How to Join CIC Money Market Fund: Step-by-Step Guide

The CIC Money Market Fund is one of the most attractive investment options in Kenya, offering competitive returns with low risk. It’s designed to help investors grow their savings through diversified near-cash investments, such as fixed cash deposits. Whether you’re new to investing or looking for a more flexible option than traditional savings accounts, joining the CIC Money Market Fund is a great choice. In this guide, we’ll show you how to join the fund, deposit money, and manage your investments.

What is CIC Money Market Fund?

The CIC Money Market Fund is a collective investment scheme regulated by the Capital Markets Authority (CMA) in Kenya. It pools funds from individual investors and channels them into low-risk, interest-bearing investments. This fund is ideal for both short-term and long-term savings due to its high liquidity and consistent returns.

How to Join CIC Money Market Fund: Step-by-Step Guide

Joining the CIC Money Market Fund is easy and can be done entirely online, allowing you to get started quickly without visiting any physical locations. Here’s how you can register:

1. Prepare Your Documents

Before beginning the registration process, ensure you have the following documents:

• A copy of your ID or passport
• A copy of your KRA certificate (PIN)
• A passport-sized photo
• Bank details (for deposits and withdrawals)

2. Register via CIC’s Online Portal

Follow these steps to register on the CIC online self-service portal:

1. Visit the CIC Online Portal: Go to the CIC website and click on the “Self-Service Portal” on the top right.
2. Log In or Sign Up: If you’re a new user, click the “Register” button to begin the process.
3. Select “Invest”: After logging in, click on the “Invest” tab, then choose “Individual Member” to start the registration process.
4. Fill Out the Application Form:
   • Enter your personal details: name, date of birth, gender, ID/passport number, KRA PIN, residential area, phone number, email address, and postal address.
   • Complete the risk assessment to determine your risk profile.
5. Provide Bank Details: Enter your bank account details for deposits and withdrawals.
6. Upload Required Documents:
   • A passport-size photo
   • A scanned copy of your ID/passport
   • KRA PIN certificate
7. Provide Beneficiary Details: Enter your beneficiary’s information (if applicable).
8. Agree to Terms and Conditions: Carefully read and accept the terms and conditions.
9. Submit the Application: Once you’ve completed all the sections, click “Finish” to submit your registration.
10. Confirmation: You will receive an email with your CIC Unit Trust account number within 24 hours. Additionally, you’ll get a welcome letter and a CIC Beginners Guide.

3. Using the CIC Mobile App

Alternatively, you can register using the CIC Mobile App:

1. Download the App: Install the CIC Asset Management app from the Google Play Store or Apple App Store.
2. Follow the Registration Process: Open the app and select “Open Account”. Complete the application form and upload your documents as mentioned earlier.
3. Submit: After submitting, you’ll receive confirmation via SMS and email with your membership details.

4. Manual Registration

If you prefer not to register online, you can visit any CIC office in Kenya and fill out the CIC Unit Trust Account Opening Form. The nearest branch locations can be found on their website.

How to Deposit Money into Your CIC Money Market Fund Account

Once you’ve joined the CIC Money Market Fund, you can deposit funds using either Mpesa or bank transfers.

1. Depositing via Mpesa

To deposit money into your CIC Money Market Fund account using Mpesa, follow these steps:

1. Go to the Mpesa menu.
2. Select Lipa na Mpesa and then Paybill.
3. Enter 600118 as the business number.
4. In the account number field, enter your CIC member number, followed by “M” (e.g., 123456M).
5. Enter the amount to deposit.
6. Enter your Mpesa PIN and press OK to confirm.

You will receive an SMS notification confirming your transaction.

2. Depositing via Bank Transfer

You can also deposit money into your CIC Money Market Fund account via bank transfer:

• Co-operative Bank:
  Account Name: CIC Unit Trust Collection Account
  Account Number: 1122190806600
  Branch: Co-operative House
  Swift Code: KC00KENA
• Standard Chartered Bank:
  Account Name: CIC Unit Trust Collection Account
  Account Number: 0105016758900
  Branch: Head Office
  Swift Code: KCBL KENX

CIC Money Market Fund Interest Rates

The CIC Money Market Fund currently offers an annual interest rate of 9.5%. While the rate has fluctuated in recent years, it has consistently been around 8% per annum, making it an attractive option for those looking for a safe and consistent return on their investment.

How to Get Your CIC Money Market Fund Statement

You can access your account statement via the CIC Online Portal or the CIC Mobile App.

1. Via the CIC Online Portal:

1. Log in to the CIC Online Service Portal using your member number and password.
2. Enter the four-digit OTP sent to your phone to verify your login.
3. Go to “Accounts” and click on “View Statement”.
4. Download your statement in PDF format.

2. Via the CIC Mobile App:

1. Open the CIC App and go to “e-statements”.
2. Choose “Unit Trust Online Statement” and enter your ID number and password.
3. Tap “Check Statements” and download your statement as a PDF.

How to Withdraw Funds from CIC Money Market Fund

You can withdraw your funds through Mpesa or bank transfer. The funds are transferred using EFT for amounts over Ksh 1 million, or RTGS for amounts under Ksh 1 million.

1. Withdraw via Mpesa:

1. Log in to the CIC Online Portal or CIC App.
2. Select “Withdrawal” and choose your Money Market Fund.
3. Enter the withdrawal amount and preferred payment method (Mpesa or bank transfer).
4. Submit the request. Funds will be transferred to your Mpesa account within 2 to 4 days.

2. Withdraw via Bank Transfer:

You can also withdraw funds via bank transfer, which may take up to 3 days to reflect in your account.

CIC Money Market Fund – FAQs

What is the minimum deposit for CIC Money Market Fund?

The minimum initial investment is Ksh 5,000, and subsequent deposits can be as low as Ksh 1,000.

How long does it take to process a withdrawal?

Withdrawals are typically processed within 2 to 4 days for Mpesa, and up to 3 days for bank transfers.

Conclusion

The CIC Money Market Fund offers an excellent opportunity for safe and consistent investment with competitive returns. Joining the fund is simple, whether you prefer online registration or using the mobile app. With flexible deposit options and easy access to your funds, the CIC Money Market Fund is a great option for anyone looking to grow their savings. Start investing today and take advantage of this low-risk, high-reward opportunity!