dynamic has been particularly powerful for retail participation and has been reinforced by the growth of fintech distribution platforms that allow fund subscriptions and redemptions via mobile applications.
TOP 10 PERFORMING MONEY MARKET FUNDS — JULY 2026 (RANKED BY YTD YIELD)
10. CardinalStone Money Market Fund — 18.36%
Managed by CardinalStone Asset Management Limited, the CardinalStone Money Market Fund retained its tenth position from June with a year-to-date yield of 18.36%. The fund manages N37.08 billion in assets and serves 2,417 unitholders, with a unit price of N1.00. It is the largest fund by assets under management within this top 10 ranking, outside of Coronation, underscoring how scale and yield rankings operate on separate tracks in this market.
An investor who placed N5 million in this fund at the start of the year would have earned approximately N918,000 in returns, bringing their total to N5,918,000.
9. Zedcrest Money Market Fund — 18.59%
The Zedcrest Money Market Fund, managed by Zedcrest Investment Managers Limited — part of Zedcrest Group, led by Group Chief Executive Officer Adedayo Amzat — retained its ninth position from June with a YTD yield of 18.59%. The fund manages N22.57 billion in assets and serves 9,460 unitholders, with a unit price of N1.00.
An investor who placed N5 million in this fund at the start of the year would have earned approximately N929,500 in returns, bringing their total to N5,929,500.
8. STL Money Market Fund — 18.81%
The STL Money Market Fund, managed by STL Asset Management Limited and backed by STL Trustees Limited — led by Managing Director and Chief Executive Officer Funmi Ekundayo — recorded a YTD yield of 18.81% in July, falling four places from fourth in June. That four-place drop is the steepest ranking decline among any top 10 fund this month, suggesting stronger upward momentum from competing funds rather than a decline in STL’s absolute performance.
The fund manages N18.77 billion in assets and serves 2,004 unitholders, with units priced at N100. An investor who placed N5 million in this fund at the start of the year would have earned approximately N940,500 in returns, bringing their total to N5,940,500.
7. Alpha10 Money Market Fund — 18.86%
The Alpha10 Money Market Fund makes its debut in the top 10 rankings in July, managed by Alpha10 Fund Managers Limited, part of Alpha10 Group under Managing Director and Chief Executive Officer Abigail Utomi. Launched in December 2025 and debuting on the performance charts in March 2026, the fund is among the newest participants in the Nigerian money market fund segment — yet it has already established itself as a yield leader.
The fund manages N2.28 billion in assets and serves 228 unitholders, with a unit price of N1.00. An investor who placed N5 million in this fund at the start of the year would have earned approximately N943,000 in returns, bringing their total to N5,943,000. Alpha10’s entry into the top 10 reinforces the trend of smaller, newer funds outperforming on yield.
6. Trustbanc Money Market Fund — 18.99%
The Trustbanc Money Market Fund, managed by Trustbanc Asset Management Limited — part of Trustbanc Group, led by Group Managing Director and Chief Executive Officer Abubakar Jimoh — retained its sixth position from June with a YTD yield of 18.99%. The fund manages N18.13 billion in assets and serves 1,044 unitholders, with a unit price of N1.00.
An investor who placed N5 million in this fund at the start of the year would have earned approximately N949,500 in returns, bringing their total to N5,949,500.
5. Myrtle Nest Money Market Fund — 19.09%
The Myrtle Nest Money Market Fund enters the top 10 for the first time in July, managed by Myrtle Asset Management Limited under Chief Executive Officer Oluwaseun Adesoye. Launched in 2026, it is one of the newest funds in the entire segment, yet has produced a YTD yield of 19.09% — placing it ahead of several more established names.
The fund manages N652.39 million in assets and serves 375 unitholders, with a unit price of N1.00 — the smallest fund by assets under management in this ranking. Its arrival in the top five reinforces the pattern of newer, smaller funds punching above their weight in yield performance.
An investor who placed N5 million in this fund at the start of the year would have earned approximately N954,500 in returns, bringing their total to N5,954,500.
4. Greenwich Plus Money Market Fund — 19.11%
The Greenwich Plus Money Market Fund, managed by Greenwich Asset Management Limited — part of Greenwich Merchant Bank Group led by Group Chief Executive Officer Benson Ogundeji — recorded a YTD yield of 19.11% in July, rising four places from eighth in June. That four-place gain makes it one of the joint-biggest upward movers of the month alongside DLM.
The fund manages N15.19 billion in assets and serves 1,144 unitholders, with units priced at N100. An investor who placed N5 million in this fund at the start of the year would have earned approximately N955,500 in returns, bringing their total to N5,955,500.
3. RT Briscoe Savings & Investment Fund — 20.13%
The RT Briscoe Savings & Investment Fund, managed by DLM Asset Management Limited and backed by RT Briscoe Nigeria Plc — led by Group Managing Director Seyi Onajide — slipped one place from second in June to third in July, posting a YTD yield of 20.13%. Despite the ranking drop, it remains one of only three funds in the segment to have delivered a year-to-date return exceeding 20%.
The fund manages N520.46 million in assets and serves 63 unitholders, with units priced at N1,000 — among the highest unit prices in the top 10. An investor who placed N5 million in this fund at the start of the year would have earned approximately N1,006,500 in returns, bringing their total to N6,006,500.
2. Coronation Money Market Fund — 20.22%
The Coronation Money Market Fund, managed by Coronation Asset Management Limited under Managing Director Aigbovbioise Aig-Imoukhuede, slipped one place from the top spot it held in June to second in July, recording a YTD yield of 20.22%. Despite the positional shift, Coronation remains the dominant fund in this ranking by assets under management and unitholder count.
The fund manages N98.55 billion in assets across 20,347 unitholders at a unit price of N1.00 — making it both the largest and most widely held fund in the top 10 by a significant margin. An investor who placed N5 million in this fund at the start of the year would have earned approximately N1,011,000 in returns, bringing their total to N6,011,000.
1. DLM Money Market Fund — 20.69%
Leading the July rankings is the DLM Money Market Fund, managed by DLM Asset Management Limited — part of DLM Capital Group, led by Group Chief Executive Officer Sonnie Ayere — with a YTD yield of 20.69%. The fund rose four places from fifth in June to claim the top position in July, the joint-largest upward move among the top 10 this month.
The fund manages N2.07 billion in assets and serves 317 unitholders, with units priced at N1,000. An investor who placed N5 million in this fund at the start of the year would have earned approximately N1,034,500 in returns, bringing their total to N6,034,500. DLM Asset Management also manages the third-ranked RT Briscoe Savings & Investment Fund, making it the only firm in the top 10 with two funds among the highest yielders.
WHAT’S BEING SAID
The sustained growth of Nigeria’s money market fund segment has attracted consistent commentary from market watchers, regulators, and investment analysts, most of whom attribute the sector’s expansion to a deliberate alignment between tight monetary policy and investor demand for real returns.
At the 14th Annual BusinessDay CEO Forum held in Lagos on July 16, CBN Governor Olayemi Cardoso signalled that the central bank had expected to begin easing rates after months of disinflation, but that geopolitical shocks — particularly tensions involving the United States and Iran — had required a more cautious approach. That signal effectively prepared the market for the MPC’s decision five days later to retain the MPR at 26.5%.
Analysts at Nairametrics have noted that money market funds function as an effective crowdfunding mechanism in Nigeria’s investment landscape, enabling retail investors to access treasury bill yields that otherwise require a minimum of N5 million in the primary market — but with a fund entry point as low as N1,000 via digital platforms.
A review published by nairaCompare ahead of the second half of 2026 observed that top-performing funds had delivered yields above 20% throughout the first six months of the year, consistently outpacing inflation while offering next-day liquidity and minimum investments as low as N5,000. The same review noted that if the CBN were to cut rates further in H2 2026 — as some analysts expect — yields on treasury bills and money market funds would follow, narrowing the current return differential that has made the segment so attractive.
BusinessDay’s analysis of SEC weekly valuation data captured a broader structural point: that money market funds generate income primarily from treasury bills, commercial papers, bank placements, and other short-term fixed-income securities, and that the high-interest-rate environment maintained by the CBN has been the central engine of performance across the asset class.
WHAT’S NEXT
- The next CBN MPC meeting is expected in September 2026. Market participants will watch closely for any shift toward monetary easing, which would begin to compress the treasury bill yields that underpin money market fund returns.
- SEC’s monthly NAV data for August 2026 will reveal whether the 4.96% month-on-month growth in July was sustained or whether higher-yielding equity and bond markets begin to attract capital away from the segment.
- New fund entrants — including Radix Money Market Fund, which joined the segment in July — will be tracked to see whether additional funds enter the top 10 rankings in the coming months, a trend that has accelerated since March 2026.
- Analysts expect that if the MPR falls by 50 to 100 basis points before year-end, money market fund yields could begin to moderate from the 18–21% range currently recorded by the top performers, potentially prompting portfolio reallocations into longer-duration instruments.
BOTTOM LINE
The Bottom Line: Nigeria’s money market fund sector has become the clearest beneficiary of the CBN’s two-year tightening cycle — N6.27 trillion in managed assets and nearly 847,000 unitholders do not accumulate by accident. But with the CBN now holding rates rather than raising them, and with multiple analysts pricing in cuts before year-end, the current yield window for top performers like DLM and Coronation may be narrowing. Investors entering today are capturing returns that were engineered by a specific policy environment; the smart question is not just which fund leads now, but which will continue to lead when the rate tide turns.
Data sourced from SEC weekly valuation reports. All yield figures are year-to-date as of July 31, 2026. Returns projections are illustrative, based on a N5 million notional investment held from January 1, 2026.
