Ndovu, a fintech start-up focused on automated investment solutions, has received the green light from the Capital Markets Authority (CMA) to establish a money market fund.

Operating under the name Waanzilishi Capital Kenya Limited, the company has forged a partnership with Zimele Asset Management Limited to offer its range of investment products.

“In addition to this approval, Ndovu has revealed its authorization to function as an investment manager in Rwanda through its subsidiary, Waanzilishi Capital Rwanda. This expansion enables the company to extend its services, providing investment advisory and portfolio management solutions in the Rwandan market,” new reports indicate.

The newly acquired money market fund license empowers the start-up to primarily invest in short-term financial instruments such as treasury bills and fixed deposits. This move positions the firm among the existing 39 money market funds managed by 36 collective investment schemes (CIS).

Money market funds, a popular choice among retail investors due to their attractive returns and accessibility, are a significant component of unit trust schemes. The unit trusts sector, overseen by the CMA, saw its assets under management rise to Sh215 billion by the end of 2023, up from Sh161 billion the previous year.

Highlighting the significance of this milestone, Chief Executive Officer (CEO) of Ndovu, Radhika Bhachu expressed the company’s commitment to fostering financial growth and inclusion across Africa.

Founded in 2021, Ndovu’s digital investment platform aims to democratize access to local and global financial markets while providing expert financial guidance.

Regulated by the CMA under a fund management license, Ndovu continues to drive innovation in the fintech landscape, striving to empower individuals from all walks of life to build wealth effectively.