Legacy Money Market Fund

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Legacy Money Market Fund Review

Explore the Legacy Money Market fund and other investment products with Maxella

At a glance

The Legacy Money Market Fund (LMMF) is a low-risk, open-ended, Nigerian Naira-denominated mutual fund that invests in short-term money market instruments; and is designed for investors who want capital protection, stable returns, and flexibility.

Investment Type

money market fund

Risk Level

Low

Fund Manager

FCMB Asset Management Limited

YIELD-TO-DATE

19.48%

Pros and Cons

The FCMB Legacy Money Market Fund offers a range of benefits for everyday investors, but like any investment product, it comes with a few limitations worth considering before you commit your money.

Pros

Capital Protection: The fund is structured around low-risk, short-term money market instruments, giving investors stability and protection against sharp value losses.

Low Minimum Investment: The minimum subscription is 1,000 units at the prevailing market price, starting from as little as N1,000, making it accessible to a wide range of investors.

Automated Investment Option: The fund offers a direct debit option that allows you to automate your contributions, making it easier to invest consistently without manual effort.

Loan Access: Investors in the fund can apply for loans from First City Monument Bank at relatively concessionary rates, which is an added benefit not commonly found in money market funds.

Cons

30-Day Minimum Holding Period: The fund requires a minimum holding period of 30 days, which means it is not ideal for investors who may need access to their money within days of investing.

Variable Returns: Yields are tied to prevailing Nigerian money market conditions and CBN interest rate decisions, so returns are not always guaranteed to remain constant.

Quarterly Dividend Distribution: Income is paid quarterly rather than monthly, which may not suit investors who rely on more frequent income from their investments.

Unit-Based Subscription: The minimum investment is based on 1,000 units at the prevailing market price per unit rather than a fixed naira amount.

Editor’s Take

What stands out about this fund is the combination of flexibility and added value. The direct debit option, rollover facility, early termination allowance, and the ability to access loans from FCMB at concessionary rates are features that go beyond what most money market funds offer. For investors who want more than just a passive savings product, this fund provides genuine utility.

The 19.48% yield-to-date is competitive within the current Nigerian money market environment and makes a strong case for choosing this fund over leaving cash idle in a bank account.

How Does the FCMB Legacy Money Market Fund Compare to Other Products?

Where the FCMB Legacy fund separates itself is in the additional features it offers investors. The ability to access loans from First City Monument Bank at concessionary rates, combined with direct debit automation and rollover options, gives this fund a practical edge over more basic money market products. The fund's size of over N39.4 billion also signals strong investor trust and market confidence.

The 30-day minimum holding period is one area where some competing funds may offer more flexibility, and investors who prioritise same-day or two-day redemption timelines may want to reconsider.

How to Apply for the FCMB Legacy Money Market Fund

Below are the steps you can take to apply for the FCMB Legacy Money Market Fund

Review the Details

Go through the product information on this page to confirm it matches your goals and budget.

Fill in Your Information

Complete a short form with your personal and banking details. It only takes a few minutes.

Verify Your Identity

You will be prompted to complete a quick KYC verification in line with CBN requirements.

Get Started

Once verified, transfer your funds securely and start earning. Most accounts are activated within 24 to 48 hours.

Rates & Fees

Below are the financial considerations to keep in mind when applying for the Legacy Money Market Fund

Fee Type	Amount / Range
Management Fee	1.5%
Minimum Investment	N1,000 (1,000 units at prevailing market price)
Redemption Processing	24 hours
Transaction Fee	N/A
Early Termination	Permitted
Top-Up	Permitted
Rollover	Permitted (Principal plus Interest)

Who Should Apply?

Savers Who Want Better Returns:
If your money is in a bank account earning very little, this fund offers a structured and regulated way to earn significantly more with low risk.
Short to Medium-Term Planners:
his fund accommodates tenors from 1 month up to 36 months, giving you room to plan around your specific timeline.
First-Time Investors:
The low entry point of N1,000 makes this a practical and approachable first investment for anyone new to the market.
FCMB Bank Customers:
Existing First City Monument Bank customers stand to benefit through access to concessionary loan rates linked to their investment in this fund.

Is the FCMB Legacy Money Market Fund Safe?

The fund is registered with the Securities and Exchange Commission (SEC) of Nigeria and managed by First City Asset Management Limited, a subsidiary of FCMB Group Plc.

It also invests in Nigerian money market instruments including Treasury bills and other short-term, high-quality securities, which limits exposure to credit risk. The fund has been operational since December 2015 and has grown to over N39.4 billion in assets under management, which reflects a consistent and sustained level of investor confidence over time.

As with all investment products, returns are not guaranteed and will fluctuate with changes in money market conditions and CBN interest rate policy. However, the fund's low-risk profile, regulated structure, experienced fund manager, and strong institutional backing make it a sound and credible option for the investors it is designed to serve.

Why Trust Maxella?

Not every investment product you come across is worth your time or your money, but you can trust the products reviewed on Maxella. Here's why:

SEC-Registered Funds Only

Every product listed is registered with Nigeria's Securities and Exchange Commission; no unregulated options

Fresh Performance Data

Yields, returns, and fund details are updated regularly so the numbers you see reflect current market reality.

Transparency

Where data is unavailable or unverified, we say so. You will not find estimates presented as facts here.

FAQs

We answered some questions, so you don't have to ask them

How do I invest in the FCMB Legacy Money Market Fund?

You can invest through the nairaCompare platform. Click the Invest button on this page to be redirected to the provider's site for full details on how to get started.

Can I withdraw my money before maturity?

Yes. Early termination is permitted, though a minimum holding period of 30 days applies. Redemption is processed within 24 hours of your request.

How much do I need to start?

The minimum investment is 1,000 units at the prevailing market price per unit, starting from approximately N1,000. You can make additional contributions at any time.

How are returns paid?

Interest is earned daily and dividends are paid quarterly. You can choose to have your returns paid directly into your bank account or reinvested into the fund.

What is the maximum I can invest?

The maximum investment amount is N1,000,000,000, making the fund suitable for both individual and institutional investors.

Review Methodology

Maxella evaluates investment products based on:

Historical performance consistency
Fee structure transparency
Liquidity profile
Risk exposure
Fund manager credentials and regulatory standing
Accessibility and minimum investment requirements