Why pharmacists are not good people

The other day I went to buy a prescription-only drug at one of the "cheapest" or rather, most affordable/cost-effective pharmacies in the city. I happened to have been in town early enough, and I decided to pop in, while mentally bracing myself for the long queues filled with bargain-hunters like myself, that are a permanent feature of this particular drug store and its sister stores.

With pleasure I noted that there was just a handful of clients, looking bored and impatient as they idled on the rather insufficient seat at the waiting bay of the cramped chemist. I made my way to the counter where I ordered a prescription-only anti-depressant, while simultaneously fumbling through my handbag for the prescription. Before I could fish it out, the attendant on the other side of the meshed counter had completed my order complete with a discount, without ever asking to see my prescription. He directed me to join the other clients/patients who were waiting impatiently on the bench, as a different pharmacist worked on filling my prescription and completing my order. A few minutes later, I was out and about with my prescription-only anti-depressant without having to show any prescription chit from a doctor.

In my years as a person suffering from depression, I have been to many pharmacies, but only a few ever insisted on a prescription before dispensing the prescription-only drugs I asked for. Musing about this later, a thought crossed my mind that pharmacists are not "good" people.

A pharmacist will never tell you, "You look/sound awfully sick or you've been coming here to get pills to relieve these symptoms for too long, don't you think you should see a doctor to get to the root of your symptoms?"

Instead, a pharmacist will ask  for your symptoms and give you something to relieve them. I guess the first rule of pharmacy is to take the money, always; never turn away a customer ( patient). Yet sometimes those seemingly little but niggling problems belie a serious underlying illness, that needs urgent attention, but a pharmacist will be happy to take your money and prescribe something to relieve the symptoms, even as the illness simmers and festers beneath the surface.

Banned drugs

I've seen pharmacists push anti-malarials on people who've not had their blood passed through a Malaria Rapid Diagnostic Test. A pharmacist will sell you the absolute prescription-only abortion pill without a prescription. A pharmacist will sell you morning after pills without throwing in a cautionary “you should consider ‘regular’ contraceptives or even the possibility of HIV.” A pharmacist will sell you the one-tenth dose of antibiotics that you asked for as long as you slip the money across the counter, never mind that the world is grappling with the effects of misuse of anti-biotics in the form of drug-resistant bugs.

I once had a person standing behind the pharmacy counter prescribe Metakelfin (long after it had been banned alongside other sulfa-based anti-malarials such as Fansidar) as a way to prevent malaria just before I traveled to a malaria-prone region. It made me feel so sick, I had to go to a doctor, who informed me that that taking anti-malarials as a preventive measure before traveling to a malaria hot-spot was no longer recommended, not forgetting that I had ingested a banned drug and one I was allergic to too (I'm allergic to sulfa drugs).

Maybe I require too much from pharmacists, much more than they are cut out to be. Maybe they didn't take the Hippocratic Oath or any oath on patient safety and public health interest being paramount. Maybe those attendants who man pharmacy counters are not even real pharmacists, not even pharm-techs. Maybe they're just salespersons, placed there complete with sales targets. Maybe pharmacists are taught that the interests of the bottom line come above everything else.

Lastly, the self-medicating customer is also a fool who is easily parted with her/his money at the pharmacy and later in the hospital which s/he thought s/he'd dodged by bypassing the doctor and going straight to the pharmacy, after consulting Dr Google and/or a couple of strangers and friends.

Still, pharmacists are part of our health problems.

Woman to woman: The world is your oyster ... and other thoughts on scaling the heights

A couple of weeks ago, I had the opportunity to meet with women who were going through a mentorship programme at one of the leading banks in Kenya. I listened and watched with a tinge of envy as the women talked about what being a part of that programme had done for them. It was heart-warming to hear about their transformation – the new confidence and self-belief – that changed the way they thought about themselves and their abilities in the workplace and the world at large. These were now formidable women who could take on any challenge in the world. They might feel fear and some self-doubt, but they would never balk in the face of the toughest assignment. They would put themselves out there for it. Spending time with them, I couldn’t help but wish that I was part of the programme they were in. That wasn’t possible, but I got a wealth of information those few hours I spent with them, and I’m sharing it with you.

Get a mentor

Mentorship changes everything. It helps you focus. It helps you dream bigger than you ever have. It helps you voice your fears and concerns and find a constructive way to deal with them. It gives you a sounding board. It gives you access to useful information, background, history, tricks and strategies … If you do nothing else on this list, get a mentor. Get a mentor early on in your career because this one step can help you rise higher and faster than the woman who tries to find her way around without mentorship. Structured mentorship programmes are particularly helpful.

Choose your associates wisely

Surround yourself with people who build you up, people who give you direction, people who give you good advice. Surround yourself with people and things that boost your confidence in yourself and your abilities and reduce contact with people and things that put you down and diminish your confidence in yourself and your capabilities.

Stop trying to be a superwoman

Don’t try to do it all (especially at home). You don’t have to be an impossibly perfect wife and/or mother. Build a support system in your husband and your house manager and children (if they are old enough) and equip them to handle some of the tasks, which you can then delegate to them so that you have time on your hands to do the things that you really want to focus on. You will feel happier, more fulfilled, less guilty, more at peace and more accomplished.

Dream big

You might feel afraid; you might feel doubtful about your skills, abilities and experience, but don’t let that niggling self-doubt keep you from applying for jobs or challenging tasks or high-level opportunities and positions. Feel the fear and put yourself out there anyway. Feel the doubt, but send your application anyway. The worst that can happen is that you will not get the job/opportunity. On the other hand, you might, with pleasant surprise, qualify for it; but you only get a chance if you put a foot in the door by sending your application. If you don’t put a foot in the door, you’ll be left wondering what if and what could have been if only you had tried. Don’t be caught in that what if cycle, try, try, try because you never know until you try. Open your eyes to the possibilities and be bold enough to give yourself a fighting chance. You are stronger than you think, more qualified than you imagine, and more capable than you believe. Do something that you think you cannot do. Stretch yourself. Don’t walk away from any challenge, rise to meet it head on, because you can.

Get to know your heroes

The women you admire - the women who have it all together – they have their own fears and insecurities, but they don’t allow them to stop them from reaching for the stars. Have a candid chat with a woman you admire and you might be surprised. She has also faced hurdles, even though it seems as if she had none or that she was luckier than most … She has faced the same obstacles and challenges that you have, but she didn’t let that stop her. She kept her eyes on the prize and kept pushing forward, jumping over one hurdle and the next as she made her way to her goals. Listen to her story, the one with warts and all and the one with big and small victories. You will be happy to learn that she is as human as you are and you will feel encouraged to pursue big dreams despite your perceived shortcomings and difficulties.

Know yourself and build your brand

Know yourself, your strengths and weaknesses, your likes and dislikes, your dreams and aspirations … then work on building your personal brand. What are your skills, strengths and talents? What do you want to be known and remembered for? What problems do you want to solve? Make sure what you are doing is visible by talking about it and sharing it on the various available platforms.

Pass it on

Take it upon yourself to share your story with other women, particularly those who are starting out. We all have the benefit of hindsight and experience. Talk about the challenges and how to go around them. Share the tricks, tips and strategies. Let them know how to find opportunities and keep pushing them to be the best they can be beyond gender stereotypes without tiring. Be a mentor and a guide so that they can rise higher faster than if they didn’t have someone to show them the way. That letter to your younger self, let it be heard to the women who are starting out where you did as a younger woman.

How a spending fast can help you boost your savings

Take a 40-day spending fast this Lent season to help you reach your financial goals faster.

You may not be a Catholic or a Christian, but the 40-day Lent season which starts today (Ash Wednesday), offers an opportunity for you to reach your financial goals faster by borrowing and observing one of the principles of Lent. Lent is a season of fasting, giving up something or self-denial. During Lent, many people choose to abstain/fast from one thing or another as a way to grow spiritually. You can apply the same principle to your money by going on a spending fast (also known as a financial fast or spending diet) for 30 or even 40 days, like Lent. Some people even choose to prolong the fast for a whole year to help them achieve a big goal like paying off debt faster, but as a beginner, I’d advise you take it slow then see if it is something you want to try for longer or every few months.

How it works:

For 40 days you just buy the things that are absolutely essential e.g. food, rent, school fees, etc, and leave out the rest. If you can buy some of the things you need during the fasting period in bulk so that you don’t keep going to the shops where you will find many temptations, the better. You can fast from eating out, alcohol, new clothes and shoes, accessories, some beauty treatments, travel, subscriptions, eating lunch at hotels during the work week, using your car every day if a matatu is cheaper (you know your weakness – that thing that you can do without but you keep spending money on it). If you won’t die for ditching it for the next 40 days, then you don’t need it (but that does not include taking a bath or basic grooming). If you have monitored your expenses continuously for a while, you will know exactly what to cut off because you know exactly where your money goes.

You can take measures like carrying packed lunch to work the whole week or at least three days a week instead of eating at a hotel or leaving your car at home and taking a matatu if the matatu is cheaper (you do the math.), taking a matatu instead of a taxi (as long as you are safe) and so on. Just check your budget and be ruthless about cutting out things you can cut out even if it’s just for three days a week.

Calculate how much you expect to save at the end of the 40 days by cutting out certain expenses and plan to put that cash somewhere safe like in your savings account or Mshwari lock account or a piggy bank or somewhere else of your choice, as long as you don’t touch it before the end of the fast. So if you were to spend Sh250 on lunch today but because of the spending fast you carry lunch from home for three days, put that money (Sh750) in your spending fast savings account or piggy bank. If you do that for six weeks (42 days), you’ll have saved Sh4500 by carrying lunch from home for only three days a week. If you carry lunch five days a week, you’ll save Sh7500 by the end of the 40 days. Now do the same with your weekend alcohol budget (you won’t die without it unless you are an alcoholic, in which case you need medical assistance), weekly coffee budget and those other small, small non-essential things you spend your money on without paying attention. Do the math and tell me if you still don’t have money to save, as many people told me when we started this (52-week saving) challenge.

To avoid feeling deprived, you can put some money in an envelope to spend as you wish during the 40 days of fasting, what we call “cheat days.” Be sure to put a date on that envelope e.g. March 1 to April 13 (when Lent ends). If you spend all the money in that envelope before April 13 or whichever date your 40-day spending fast ends, then you have no money left to cheat with so you’ll need to grit your teeth and forge forward; it is for a good cause after all. Plan your cheat days so that you have them spread out over six weeks, but do not assign too much money on your cheat days’ envelope. Alternatively, you can leave the envelope alone and give yourself a big treat at the end of the 40 days with that cash for making it through the fast.

Lastly, think about what you want to do with that cash that you are going to save during the 40-day financial fast: Will you use it to help pay off a loan you’ve been struggling with faster? Will you use it to buy those shares you always wanted to buy? Will you finally get to go on a getaway to get some much-needed rest after a lot of hard work? Will you use it to shore up your savings for the 52-week Savings Challenge? You get to decide what you want to do with the cash you’ve saved during the fast.

So will you give up anything for the next 40/42 days? What will you give up and how much do you expect to save by giving up those things for a short while? What will those savings help you achieve?


This post is brought to you by #SaveWithMshwari for the #52WeekChallenge

Join the 52-week Savings Challenge Kenya and network with people who are saving to reach their financial goals

Like and follow Super Savers Kenya on Facebook for more money management tips 

On having an abortion

Say you missed your period. You didn't even notice, either because your cycle is so irregular, or because you were too busy chasing paper, beating deadlines, being social and generally living life. So about two months into your last period, it hits you that something went missing from your life.

 

"Could I be pregnant!?" You gasp.

 

You grab the calendar, but you can't even remember when you last had your period. Damn! You should have downloaded one of those period-tracker apps, but it's rather late for that now.

 

It is a lazy, slow and idle Saturday, so you rush to the chemist and buy a home pregnancy kit, making sure that no one sees you doing it. You rush back to the house, banging all doors on your way. You lock yourself up in the loo, sigh heavily, grimace, then hold your breath as you pee on the test stick and cross your fingers and toes and every possible part of your body. You wait the longest three minutes of your life. Finally, two pink lines appear ...

 

"No! No! No! No! It can't be! I just can't deal with this... Lord, what will I do...?" You’re biting your nails furiously.

 

Yes, you are old enough for a baby. In fact, people have been telling you that if you won't settle down in marriage, at least have a baby. A legacy. Something to graduate you into full womanhood...

 

"But I just can't... a baby will turn my life upside down. I won't even be able to do the things I want freely, because there will be a baby to consider first. Where will I even get the money for a baby? Damn! What will I do? Damn! Why did I put myself in this situation? Why didn’t I take the E-pill? Oh, wait, I took it within the stipulated 72 hours after intercourse. Why didn’t it work? Could it be because I had already taken 10 of those this year, and it is only September? Why oh why?” You ask yourself over and over, but you have no answers. Nevertheless, there are decisions to be made.

 

"Should I have ... an ... a-bor-tion?" Who knew you would ever have to ask yourself this question? Damn! Why oh why? You wail.

 

"Should I tell the boyfriend?" 

 

“Wait, he is not even a boyfriend; just a fuck-buddy I've been fooling around with. Oh Lord, are these the consequences of fornication? Oh Lord, please save me from this situation...”

 

You are going crazy. You don't know who to tell about this. You can't trust anyone, but you need a referral to a good abortionist. One of those clean decent ones; a trained and experienced gynaecologist. You'll even take a Sacco loan to foot the bill if need be. 

 

"Oh, Lord, the consequences of fornication... I should have kept my legs closed... I just can't deal.. I wish I could run away from this problem. Jesus, please, forgive me... please, I'll be a good girl after this. No more fuck-buddies, no more casual sex; I'll wait till marriage, I promise, but you have to save me and forgive me this one time..."

 

You are sobbing uncontrollably now. You really need that abortionist's number. Should you ask in Kilimani Mums? No, people will stone you with Bible-verse-laden rocks. What about Marie Stopes? 

 

“No, I don’t trust those people; they sound like the kind who will rush you to Kenyatta and dump you there when you develop abortion-related complications. I don’t think they can do the job right. I need a neat, clean job so that no one will ever know I had an abortion, except me and the gyna... But who?”

 

You’re pacing up and down your bedroom. You just can’t keep still. Your heart is racing, your thoughts are racing. You just can’t keep calm.

 

"Oh Lord, I need your help... oh, wait, does Dr N still exist? He was a well-known, loud and proud, abortionist back in the day. I haven't seen him in the news for years... did he die? Did he give up the fight to give women safe abortions? His clinic was at A Centre, right? I should just go there and ask the guards if he still runs the clinic.” 

 

A little googling yields some positive results. Goodie!

 

You pick your phone and randomly dial the boyfriend's, nay, fuck-buddy's number.

 

"What am I doing?" You ask yourself well into the third ring. 

 

You can't hang up now. If you do, he'll call. He knows you never call him unless it is important. You have to keep your affair discreet. As much as it’s 2015 in a liberalised country, your compatriots still frown upon unmarried women who get it on, freely and openly. You still have a reputation to protect. Your boyfriend, nay, fuck-buddy picks the phone on the fifth ring, interrupting your thoughts.

 

"Hello..."

 

"Hello, I'm ... I'm pregnant!" You blurt out. Where did that come from? You wonder.

 

(Long silence...)

 

"Erm, hello, did you hear what I just said?"

 

"Yeah, this is, erm, unexpected, but … uhm, we'll just have to deal with it as it is..."

 

"Yeah, I've already thought about it. Uhm, I'm going to have an abortion next week... I'll take a few days off, my sick-off and some leave days to recover..."

 

"What! You can't just abort...!!!"

 

"It's my body, dammit! I'm the one who will be tied down by a baby, please, you don't have a say..."

 

"No, please, hear me out... I have a…"

 

“No!” You hold down the power off button, inadvertently cutting off the call and putting off your phone.

 

“How dare he try to tell me what to do with my life? How dare he?” 

 

You pick your quarter-full cup of tea from the table and smash it on the wall ahead, then you shuffle into the kitchen, rummage through the drawer where you put your meds. There are some sleeping pills left over from the last time you were having trouble sleeping. You gulp down one too many, with a glass of water, and then follow them up with four painkillers (another overdose) to dull the headache. Your forehead is throbbing and your temples are on fire. You need a blackout. It’s only midday, but you’ve had a long day already.

 

When you wake up, it’s dark everywhere. You acclimatise to the darkness and the noises of the night outside your bedroom window. You reach under your pillow for your phone, pressing down the power on button.

Ten missed calls: Mum, Elaine (your elder sister), Aunt Lucy, Mary CBA ( a long-lost acquaintance) – what does she want?, Betty Job (a work colleague) - hmph, what’s that that can’t wait till Monday...!?, Liz UoN (your college-mate from your MBA class), and four missed calls from Sauti…

 

“Nkt! Can’t he just leave me alone!” 

 

“No, actually, can everybody just leave me alone! I don’t want to talk, nkt!”

 

Your WhatsApp is overflowing with mostly useless messages too, a few from the people whose calls you missed above, either telling you to call them back, urgently, or that they were just checking on you … and Sauti with a thread of five messages:

 

“Can we talk?”

“Can I at least come over?”

“Please hear me out…”

“I know you really don’t want to abort…”

“Okay, at least wait two weeks and think this through, before you go through with it, no?”

 

“To hell with Sauti! Isn’t he the one who got me into this mess in the first place by whispering sweet nothings in my ear and making me lose good judgment? And now he has the nerve to tell me what to do…” You feel a sharp pain sear through the core of your head from one temple to another.

 

“Let me just block his number. I need my peace…”

 

Monday comes. You are very scared, very nervous. You’ve heard people whispering before that abortion wastes a woman’s body: “Why do you think, Daisy has lost so much weight? It is because she aborted, silly!

 

 Abortion sio mchezo…” a friend once told the blue-eyed you about a mutual friend.

 

Still, this is something you have decided to go through with, but God knows it frightens you to death.

 

“What if I die? What if there is nothing like a safe abortion? What if, what if, what if...?”

 

You’re now at A Centre. You’ll call the office just before you go in for the procedure and take a copy of the sick-off sheet to your boss and HR when you get back to work, two weeks after the procedure. (The doctor’s narration will read something like: Three-week bed-rest recommended for recuperation after continuous heavy bleeding from fibroids...)

 

“Sasa, soldier… madam! Nataka kwenda kwa Dr N…,” you start.

 

“Sawa, leta ID, andikisha hapa, halafu uende second floor.”

 

“Sawa.” 

 

When you get to second floor, you peep inside the door marked “City Women’s Health Centre”.

 

There are women of all ages seated at the waiting bay: young women like yourself, younger women than yourself, middle-aged women, and even a girl who looks not-a-day-older than 12.

 

“I don’t know if I can go through with this…,” you mutter to yourself.

 

“Yes, madam, come in, please. How may I help you?” The receptionist calls out to you breaking your thoughts.

 

“Erm, let me first make a call…,” you say, stepping out promptly. 

 

“Am I doing the right thing?”

 

You need to talk to someone, but who? You scroll through your 568 contacts. You can’t call any of them, not even the 12 counsellors/psychologists/psychiatrists in your phone book. 

 

“Jesus, I need someone to talk to… argh! Not Sauti, no, please… okay, he’s the only one who knows what’s going on with me... he’ll just have to do.”

 

You unblock Sauti’s number.

 

“Hello Sauti, we need to talk…”

 

“Jeez, Nerea, did you have to block me? Can’t we just sort this out like adults… anyway where are you? I can step out for a few minutes…”

 

“Actually, I’m just here near your office …”

 

“Okay, you go ahead to Java Kimathi, at the balcony… at least there we can have some privacy. Let me finish up on something then I follow you there…”

 

“Okay, no problem.” You hang up.

 

At Java, you ask for a strawberry lemonade as you wait for company. There are so many thoughts swirling in your mind. You feel so confused. Oh, Sauti is here… You stand up to give him a hug.

 

“Thanks for making the time ... ”

 

“It’s nothing. I’ve been trying to reach you…”

 

“I know. I just … needed some time alone to think.”

 

“Nerea, please, did you do it…?”

 

“Not yet, I got cold feet…”

 

“Phew, listen, I’ve been thinking about it all weekend and this is what I have to say, please hear me out…”

 

“Okay.”

 

(Singing soulfully) “Nakuomba Nerea, usitoe mimba yangu we, Mungu akileta mtoto, analeta sahani yake, leta nitamlea, usitoe mimba yangu we, Mungu akileta mtoto, analeta sahani yake …”

 

You’re crying. The mid-morning brunch crowd around you is clapping in awe, but a few elements throw you disgusted looks. Sauti is hugging you, swaying, shushing you. You know what you need to do.

 

 

Inspired by the song Nerea by Sauti Sol featuring Amos and Josh:

https://www.youtube.com/watch?v=rtNZK3PUme8

All about money market funds -- one of the best places to save your money

I run a savings group on Facebook and I have always recommended that people put their savings in a money market fund where they can earn better interest than in a bank's saving account. 

 In layman's terms, I would describe a money market fund as a chama (investment group) where members put their money together to get a huge lump sum which they then invest in something big and earn interest, dividends or profit, which is then distributed to members based on their contribution. 

In technical terms, a money market fund is a form of unit trust. A unit trust is a collective scheme where many people pool their money together and then it is invested by a professional investor in things like treasury bills, bonds, commercial paper, overnight lending, etc.

Many money market funds usually earn an interest of over 10 per cent per year (fluctuating depending on the performance of the markets. This year there are funds that have not gone below 10%, while others barely make it to 10%), which is better than a bank's two per cent. Interest is calculated every weekday, but compounded every month. The rates tend to fluctuate, though. You can check the change in interest rates on your fund manager's website or in the business pages of the newspapers.

How to join a money market fund:

Different money market funds have different requirements. They have a minimum initial deposit and amount of top-up. You can deposit a lump sum; you can top up the stipulated amount regularly or intermittently. 

Usually, you are allowed one free withdrawal every month, but subsequent withdrawals are charged a certain amount determined by your fund manager. They charge an annual fee, usually of 2 per cent (usually not per person, but on the whole fund, so members cost-share this cost) and a withholding tax of 15 per cent on interest, but even after subtracting these, the interest earned is usually still higher than what you would earn in the bank. 

To join, you fill in the forms and make your first deposit. In your form you can decide to make regular contributions and choose to do so by check-off system, which makes your savings automatic, so you are able to save even if you lack discipline. You will get monthly statements showing you how much interest your money has earned minus the withholding tax. 

To withdraw money, you fill in a form (or send instructions) and then wait for two to three working days for the money to be transferred to your bank account. What I like about this: I find it too much of a hustle. I can’t get my money instantly, and I have to fill in forms and then wait for days … when I think of all the drama involved, I just let my savings be and they continue to grow until I actually need them for the project I was saving for.

Some money market funds can be joined through a mobile phone USSD code e.g. *480# for Old Mutual. Most money market funds also have a pay bill number to help you make deposits conveniently, but remember Mpesa charges apply.

Kenyan money market funds:

Here are some money market funds you can research on and choose from. I prefer these ones (2016) because they rarely seem to go under 10 per cent. Zimele is here because it doesn't require very high contributions, especially for those who are saving Sh200 per day, and it has been performing relatively well this year:

Fund	Minimum initial fee	Top-up amounts	Fees
*Amana Capital	Sh10, 000	2, 500 and above	2% p.a.
*Apollo	Sh10, 000	Sh2, 000 and above	2% p.a.
*Madison Asset	Sh50, 000	Sh5, 000 and above	2% p.a.
*Pan Africa Pesa+	Sh2,500	Multiples of Sh1,000	2% p.a
*Zimele	Sh250	Any amount	2% p.a

*GenCap Hela by Genghis Capital (affiliated with Chase Bank), used to be one of the best, but it was suspended after the collapse of Chase Bank and was not revived even after Chase Bank reopened.

Comparison of performance in 2016:

Fund	1st January 2016		26th June 2016		9th July 2016		12th Aug. 2016
	Daily yield	Annual rate	Daily yield	Annual rate	Daily yield	Annual rate	Daily yield	Annual rate
Amana	17.90	19.44	13.24	14.08	12.06	12.75	11.68	12.32
Apollo			13.30	14.14	10.81	13.32	10.74	13.23
Britam	12.44	13.18	Below 10%	Below 10%	9.54	9.97	Below 10%	Below 10%
CIC	15.79	16.79	Below 10%	Below 10%	10.89	11.37	11.22	11.73
Madison	17.43	18.90	12.28	13.43	11.35	11.96	11.40	12.01
Pan Africa (Sanlam)	16.60	18.09	11.45	12.13	11.04	11.67	11.40	12.01
Zimele	11.00	11.46	10.34	10.75	10.34	10.75	10.34	10.75

·         Daily yield means the amount of interest per year you would earn if you put money in a money market fund for a day.

·         Annual rateis the average yearly interest earned by members who have put their money in the fund.

Here are the contact details, but please note that money market funds are not just for people in Nairobi. Most of these companies have a branch network countrywide and with mobile money (money transfer) and email, you can make your contributions and communicate via email from any part of Kenya and even the diaspora.

Fund	Contact details
Amana Shilling Fund	Amana Capital Limited, 2nd floor, block C, Saachi Plaza, Argwings Kodhek Road, Kilimani, Nairobi www.amanacapital.co.ke Tel: 0721700076 or (020)2351735 or (020)2351741/42 Email: info@amanacapital.co.ke
Apollo Money Market Fund	APA Insurance, Apollo Centre, Westlands, Nairobi www.apainsurance.org Tel: (020)2862000 or (020)3641000 Email: info@apainsurance.org
CIC Money Market Fund	CIC Asset Management www.cic.co.ke Tel: 0703099120 or 0703099347 or (020)28223313 or (020)2823347 Email: cic.asset@cic.co.ke
Madison Asset Money Market Fund	Madison Asset Management Services, Madison Insurance House, Upper Hill Close, Nairobi www.madisonasset.co.ke Tel: (020)2721340 or (020)2864500 Email: info@mams.co.ke
Pan Africa Pesa+ Fund (Sanlam)	Sanlam (formerly Pan Africa Asset Management), 3rd floor, Pan Africa Life House, Kenyatta Avenue, Nairobi CBD www.pan-africaassets.com Tel: (020)2220559 Email: clientservice@paam.pan-africa.com
Zimele Money Market Fund	Zimele Asset Management Company, 7th floor, Ecobank Towers, Muindi Mbingu Street, Nairobi CBD  www.zimele.co.ke Tel: 0734207662 or 0722207662 or 0733111108/9 Email: info@zimele.net

OTHER MONEY MARKET FUNDS

Fund	1st January 2016		11th August 2016		Minimum initial amount	Top-ups	Annual fee
	Daily yield	Annual rate	Daily yield	Annual rate
African Alliance Shilling Fund	11.26%	11.88%	7.49%	7.76%	Sh100, 000	Sh1, 000, though they say any amount	1%
Britam	12.44%	13.18%	9.44%	9.86%	Sh100, 000	Sh10, 000	2%
CBA	12.81%	13.53%	7.96%	8.24%	Sh100, 000	Sh20, 000	2%
EIB Equity	12.71%	13.48%	6.64%	6.85%	Sh1, 000	Sh1, 000
*GenCap Hela	17.26%	18.41%	Suspended	Suspended	Sh500	Sh500	2%
ICEA LION	16.48%	16.74%	8.98%	9.39%	Sh10, 000	Sh2, 000
Nabo Africa (US dollars)	$94.15	$94.15	$101.1	$101.1	$50,000 (USD)	Call them for more information	2.5% Redemption fee 1%
Old Mutual (merged with UAP)	8.42%	8.75%	7.40%	7.66%	Sh1, 000	Sh1,000	3%
STANLIB	14.78%	15.82%	6.91%	7.13%	Sh10, 000	Sh5, 000	2%

Contact details:

Fund	Contact details
African Alliance Shilling Fund	African Alliance Kenya Investment Bank, 4th floor, Kenya Re Towers, off Ragati Road, Upperhill, Nairobi www.africanalliance.com Tel: (020) 2777000 Email: info@africanalliance.co.ke
Britam Money Market Fund	Britam Asset Managers (Kenya) Limited, 5th floor, Britam Centre, at the junction of Mara Road and Ragati Road, Upperhill, Nairobi www.britam.com Tel: 0703094091 or (020) 2833000 Email: clientservicesbaam@britam.com
CBA Money Market Fund	Commercial Bank of Africa, Mara/Ragati Road, Upperhill, Nairobi www.cbagroup.com Tel: (020) 2884000 Email: contact@cbagroup.com
EIB Equity Money Market Fund	Equity Investment Bank, Equity Centre, Hospital Road, Upperhill, Nairobi www.equitybankgroup.com
GenCap Hela	Genghis Capital, 6th floor, Prudential Insurance Building, Wabera Street, Nairobi CBD www.genghis-capital.com Tel: (020)2774750/1/2 Email: hela@gencapunittrust.com
ICEA LION Money Market Fund	ICEA LION Centre, Riverside Park, Chiromo Road, Westlands, Nairobi  www.icealion.com Tel: 0719071999 or (020)2750000 or 0730151000 Email: wecare@icealion.com
Nabo Africa Money Market Fund	Nabo Capital (affiliated with Centum), 7th floor, International House, Mama Ngina Street, Nairobi CBD www.nabocapital.com Tel: 0709902700 or (020)2286700 Email: info@nabocapital.com
Old Mutual Money Market Fund *UAP merged with Old Mutual	Old Mutual Investment Group, corner of Mara Road and Hospital Road, Upperhill, Nairobi www.oldmutual.co.ke Tel: (020)2829800
STANLIB Money Market Fund	Stanlib Kenya, 1st floor, Liberty House, Mamlaka Road, Nairobi www.stanlib.com/Kenya Tel: 0711076111 or (020)3268508 Email: customercare.kenya@stanlib.com

Advantages of money market funds:

• They are a low-risk, high liquidity method to grow your money. Low risk means you can’t lose the principal amount you put in and your money grows every month. The only risk I see is if the fund collapsed with your money. High liquidity means you can get your money back quickly when you need it (within three working days).

• You earn compound interest not simple interest. So the interest you earn is added to your principal each month and then that new principal earns more interest. Simple interest is calculated on the principal alone, but compound interest is calculated on the principal and interest earned. So for example, for simple interest of 1% for Sh10, 000, the first month you’ll earn Sh100 (1% of the principal 10, 000), the second month you will earn another Sh100 (1% of 10,000), so in total you’ll have Sh10, 200. But in compound interest, the first time you’ll earn Sh100 (1% of 10, 000) but the next month interest will be calculated as 1% of 10, 000 + 100 (principal plus interest to make new principal). So 1% of 10, 100 = 101. So the second month on compound interest, you’ll have a total of 10, 201. The third month on simple interest you’ll have 10, 300; on compound interest 10, 303. So basically your money grows at a faster rate.

• Your money is invested by professionals to ensure maximum return and low risk.

• You can top up at any time, unlike with a fixed deposit account at a bank where you can’t top up any time.

• Attractive interest. Although the interest rate fluctuates, you get way better interest than you would in an ordinary bank savings account.

Questions to ask a potential fund manager:

1. How much is the initial amount needed to join this fund? 
2.    Is the principal secure? Can I lose my money?
3.  Can I top up any amount and at any time? 
4. Is there any initial joining fee? Annual management fee? How much? How is it calculated? Are there other (hidden) charges or fees? 
5. Do you charge for withdrawals? How much? 
6. Can I get my money on short notice? How fast can I get my money when I need it? 
7. Can I do automatic top-ups via check-off system? 
8. Can I top up using mobile money?
9. What do I need to join this money market fund (requirements)? 
10. Do you send client statements? How often? Via email? 
11. Are there any tax obligations due on my earnings? Principal? Which ones? 
12. How long has this (money market) fund been around? What’s the average performance of this fund historically? How long have you been around? Can I see the annual report for the fund for last year/ the last few years? 
13. Who is your custodian/trustee?
14.  Look out for stability. You don’t want a fund to collapse with your money.
    
15. Is there anything else I need to know that I may not have asked?

Requirements for joining a money market fund:

1. Fill the joining/application forms 
2. Copy of ID card 
3. Photographs 
4.  KRA PIN certificate 
5. Bank deposit or Mpesa confirmation of first deposit 
6. Utility bill for proof of residence (may or may not be required)

Comparison of how much you’ll earn in a savings account versus a money market fund:

We’ll use the figure of Sh6000 per month

Savings in:	Interest	Amount after 12 months	Savings in	Interest	Amount after 12 months
Money market fund	10%	Sh75843.21 of which Sh72, 000 is principal and Sh3843.21 is interest. Take away 15% withholding tax. Interest earned Sh3266.728	Savings account	2%	Sh72, 777.63 of which Sh72, 000 is principal and Sh777.63 is interest

Would you rather earn Sh3266.72 on your Sh72, 000 or Sh777.63 on your Sh72, 000?

*This is just a guide. Please get current information from the money market fund(s) of your choice.