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.
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 👏
See lessShort 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.