“I want to start... what do I actually need to do?”
So far, we have covered what money market funds are, how they work, and why they’re safe. But one of the most common questions we get is:
"How do I actually open an account and start earning interest?"
This guide walks you through the full process — step-by-step — with tips on how to track your investment and stay in control.
Step 1: Choose a CMA-Licensed Fund Manager
Start by selecting a licensed fund manager or collective investment scheme.
You can check the official list of licensed Unit Trust managers on the Capital Markets Authority (CMA) Uganda website.
Some of the leading fund managers include:
Xeno Investment Management
ICEA Lion Asset Management
UAP Old Mutual
Sanlam Investments
Britam Asset Managers
SBG Securities
Don’t go through random agents. Use official websites, bank branches, or licensed mobile apps.
Step 2: Submit Account Opening Requirements
To open a MMF account, you’ll typically need:
National ID / Passport Clear copy (front and back)
Passport-size photo Some allow digital uploads
Bank details For withdrawals or fund transfers
Email address For receiving statements and reports
Phone number Often linked for SMS or mobile money access
KYC form Standard "Know Your Customer" form
Initial deposit Usually UGX 100,000 (some accept UGX 10,000)
Some platforms allow full digital onboarding via mobile apps or web forms.
Step 3: Fund Your Account
You can deposit money into your MMF account via:
Bank transfer
Mobile money (MTN/Airtel Pay)
Standing orders for automatic saving
Pro tip: Automate monthly deposits to stay consistent and benefit from compounding.
Step 4: Track Your Earnings and Activity
Once your account is active:
You’ll receive monthly statements showing how much interest you earned, any fees charged, and your balance.
Some fund managers allow daily tracking via dashboards or apps.
Always read your statements. It’s how you know whether your fund is doing well.
Step 5: Withdraw or Reinvest
You can:
Withdraw funds at any time (usually takes 1–3 business days)
Reinvest to keep compounding interest
Split funds — e.g., withdraw half, leave the rest to grow
Important: Funds are not meant for day-to-day spending. Use them as savings or short-term investment tools.
Quick Summary: 5-Step Onboarding Checklist
Pick a CMA-licensed MMF
Submit ID, photo, bank info, and KYC
Deposit your first amount
Track statements monthly
Withdraw anytime or reinvest
Tools to Help You
MMF Tracker Spreadsheet: log deposits, interest earned, and withdrawals
Investment Policy Worksheet: define your goals (emergency, school fees, business capital)
Set reminders: monthly top-up or quarterly review
📬 Next in the Series:
“How to Read a Money Market Fund Statement”
Understand what every number means — interest, units, NAV, and more — so you never feel confused again.
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Read the previous article Part 4/7: What Are the Risks in Money Market Funds?
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