South African banking group Absa Bank announced it will shut down its investment vehicle Absa Money Market Fund (AMMF) in July this year. The company says many of its investors and clients have a wrong idea about the fund’s management and structuring.
“We have therefore decided to close the [fund] as of 6 July 2021 (the closure date), in the best interest of our clients, and given our findings that the majority of retail clients believe that their capital and returns are guaranteed,” the company said in a letter to investors.
Absa has given 90 days, from the date of publication of the document announcing the closure of the AMMF to customers to withdraw their funds and, if they wish, transfer them to another financial product of the Bank. As a replacement, another fund called Absa Prudential Money Market Fund is announced with the particularity of "an improved investment policy."
An official document showed that the return generated by the AMMF has gradually declined from 7.56% in April 2019 to 3.85% in February 2021.
Chamberline Moko
Africa’s energy & mining exports benefit from US tariff exemptions, cushioning trade as most other...
Development Partners International sold its 20.17% stake in Atlantic Business International for mo...
Nigerian fintech Paystack launches Paystack Microfinance Bank Bank created after acquiring ...
Nigeria granted Amazon Kuiper a seven-year license starting February 2026 The move opens comp...
This week in Africa, Africa CDC continues its clinical trial on mpox, while a new study highlights l...
Plan targets safety, infrastructure, and skills development through 2045 Sector remains weakened by post-war underinvestment and low oversight...
Caledonia seeks $125 million to finance gold operations in Zimbabwe Funds will support Bilboes development and ongoing Blanket...
Senegal plans to launch second satellite, GAINDESAT-1B, in 2026 Satellite builds on GAINDESAT-1A’s environmental and monitoring...
Nigeria forecasts 4.68% growth in 2026, finance minister says Easing inflation, stable naira and reforms underpin economic outlook Government...
Located at the mouth of the Senegal River, about twenty kilometers from the Atlantic Ocean, Saint-Louis Island holds a distinctive place in the country’s...
Benin considers hosting a pan-African cultural event inspired by FESMAN but plans to use a different name. Culture Minister Jean-Michel Abimbola...