15 Best Money Market Funds in Kenya 2026

Why Money Market Funds Are Popular With Kenyan Investors

For many years, Wanjiku kept her emergency fund in her ordinary bank account as she began building up her savings.

It was convenient.

She could access the money whenever she needed it, and she didn’t have to think much about where it was kept.

After a few months, though, she started asking herself a simple question.

“Can this money be earning more while I wait to use it?”

A friend mentioned Money Market Funds.

Wanjiku had heard about them before, but she wasn’t sure how they worked. She wondered if an MMF was simply another type of savings account or if it was an investment that carried too much risk.

After doing some research, she discovered that a Money Market Fund is a collective investment scheme. Investors pool their money, which is then managed professionally and invested according to the fund’s investment mandate.

That was different from simply keeping money in a bank account.

It also meant she had another option to consider for money she didn’t need for everyday spending.

Wanjiku’s experience is becoming increasingly common in Kenya.

Money Market Funds have attracted retail investors because they provide a relatively accessible way to invest in short-term income-generating assets without having to select and manage individual securities themselves.

But there’s an important point that new investors sometimes miss.

There isn’t one Money Market Fund that is automatically the best for everyone.

Different funds have different investment strategies, fees, minimum investment amounts, access channels, withdrawal arrangements and performance histories.

The return can also change over time.

That’s why choosing an MMF should involve more than looking for the fund with the highest number advertised on social media.

In this guide, we’ll look at some of the leading Money Market Funds available to Kenyan investors, what to consider before choosing one, how MMF returns work, the role of fees and taxes, and the risks you should understand before investing.

What Is a Money Market Fund?

A Money Market Fund is a type of collective investment scheme that pools money from different investors and invests it in short-term financial instruments according to its investment policy.

These instruments can include government securities, bank deposits and other approved short-term investments.

Instead of deciding individually which securities to buy, investors give their money to a professionally managed fund.

The fund manager then makes investment decisions within the rules governing the scheme.

This arrangement makes MMFs different from ordinary savings accounts.

When you keep money in a bank savings account, you are depositing money with the bank.

When you invest in an MMF, you are buying units in a collective investment scheme.

The distinction matters because the two products are regulated differently and serve somewhat different purposes.

The Capital Markets Authority regulates collective investment schemes in Kenya and maintains a register of licensed schemes. Its current register includes a growing range of Money Market Funds, showing just how much the sector has expanded.

How Does a Money Market Fund Work?

The process is relatively straightforward.

You invest money into the fund and receive units representing your investment.

The fund manager pools your money with that of other investors and invests the combined portfolio according to the fund’s mandate.

The investments generate income, and the value of your investment reflects the performance of the underlying portfolio, after applicable costs.

This is why an MMF isn’t simply a place where your money earns a fixed bank interest rate.

The return can change as market conditions change.

For example, the income available from short-term investments can be affected by interest rates on government securities and other instruments held by the fund.

This is also why you shouldn’t assume that a fund offering a particular yield today will continue offering exactly the same yield next year.

Why Are Money Market Funds Popular in Kenya?

The growing popularity of MMFs isn’t difficult to understand.

For many people, they offer a middle ground between keeping money in a basic savings account and putting it into investments that may have greater price fluctuations.

They Can Be Accessible to Small Investors

Some Money Market Funds allow investors to start with relatively small amounts.

That makes them attractive to people who are beginning their investment journey and don’t have a large amount of capital.

However, minimum investment requirements vary from one fund to another, so check the current terms before opening an account.

They Offer Professional Management

You don’t need to spend your time deciding which Treasury bill, deposit or other eligible short-term investment to purchase.

The fund manager handles those investment decisions within the fund’s approved mandate.

This can be useful for someone who wants exposure to short-term investments without managing a portfolio personally.

They Can Provide Relatively Easy Access to Your Money

Many MMFs allow investors to request withdrawals.

However, “liquid” doesn’t necessarily mean instant.

The time it takes to receive your money can vary between providers.

If you’re planning to use an MMF for an emergency fund, check the fund’s current withdrawal process and processing time before investing.

They Give Investors Another Option for Short-Term Money

Not every shilling needs to sit in a transaction account.

Money you don’t need for immediate expenses can potentially be put to work in an investment product that matches your risk tolerance and financial goals.

That doesn’t mean an MMF is suitable for every situation.

It simply gives investors another option to consider.

Are Money Market Funds Safe?

This is one of the first questions people ask.

The short answer is that MMFs are generally regarded as lower-risk investments, but they are not risk-free.

That’s an important distinction.

The fact that a fund invests mainly in short-term or relatively lower-risk instruments doesn’t mean investors are guaranteed a particular return.

The performance of a collective investment scheme depends on the assets in its portfolio and prevailing market conditions.

Investors should therefore read the fund’s offering documents and understand its investment strategy, fees and risks before committing their money.

The CMA’s regulatory framework is designed to provide oversight of collective investment schemes, and the Authority continues to approve new products as Kenya’s investment market expands. In July 2026, for example, CMA announced the approval of new unit trust schemes and sub-funds, including a new KES Money Market Fund under Cinemark.

This growing number of regulated products gives investors more choice, but it also makes comparison more important.

What Should You Look for When Choosing an MMF?

Don’t start by asking:

“Which MMF has the highest return?”

Start with a broader set of questions.

1. Is the Fund Regulated?

Before sending your money to an investment provider, confirm that the relevant fund appears on the CMA’s official register.

CMA’s current register lists numerous licensed collective investment schemes and their individual sub-funds.

2. What Has the Fund Been Earning?

Look at recent performance and, where available, longer-term performance.

Past performance doesn’t guarantee future returns, but it gives you useful information when comparing funds.

Don’t base your decision on a single day’s or month’s published yield.

3. What Are the Fees?

Find out what management fees and other applicable charges are involved.

A fund’s headline return isn’t necessarily the same as what you ultimately receive.

4. How Much Do You Need to Start?

Some funds are designed to accommodate small investors, while others have higher minimum investment requirements.

Choose one that fits your available capital rather than stretching your finances simply to meet a minimum.

5. How Quickly Can You Withdraw?

If the money is part of your emergency fund, withdrawal arrangements matter.

Check the fund’s stated processing period and any conditions attached to withdrawals.

6. How Can You Access the Fund?

Some providers offer mobile applications, USSD services, websites or other digital channels.

Choose an option that you can comfortably use and monitor.

7. What Does the Fund Actually Invest In?

Don’t stop at the words “low risk.”

Look at the fund’s investment mandate and understand the types of assets it holds.

That gives you a much clearer picture of what you’re investing in.

The Best MMF Depends on Your Financial Goal

Someone saving KSh 20,000 for an emergency fund may have different priorities from someone investing KSh 1 million for several years.

The first investor may care most about:

• Easy access.
• A low minimum balance.
• Simple deposits.
• Reliable withdrawal processing.

The second may place greater emphasis on:

• Historical performance.
• Fees.
• Portfolio composition.
• Fund management.
• Consistency of returns.

That’s why a useful comparison shouldn’t simply declare one fund the winner.

Instead, it should help you understand what each fund offers and decide which features matter most to you.

In the next section, we’ll look at 15 Money Market Funds available to Kenyan investors, including established funds and newer options that have appeared as the country’s regulated collective investment market continues to expand.

15 Best Money Market Funds in Kenya

Kenyan investors now have many Money Market Funds to choose from. The Capital Markets Authority’s current register includes a wide range of licensed collective investment schemes, from long-established providers to newer entrants.

Rather than ranking the funds purely by their latest advertised yield, the list below focuses on established and notable options that investors may want to research.

Remember that MMF yields, fees and product terms can change. Always check the latest information from the fund manager before investing.

1. CIC Money Market Fund

CIC Money Market Fund is one of the better-known MMFs in Kenya and is managed by CIC Asset Management.

The fund invests in a portfolio of money market and fixed-income instruments, including Treasury bills, Treasury bonds, commercial paper, corporate bonds and fixed or call deposits.

CIC says the fund is designed to provide capital preservation and monthly interest income. Its published information also makes clear that investment returns can rise or fall and that there is no guarantee of capital.

For someone looking for an established provider with a long presence in Kenya’s investment market, CIC is worth considering.

2. Britam Money Market Fund

Britam Money Market Fund is another widely recognised option.

This MMF says it invests in high-quality, short-duration fixed-income securities and is intended for goals such as emergency savings, school fees and business projects.

The fund accepts an initial investment from KSh 1,000 and provides several ways for investors to access their accounts, including its mobile application and USSD service.

One important point when looking at Britam’s published yields is that the company states its effective annual yield is net of fees and gross of withholding tax. It also warns that past performance doesn’t guarantee future results.

3. NCBA Money Market Fund

NCBA Money Market Fund is available in both Kenya shilling and US dollar versions.

The KES fund is designed for investors looking for a relatively low-risk and liquid investment option, including people building emergency funds or saving for near-term goals.

NCBA publishes its current daily yield and effective annual rate, making it possible for investors to check the fund’s latest performance rather than relying on old figures.

For example, NCBA’s July 3, 2026 disclosure showed a KES daily yield of 6.65% and an effective annual rate of 6.86%. These figures are time-specific and should not be treated as a permanent rate.

4. Zimele Money Market Fund

Zimele Money Market Fund is another option on the CMA’s current register.

This MMF is particularly well known for making investment accessible to smaller investors, although investors should check the current minimum investment and account terms before opening an account.

The provider also offers other investment products, including a Fixed Income Fund, so it is important not to confuse the different products when comparing returns.

Zimele’s presence on the CMA register confirms that its Money Market Fund is part of Kenya’s regulated collective investment market.

5. ICEA LION Money Market Fund

ICEA LION Money Market Fund is managed under ICEA LION’s collective investment structure.

The fund is designed for investors seeking exposure to short-term income-generating investments while retaining access to their money.

ICEA LION is an established name in Kenya’s insurance and investment industry, and its Money Market Fund remains one of the options investors can compare when looking for a regulated MMF.

6. Sanlam Money Market Fund

Sanlam Money Market Fund is another established option available to Kenyan investors.

The fund forms part of Sanlam’s wider unit trust offering, which also includes balanced and fixed-income funds.

For an investor who wants to compare an MMF with other professionally managed investment products under the same provider, Sanlam offers several alternatives.

The fund appears on CMA’s current register of licensed collective investment schemes.

7. Co-op Money Market Fund

Co-op Money Market Fund is managed under Co-op Trust and is available to investors looking for a professionally managed short-term investment option.

Its connection to the Co-operative Bank ecosystem may also appeal to people who already use the bank’s financial services.

The fund is part of the Co-op unit trust scheme listed by CMA.

As with any MMF, investors should check the current yield, fees, minimum investment and withdrawal arrangements before committing their money.

8. Absa Shilling Money Market Fund

Absa offers a Kenya shilling Money Market Fund alongside other unit trust products.

The fund is designed for investors seeking a relatively lower-risk investment in short-term assets.

Absa’s presence as a major financial institution may make the fund attractive to investors who prefer managing different financial services through an established banking group.

CMA’s current register lists the Absa Shilling Money Market Fund among its collective investment schemes.

9. KCB Money Market Fund

KCB Money Market Fund is another established option available to Kenyan investors.

The current CMA register lists the KCB Money Market Fund in Kenya shillings as well as a US dollar version.

This gives investors who already use KCB’s financial services another investment option to consider.

Before investing, compare the fund’s current performance, charges and withdrawal arrangements with those of other MMFs.

10. Jubilee Money Market Fund

Jubilee Money Market Fund is part of Jubilee’s unit trust offering.

The current CMA register lists both KES and USD Money Market Funds under the Jubilee structure.

This can be useful for investors who want to compare a Kenya shilling MMF with a dollar-denominated option, particularly if they have different currency-based financial goals.

As always, check the current product terms before investing.

11. GenAfrica Money Market Fund

GenAfrica Money Market Fund is another established fund on CMA’s register.

The fund also offers equity and fixed-income funds, allowing investors to consider different investment strategies under the same fund manager.

The Money Market Fund is generally more suited to investors looking for short-term income and relatively lower risk than equity-oriented investments.

The key is to make sure the product matches your investment horizon and liquidity needs.

12. Apollo Money Market Fund

Apollo Money Market Fund is part of the Apollo unit trust scheme listed by CMA.

Apollo’s broader investment offering includes balanced, equity, bond and other funds.

That makes the provider worth considering for investors who may eventually want to diversify beyond an MMF rather than keeping all their investments in one type of fund.

13. Cytonn Money Market Fund

Cytonn Money Market Fund is another fund appearing on CMA’s current register.

It is important, however, not to choose an MMF simply because of an old article or historical yield ranking.

Returns can change, and the relevant question is how the fund is performing now, what it invests in, what fees apply and whether its current terms fit your financial goals.

CMA’s register confirms the fund’s presence within the regulated collective investment scheme market.

14. Etica Money Market Fund

Etica is one of the newer names many Kenyan investors may come across when comparing MMFs.

CMA’s register lists both the Kenya shilling and US dollar versions of Etica’s Money Market Fund, alongside other Etica funds.

The presence of multiple currency and fund options means investors should pay attention to the exact product they’re comparing rather than looking at the fund manager’s name alone.

15. Lofty-Corban Money Market Fund

Lofty-Corban is another fund manager listed by CMA with both Kenya shilling and US dollar Money Market Funds.

The current CMA register also lists other Lofty-Corban investment products, giving investors several options within the same provider.

If you’re considering the fund, compare its current yield, fees, investment minimums, withdrawal arrangements and portfolio information with competing MMFs before making your decision.

What About Newer Money Market Funds?

The Kenyan MMF market is no longer limited to the names most people have known for years.

CMA’s current register includes newer schemes such as Swala Money Market Fund, Wekeza Money Market Fund, Zamara Money Market Fund, Octagon Money Market Fund, Rencap Money Market Fund, Xeno Kenya Money Market Fund, Ziidi Money Market Fund, Capital A Rejesha Money Market Fund, and Pergamon Money Market Fund, among others.

This gives investors more choice.

It also creates a new challenge.

More choice means you need to do more comparison.

A fund being new doesn’t automatically make it better or worse than an established fund. Look at its regulatory status, investment mandate, fees, liquidity arrangements, fund manager and published performance before making a decision.

Which Money Market Fund Is Best for You?

There isn’t one answer that works for everyone.

If you’re building an emergency fund, you may care most about:

• Easy deposits.
• Fast withdrawals.
• A low minimum investment.
• Reliable access to your account.
• A competitive return.

If you’re investing a larger amount for a longer period, you may pay more attention to:

• Historical performance.
• Management fees.
• Portfolio composition.
• Consistency of returns.
• The fund manager’s experience.

This is why the highest advertised yield shouldn’t automatically determine your choice.

A fund that earns slightly less but gives you easier access to your money may be more suitable for an emergency fund.

Similarly, someone investing long-term may be more interested in consistency and costs than in chasing the highest rate available this month.

How Much Money Do You Need to Invest in an MMF?

One reason Money Market Funds have become popular in Kenya is that you don’t necessarily need a large amount of money to get started.

However, the minimum investment varies from one fund to another.

Some funds are designed to accommodate relatively small investors, while others may require a larger initial contribution.

This means you shouldn’t assume that an MMF with a well-known name is automatically accessible to you.

Before opening an account, check:

• The minimum initial investment.
• The minimum additional contribution.
• Any minimum balance requirements.
• Withdrawal conditions.
• Applicable fees.

If you’re starting with KSh 1,000, for example, a fund requiring KSh 10,000 to open an account may not be suitable for you right now.

There is no need to stretch your finances simply to meet an investment minimum.

Start with a product that fits your circumstances.

How Much Can You Earn From a Money Market Fund?

This is probably the question most investors want answered.

Unfortunately, there isn’t one permanent MMF interest rate.

The yield changes over time.

The Capital Markets Authority explains that the performance of collective investment schemes depends on the market value of the instruments in which the pooled money is invested. For Money Market Funds, the yield is calculated daily.

This means the rate you see today may not be the rate you’ll receive several months from now.

The return can be influenced by factors such as:

• Interest rates in the economy.
• Returns on Treasury bills and other short-term securities.
• The assets held by the fund.
• Fund expenses and management fees.
• Changes in market conditions.

For that reason, be careful when you see an advertisement promising a particular annual return.

Ask when that figure was published.

Then find out whether it is a current yield, historical return, effective annual rate or another performance measure.

Those figures aren’t necessarily interchangeable.

Why Treasury Bills Matter to Money Market Fund Returns

To understand why MMF returns change, it helps to understand what happens in the wider financial market.

Money Market Funds invest in short-term instruments according to their mandates. Government securities are an important part of Kenya’s short-term fixed-income market.

The Central Bank of Kenya issues Treasury bills with different maturities, including 91-day, 182-day and 364-day bills.

When yields on these short-term securities change, it can influence the income available to funds that invest in similar instruments.

This is one reason you may notice Money Market Fund yields moving up or down over time.

So when comparing two MMFs, don’t look only at what each fund earned last month.

Consider the wider interest-rate environment as well.

Don’t Confuse an MMF Yield With a Bank Interest Rate

A Money Market Fund and a savings account are different products.

With a bank savings account, you’re depositing money with a bank under the terms of the account.

With an MMF, you’re investing in a collective investment scheme and receiving units representing your share of the pooled assets.

The CMA notes that the value and performance of collective investment funds depend on their underlying investments and can fluctuate.

That’s why an MMF should not be presented as a bank account with a guaranteed interest rate.

This distinction is particularly important for beginners.

A high recent yield can be attractive, but it doesn’t mean the same yield will continue indefinitely.

What Fees Should You Check?

Two Money Market Funds can have similar headline yields while leaving investors with different net returns.

That’s why fees deserve attention.

Before investing, ask the provider about:

Management Fees

This is the cost charged for managing the fund.

Check how the fee is calculated and whether the published return already accounts for it.

Withdrawal Charges

Find out if there are charges associated with withdrawing your money.

Also check if there are conditions attached to withdrawals.

Other Costs

There may be additional costs depending on the product and the transactions you make.

Don’t hesitate to ask for the complete fee structure before investing.

The question you want answered is not simply:

“What is the advertised return?”

It is:

“After the applicable costs and taxes, how much am I likely to keep?”

What About Tax on Money Market Fund Returns?

Tax is another factor that can affect what you ultimately receive.

Investment income can have tax implications, and the treatment depends on the specific investment and applicable Kenyan tax rules.

That’s why investors should avoid calculating their expected take-home return using the advertised yield alone.

For the most accurate and current tax treatment, check the Kenya Revenue Authority’s guidance and the fund manager’s latest disclosure before making an investment decision.

This is particularly important because tax rules can change.

How Long Should You Keep Your Money in an MMF?

There isn’t a universal holding period.

It depends on why you’re investing.

For an Emergency Fund

An MMF may be considered as one component of an emergency savings strategy, particularly when the fund offers convenient access to your money.

However, check the actual withdrawal processing time first.

An emergency fund should be accessible when you genuinely need it.

For Short-Term Goals

You might use an MMF while saving towards a goal such as:

• School fees.
• A business purchase.
• A house deposit.
• A holiday.
• A vehicle.

The important thing is knowing when you’ll need the money.

For Longer-Term Wealth Building

An MMF can play a role in a broader portfolio, but it shouldn’t automatically be treated as a complete long-term investment strategy.

Someone saving for retirement, for example, may need to consider other asset classes alongside lower-risk investments.

Your investment horizon should influence the products you choose.

How to Compare Money Market Funds Properly

Instead of creating a spreadsheet with only one column labelled “interest rate”, consider comparing the following:

Factor	What to Check
Regulation	Is the fund listed by CMA?
Minimum investment	How much do you need to start?
Yield	What is the most recent published figure?
Performance	How has the fund performed over time?
Fees	What costs are deducted?
Liquidity	How long do withdrawals take?
Investment strategy	What does the fund invest in?
Access	App, USSD, website or other channels?
Tax	What applies to the investment income?
Fund manager	Who manages the portfolio?

This approach gives you a much better basis for comparison.

A fund with the highest recent yield may not be the most suitable choice if it has a higher minimum investment, slower withdrawals or other features that don’t match your needs.

Common Mistakes to Avoid When Investing in an MMF

Choosing the Highest Yield Without Checking the Date

A yield published several months ago may no longer represent the fund’s current performance.

Always check the date.

Assuming Returns Are Guaranteed

Money Market Funds are investments.

Their performance can change.

Don’t treat a published yield as a permanent promise.

Ignoring Fees

A return figure means little if you don’t understand what costs have already been deducted or what additional charges may apply.

Putting All Your Money Into One Product

An MMF can be useful, but your entire financial plan shouldn’t automatically revolve around one investment.

Your goals, risk tolerance and investment horizon should determine how you allocate your money.

Investing Through an Unverified Provider

Before sending money, confirm that the fund is properly regulated.

CMA maintains an official register of licensed collective investment schemes, which investors can use to verify the status of a fund.

Final Thoughts

When Wanjiku first started looking for somewhere to keep her savings, she thought the decision would be simple.

Find the Money Market Fund with the highest return and put her money there.

The more she learned, the more she realised that investing doesn’t work that way.

The return mattered.

But so did the fees.

So did the minimum investment.

So did how quickly she could access her money.

And so did the reason she was investing in the first place.

That’s the approach you should take when comparing Money Market Funds in Kenya.

Don’t ask only:

“Which MMF has the highest return?”

Ask:

“Which MMF fits my financial goal, risk tolerance, investment amount and need for access?”

The CMA’s current register shows just how much choice Kenyan investors now have. Established funds sit alongside newer entrants, and the Authority continues to approve additional collective investment schemes.

More choice can be a good thing.

But it also means investors need to do their homework.

Check the fund’s current performance.

Understand the fees.

Confirm the regulatory status.

Read the investment terms.

And don’t make your decision based on an old interest rate circulating on social media.

Most importantly, remember that a Money Market Fund is an investment, not a guaranteed savings account.

Choose based on your financial goals, understand what you’re buying, and review the fund’s latest information before putting your money into it.