ICEA LION launches digital money market fund - Beaking Kenya News

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Thursday, 14 January 2021

ICEA LION launches digital money market fund

 

ICEA Lion Group yesterday launched an online money market fund that will allow investors to create and track their investment goals online.

Dubbed DigiTrust, the fund aims to reach out to more Kenyans seeking to save and invest.

The group is leveraging on technology to automate the client on-boarding process which has over the years been a challenge in the development and uptake of investment products.

“DigiTrust is an innovation that enables individual savers and investors to deposit in and withdraw from ICEA LION’s Money Market Fund on a secure platform,” said Elizabeth Irungu, General Manager for Business Development & Client Relations .

The increased need for investment companies to catch up with the online economy has been called upon by the market severally.

The portal requires a shortened 5 minute activation and requires Sh500 as an initial deposit.

Through the self-service portal, existing customers will be able to deposit, withdraw their funds or view their statements.

ICEA LION Asset Management will kick off on this digital Unit Trust Fund journey with the Money Market Fund.

“Adoption of technology will enable investment sector players offer services at much affordable prices reducing the overall investment cost for retail investors and institutional investors,” said Geoffrey Odundo , CEO Nairobi Securities Exchange.

Odundo noted that access has been one of the key challenges to the uptake of personal investment schemes

The opening up of Unit Trusts to low denomination savings has resulted in the growth and increased popularity of Unit Trust Funds(UTFs) in Kenya, with Assets Under Management (AUM) of Sh66billion as at June 30, 2019, of which, 85 per cent is held in Money Market Funds.

Money Market Unit Trust Funds are the most popular UTFs in Kenya, with 85 per cent of the total AUM in UTFs being held in Money Market Funds.

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