Best Money Market Funds in Nigeria: September 2026 Yields

The highest-yielding money market fund in Nigeria's latest SEC weekly report was the First Ally Money Market Fund at 21.43%, followed by Coronation at 21.11% and DLM at 20.54%, as of 25 September 2026. Across all 49 money market funds, assets reached about ₦6.56 trillion held by 910,126 unitholders. Below is the top 10, what the numbers really mean, and the checks worth doing first.

Top 10 money market funds by yield

The table comes from the Securities and Exchange Commission's weekly valuation report for collective investment schemes, for the week ended Friday, 25 September 2026. Fund size is net asset value (NAV).

Nairametrics, which also reviewed the SEC data, noted that First Ally reached the top spot for the first time this year, moving ahead of Coronation, which led in August.

The biggest funds are not the top payers

One pattern stands out when you sort the same SEC report by size instead of yield:

The Stanbic IBTC fund alone holds close to half of all money market fund assets, yet none of the five largest funds made the top 10 by yield. By our count from the same report, the middle yield across the category was about 17.7%. One likely reason is scale: a very large fund has to place huge sums and keep cash ready for many daily withdrawals, while a small fund can be more selective about where it puts its money. Neither size nor yield is automatically better.

What a "21% yield" really means

This is the most common misunderstanding. Money market fund yields are usually quoted as annualised rates, meaning the return the fund is currently earning, scaled to a full year. In the SEC report, the week-to-date and year-to-date yield columns for money market funds show the same figure.

So a 21.43% yield on 25 September does not mean investors in that fund have already earned 21.43% since January. It means the fund was earning at roughly that annual pace at the time. Yields change every week, and your real return depends on how long you stay invested and what the fund earns over that period.

Why yields may ease from here

The CBN cut its Monetary Policy Rate from 26.5% to 23% in September 2026. Money market funds invest mainly in short-term instruments such as treasury bills, commercial paper and bank deposits, so lower market rates usually filter into fund yields over the following weeks and months. Today's top rates should not be treated as fixed.

Five checks before choosing a fund

1. Is it SEC-registered? Every fund in the SEC's weekly report is a registered collective investment scheme. Be wary of apps or "investment clubs" promising fixed high returns that are not on the list. In a notice dated 9 October, the SEC said one platform, WayvePay, is not registered to solicit investments from the public.
2. What are the fees? Ask what the fund charges, whether the quoted yield is before or after those charges, and whether the app or platform you buy through adds its own fees.
3. How fast can you withdraw? Payout times and any early-exit charges differ between managers. Check the terms before you need the money.
4. How big and how steady is it? A fund that has stayed near the top for months tells you more than one strong week. Nairametrics notes that STL, Greenwich Plus and DLM appeared in the top 10 in every month from January to September 2026.
5. What is the minimum? Unit prices in the SEC report vary from ₦1 to ₦1,000 or more per unit, and each manager sets its own minimum investment.

What this means for investors

Money market funds are popular for a reason: more than 910,000 unitholders use them as a place for emergency savings and cash waiting to be invested. They are not bank deposits, and returns are not guaranteed, but they have historically been among the lower-risk options in Nigerian mutual funds. Use the yield table as a starting point, then compare liquidity, fees and the manager's track record.

This is for information only and is not investment advice.

FAQ

Which money market fund has the highest yield in Nigeria now?

In the SEC weekly report for 25 September 2026, the First Ally Money Market Fund had the highest yield at 21.43%, followed by Coronation Money Market Fund at 21.11%. Yields change weekly.

Are money market funds safe in Nigeria?

They invest in short-term, relatively low-risk instruments and are regulated by the SEC, but they are not risk-free and returns are not guaranteed. Check that a fund is SEC-registered before investing.

How much do I need to start a money market fund?

It depends on the manager. Most unit prices in the SEC report are ₦1, ₦10, ₦100 or ₦1,000, and each manager sets its own minimum investment.

Sources

• Securities and Exchange Commission Nigeria, Weekly Valuation Report of Collective Investment Schemes as at 25 September 2026 (XLSX): https://www.sec.gov.ng/documents/1530/Net_Asset_Value_and_Unit_Price_as_at_25th_September_2026.XLSX
• SEC Nigeria, 2026 Weekly NAV for CIS (archive): https://www.sec.gov.ng/for-operators/keep-track-of-capital-market-data/net-asset-value-data/weekly-net-asset-value-for-cis/2026-weekly-nav-for-cis/
• Nairametrics, "Best performing money market funds in Nigeria as of September 2026" (9 Oct 2026): https://nairametrics.com/2026/10/09/best-performing-money-market-funds-in-nigeria-as-of-september-2026/
• Nairametrics, "SEC disowns WayvePay, warns Nigerians against investing through platform" (10 Oct 2026): https://nairametrics.com/2026/10/10/sec-disowns-wayvepay-warns-nigerians-against-investing-through-platform/
• Nairametrics, Lagos bond report citing the September 2026 MPR cut to 23% (10 Oct 2026): https://nairametrics.com/2026/10/10/lagos-launches-up-to-n200-billion-10-year-bond-key-takeaways-for-investors/