The money market fund sector in Nigeria continued to grow impressively in April 2026, with a total Net Asset Value (NAV) N5.68 trillion as of April 24, up from N5.45 trillion recorded in March.
According to data compiled by the Securities and Exchange Commission (SEC) Nairametrics Research team, there are 47 registered money market industry currently, the sector consists 64.83% of the National mutual funds’ assets. This indicates that Nigerians strongly favor safer investment options that provide stability, capital preservation, and consistent returns.
The steady rise in the market reflects a strong preference among Nigerians for safer investment options that offer stability, capital preservation, and reliable returns. As economic uncertainty and inflation concerns persist, more investors, both individuals and institutions are turning to money market funds as a dependable way to protect and grow their savings.
Money market funds invest primarily in high-quality short-term financial instruments, making them attractive to investors who want easy access to their funds while still earning competitive returns. Their ability to combine liquidity with relatively low risk has continued to drive demand across the market.
Investor appetite for these funds has also been boosted by the consistently high yields available in Nigeria’s fixed-income market. Many investors now see money market funds as a smart short-term strategy for maintaining flexibility while benefiting from attractive returns.
Adding to the sector’s momentum, April also saw the introduction of a new entrant — the Myrtle Mynest Money Market Fund, managed by Myrtle Asset Management Limited. This brings the total number of registered money market funds in Nigeria to 47.
What the Data Reveals
Beyond the impressive asset growth, money market funds are also attracting a rapidly expanding investor base across both retail and institutional categories.
- Current data shows that the sector now serves 733,302 unitholders, representing an increase of 30,591 investors compared to March. This marks a 4.35% growth and further reinforces the role of money market funds as an accessible entry point into Nigeria’s capital market.
- Despite the sector’s large overall size, the top 10 performing money market funds collectively manage N121.83 billion in assets. This represents only 2.14% of the total money market fund assets and 1.36% of the entire mutual fund industry, showing that the market remains widely distributed across multiple players.
- Among the top-performing funds is the SCM Capital Money Market Fund, managed by SCM Capital Limited, which recorded a year-to-date (YTD) yield of 17.72%.
- The fund, launched in 2025, is owned by SCM Capital Asset Limited and is led by Gaventa Otono. It currently manages N2.14 billion in assets, serves 345 unitholders, and maintains a unit price of N1.00.
Credit: Nairametrics
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