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The short answer
The FBN Money Market Fund is an open-ended fund managed within the FBNQuest group that invests in Treasury bills, bank placements and commercial paper. nairaCompare lists a ₦5,000 minimum, ₦1,000 top-ups, a 1.25% yearly management fee and an exit charge of 20% of income if you redeem within 30 days; its yield changes, so check today's figure with the manager.
What the fund is
A money market fund pools many investors' money and lends it short term: to the Federal Government through Treasury bills, to banks through placements and certificates of deposit, and to large companies through commercial paper. The FBN Money Market Fund follows that model. The comparison site nairaCompare lists its holdings as Treasury bills, commercial papers, bankers' acceptances and certificates of deposit, with a recent split of roughly 39% Treasury bills, 60% bank placements and 1% commercial paper. That split is undated on the page, so treat it as indicative.
Many Nigerians still search for this fund as "FBNQuest". nairaCompare names the manager as First Asset Management, an SEC-licensed subsidiary of FBNQuest Merchant Bank, part of the First Bank group. FBNQuest Merchant Bank itself appears on the NDIC's list of insured merchant banks at 16 Keffi Street, Ikoyi. That listing covers the bank's deposits; units in a mutual fund are a separate thing and are not bank deposits.
Minimum, fees and the 30-day rule
| Item | As listed by nairaCompare (undated, page accessed Oct 2026) |
|---|---|
| Minimum first investment | ₦5,000 |
| Top-ups | ₦1,000 or more |
| Management fee | 1.25% a year |
| Exit charge | 20% of income earned, if you redeem within 30 days |
| Income distribution | Quarterly |
| Redemption time | Typically 24 to 48 hours after the request |
The exit charge is the one to plan around. It applies to the income, not to your capital, and only in the first 30 days. If there is any chance you will need the money within a month, a bank savings account or a flexible savings product suits that money better.
Worked example of the exit charge
Example only, with invented income. Amaka invests ₦200,000 and redeems after 20 days. Suppose the fund has earned her ₦1,800 in that time. The exit charge is 20% of ₦1,800, which is ₦360. She receives ₦200,000 + ₦1,800 − ₦360 = ₦201,440. Had she waited past day 30, she would have kept the full income.
How the yield is set and where to check it
The fund's return is whatever its holdings earn, less fees and costs. When the Central Bank's policy stance pushes Treasury bill and deposit rates up, a money market fund's yield tends to follow within weeks as old instruments mature and new ones are bought at higher rates. The reverse happens when rates fall. That is why no responsible page can give you a fixed figure.
nairaCompare shows a recent gross yield and a year-to-date yield, but neither is dated, and a gross yield is before fees. We do not repeat those numbers here. For today's figure:
- Ask the manager for the latest daily or weekly yield and whether it is net of fees.
- Read the most recent monthly factsheet, which should show performance, fee and asset mix with a date.
- Compare like with like across funds using our guide to money market fund yields.
Steps to invest and redeem
- Choose a channel. nairaCompare's "Invest" button sends you to the provider's site; you can also contact the manager directly.
- Complete the application with your personal and banking details. Expect identity checks, including your BVN.
- Transfer the subscription amount. nairaCompare says funding typically reflects within 24 to 48 hours.
- Keep your confirmation and, where issued, the electronic certificate.
- To redeem, submit a redemption request. nairaCompare notes you may need to return the electronic certificate, and that redemptions are typically processed within 24 to 48 hours.
Contacts as listed
nairaCompare gives the manager's address as 16 Keffi Street, off Awolowo Way, South-West Ikoyi, Lagos, and the email ccu@fbnquestmb.com, which also appears in the NDIC directory entry for FBNQuest Merchant Bank. Check the manager's website for current phone lines before calling.
Who the fund suits
A money market fund suits money you want to earn a market rate on but may need within weeks or months: a rent reserve, school fees for next term, or cash waiting to be invested elsewhere. Because of the 30-day exit charge on income, it suits money you can leave for at least a month.
What to check first
- The manager's legal name on your contract and the fund's SEC registration.
- The current yield, its date, and whether it is gross or net.
- The exit-charge window and how it is calculated.
- Who the trustee and custodian are; nairaCompare does not list them.
- How quarterly income is paid: reinvested or to your bank.
For background, read how money market funds work in Nigeria and compare this fund with the ARM Money Market Fund.
Where Pryme fits
Pryme does not offer mutual funds. For money you may need inside 30 days, Pryme's Flexible Savings Box keeps naira apart from spending, with current rates shown in the app. You can also receive fund redemptions into your Pryme naira account, held with Solid Allianze MFB; open an account from any country.
Questions people ask
What is the minimum for FBN Money Market Fund?
nairaCompare lists ₦5,000 for a first investment and ₦1,000 or more for top-ups. Confirm in the fund's latest factsheet.
Is there a penalty for withdrawing from FBN Money Market Fund?
nairaCompare lists an exit charge of 20% of income earned if you redeem within 30 days. Your capital is not charged.
What is FBN Money Market Fund rate today?
The yield changes with Treasury bill and bank deposit rates. Ask the manager or read the latest dated factsheet; check whether the figure is before or after fees.
How long does FBNQuest take to pay redemption?
nairaCompare says redemptions are typically processed within 24 to 48 hours after the request.
Sources
- nairaCompare: FBN Money Market Fund (First Asset Management) · accessed Oct 2026
- NDIC: Insured banks directory (merchant banks) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.