Top 10 Money Market Funds in Kenya: Biggest Funds and Highest Earners
PHOTO/AI
Money Market Funds (MMFs) have become the preferred investment vehicle for many Kenyans seeking higher returns than bank savings accounts while maintaining liquidity and relatively low risk.
The sector has grown rapidly over the last five years, with assets under management now running into hundreds of billions of shillings as investors increasingly turn to professionally managed funds that invest in Treasury bills, government securities, fixed deposits and other short-term instruments.
Based on Assets Under Management (AUM), the largest money market funds in Kenya are:
| Rank | Fund | Assets Under Management |
|---|---|---|
| 1 | CIC Money Market Fund | KSh 81.85 billion |
| 2 | Sanlam Money Market Fund | KSh 72.26 billion |
| 3 | ICEA Lion Money Market Fund | KSh 20.15 billion |
| 4 | Absa Shilling Money Market Fund | KSh 19.28 billion |
| 5 | Co-op Money Market Fund | KSh 16.38 billion |
| 6 | Old Mutual Money Market Fund | KSh 14.72 billion |
| 7 | KCB Money Market Fund | KSh 12.77 billion |
| 8 | Britam Money Market Fund | KSh 10.72 billion |
| 9 | Etica Money Market Fund | KSh 9.18 billion |
| 10 | Jubilee Money Market Fund | KSh 7.58 billion |
The figures show that CIC and Sanlam dominate the market, together controlling nearly half of all MMF assets in Kenya.
Highest-Paying Money Market Funds
While the largest funds attract the most investors, they are not necessarily the best-paying.
Recent market data indicates that smaller and more agile fund managers have consistently posted higher yields than some of the industry’s largest players.
Top-Paying MMFs by Effective Annual Yield
| Rank | Fund | Effective Annual Yield |
|---|---|---|
| 1 | Cytonn Money Market Fund | 13.4% |
| 2 | GulfCap Money Market Fund | 13.1% |
| 3 | Ndovu Money Market Fund | 13.1% |
| 4 | Lofty-Corban Money Market Fund | 12.8% |
| 5 | Kuza Money Market Fund | 12.7% |
| 6 | Etica Money Market Fund | 12.5% |
| 7 | GenAfrica Money Market Fund | 12.0% |
| 8 | Nabo Africa Money Market Fund | 11.9% |
| 9 | ArvoCap Money Market Fund | 11.6% |
| 10 | Jubilee Money Market Fund | 11.2% |
Some industry trackers have reported even higher effective annual returns for leading funds, with Cytonn, GulfCap, Ndovu and Lofty-Corban frequently ranking among the top performers.
What Returns Can Investors Expect?
With interest rates gradually declining following monetary policy easing by the Central Bank of Kenya, MMF returns have moderated from the highs seen in 2024 and early 2025. However, many funds still offer annual returns ranging between 10% and 13%, significantly above most ordinary savings accounts.
For example, a KSh100,000 investment in a fund yielding 12% annually could generate approximately KSh12,000 in gross returns over a year, excluding taxes and fees.
What Investors Should Consider
Financial advisers caution that investors should not choose a money market fund solely based on advertised yields. Other factors include:
- CMA licensing and regulation
- Fund size and stability
- Management fees
- Ease of deposits and withdrawals
- Customer service
- Historical consistency of returns
- Transparency of reporting
Bottom Line
For investors prioritising safety and scale, CIC, Sanlam, ICEA Lion and Co-op remain among the market leaders. For those focused on maximising returns, Cytonn, GulfCap, Ndovu, Lofty-Corban and Etica have recently posted some of the strongest yields in the market.
As with any investment, experts recommend reviewing both the fund’s performance history and risk profile before committing capital.
