The CIC Money Market Fund (MMF), a low-risk investment option offered by CIC Asset Management Limited, has left some investors in utter frustration after a series of unfulfilled promises and unhelpful responses regarding a simple withdrawal request.
The fund, which boasts of a diversified portfolio including government securities, treasury bills, and other credit-rated commercial papers, is marketed as a stable and secure investment vehicle for those seeking to preserve capital with minimal risk.
But for some investors, the reality of interacting with the company has been anything but reassuring.
CIC MMF has built its reputation around offering competitive returns while maintaining a strong priority on liquidity, allowing investors to withdraw funds with minimal delay.
The fund prides itself on its regulation by the Capital Markets Authority (CMA), as well as professional management and oversight from reputable institutions such as KCB Bank Kenya Limited and Co-operative Bank of Kenya Limited.
Despite these assurances, one investor’s experience with the fund has been marked by unfulfilled withdrawal requests and poor customer service.
The investor, who reached out for help in navigating a simple withdrawal process, reported a sequence of frustrating encounters with the CIC Asset Management customer service team.
The withdrawal in question was initiated for two separate transactions on 24th and 25th of March, both of which were confirmed by the company as completed.
However, no money was received in the investor’s M-Pesa account, and the withdrawals failed to materialize.
The investor’s efforts to follow up with customer support only resulted in one excuse after another, with no tangible explanation provided regarding the missing funds.
Throughout the process, the investor claims, the customer service agents at CIC Money Market Fund offered a range of conflicting reasons for the issue.
In one instance, an agent blamed an alleged mismatch between the investor’s names and member number while the previous four customer care agents had confirmed the account details and assured the investor that the withdrawal would proceed without issue.
In another instance, the investor was told that there was no explanation for where the money went, adding to the growing frustration of dealing with an unresponsive team.
With mounting pressure, the investor insisted that their identification number be used as a reference to track the issue, despite the reluctance from the customer service agents to assist further.
After several failed attempts at resolving the issue, the investor claimed to have been “tossed around” to different attendants, none of whom offered a solution or a sense of urgency in investigating the matter.
“Hello Nyakundi. I really need your help. CIC Money Market Fund has been taking me in circles regarding my withdrawal from the MMF. It takes a maximum of 4 business days to send your withdrawal to M-Pesa or bank, but these people have just been taking me in circles. I have dire needs that need to be addressed, but the customer care representatives are just shoving me from one attendant to another until one simply told me they don’t know where my money went. Today another attendant gave me another excuse that my member number doesn’t match my names. This is after the previous four confirmed my account and the withdrawals I made. I literally had to beg her to check using my ID number, but she was reluctant. I am tired of being taken in circles with no real help. I have accompanying screenshots of emails and WhatsApp correspondence. Please help me. The withdrawals were confirmed on my two transactions completed on the 24th and 25th, but no money was sent to my M-Pesa. Yet they say they don’t know what’s wrong. All these calls have a different excuse. Then they blame you for not remembering all the attendants they were tossing me around to. They make it an excuse to not follow up on where your money is. One even told me he doesn’t know where my money went when I called again later.”
This series of exchanges exemplifies the lack of transparency and accountability in CIC Asset Management’s handling of its customer service operations, despite their claims of professionalism and regulatory oversight.
At its core, the CIC Money Market Fund is designed to offer low-risk investments with liquidity and competitive returns, characteristics that would appeal to those seeking to safeguard their savings.
The fund, regulated under the Capital Markets Authority (CMA), is expected to adhere to strict oversight and transparency measures to protect investors.
The failure to provide a clear resolution to a missing withdrawal raises concerns about whether these regulatory safeguards are being effectively enforced.
The investor’s ordeal raises troubling questions about the efficiency and reliability of CIC Money Market Fund’s withdrawal process.
A company handling client funds should not subject investors to conflicting responses, delays, and a lack of accountability.
If a withdrawal is marked as complete but no funds are received, the company should be able to provide a clear and prompt explanation instead of passing the client between multiple attendants who contradict each other.
An investor should not have to beg for answers or endure confusion from attendants who offer conflicting information regarding the status of a withdrawal.
CMA’s role in regulating money market funds comes into question when such issues arise without intervention.
At a time when Kenyans are looking for reliable investment options to safeguard their money, incidents like these highlight the risks of dealing with financial institutions that do not take customer concerns seriously.
CMA must also be held accountable for ensuring that institutions under its supervision operate with transparency and efficiency instead of allowing investors to be subjected to endless excuses.
