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Anonymous
Asked: 2026-04-20T19:29:17+00:00 In:

Is it Wise to Have Only One MMMF Account?

I opened an MMMF account 2 years ago not because I knew what I was doing but because a marketer told me to do so.
Learning from Fokona website and following Iking Ferry on Facebook has helped enlighten me and I am begining to know what I am doing. Now.
As a result of this, I have been thinking whether it is wise to keep adding money to that same account or to open another account and be operating both? I ask this question because MMMF does not have CSCS/CHN number in case of unforseen circumstances. Although the Fund Manager seem strong based on the application of the knowledge I acquire at the Bootcamp Training by Iking Ferry on how to weigh who manages our money. Yet I am still confused as to whether I should keep only one or multiple MMMF account.

Financial Literacymmmf

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2 Answers

  2. Ochoyoda
    Educator

    Great question — this shows you're now thinking like a serious investor 👏 Short answer: No — it's not wise to keep only one MMF account. It is better to have 2–3 Money Market Funds (MMFs) for safety and flexibility. Let me explain clearly. Why Having Only One MMF Is Risky You're correct about one imRead more

    Great question — this shows you’re now thinking like a serious investor 👏
    Short answer: No — it’s not wise to keep only one MMF account.
    It is better to have 2–3 Money Market Funds (MMFs) for safety and flexibility.
    Let me explain clearly.
    Why Having Only One MMF Is Risky
    You’re correct about one important thing:
    Unlike stocks, Money Market Funds do NOT have:
    CSCS number
    CHN number
    Because MMFs are mutual funds, not stocks.
    However, they are still regulated by:
    Securities and Exchange Commission Nigeria
    Trustees
    Custodian banks
    Fund managers
    So your money is not unsafe, but diversification is still smart.
    Why You Should Have 2–3 MMF Accounts
    1. Safety (Diversification)
    Don’t put all your money in one fund manager.
    Example:
    Fund A — ₦300,000
    Fund B — ₦300,000
    Fund C — ₦300,000
    Even if one fund delays withdrawal, you’re still safe.
    This is called risk diversification — very smart investing.
    2. Liquidity Advantage
    Some MMFs:
    Credit same day
    Others next day
    Some 48 hours
    Having multiple gives you faster access to cash when needed.
    3. Compare Performance
    Different MMFs offer:
    Different interest rates
    Different stability
    Different management quality
    Holding 2–3 lets you compare and choose better over time.
    My Personal Recommendation (Simple Strategy)
    If you’re just starting:
    Start with:
    2 MMFs (Good enough)
    3 MMFs (Very good)
    Avoid:
    More than 4 (too complicated)
    Example Beginner Structure
    MMF 1 → Emergency savings
    MMF 2 → Short-term savings
    MMF 3 → Opportunity fund (optional)
    One More Important Thing
    Don’t withdraw your first MMF — keep it.
    Just open another one and start adding gradually.

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