Kenya is fast catching up with the rest of the world in terms of access to banking and investment services. One of the biggest trends in the Kenyan savings and investment scene is the rise of money market funds (or simply MMF funds). In this article, we have compiled a list of the best MMF funds backed by verified data appearing in the latest Collective Investment Schemes Quarterly Report by the Capital Markets Authority.
Note: The Capital Markets Authority does not take responsibility for the financial soundness of any scheme.
What Are Money Market Funds?
Money Market Funds, commonly acronymized as MMFs are savings and investment schemes that combine the wealth-building benefits of a savings account with the withdrawal flexibility of a current account (although some funds may limit the number of times you can withdraw per month). MMFs are renowned for their low-risk nature and as such are a popular investment vehicle for anyone who might find investments in things like stocks, forex, and SMEs too risky for their liking.
Kenya has tens of licensed money market funds – and for a fact each one of them comes with its fair share of pros and cons. To choose a good fund, you should look beyond the hype and short-term gains. Generally, good funds exhibit the following characteristics:
- Fund Size – Like in the banking sector, a massive assets under management (AUM) portfolio is typically an indicator of a fund’s good financial health. However, quantity does not always equal quality.
- Years Since Inception – The longer a fund has been in operation, the surer you can be that they indeed understand the ebbs and flows of the market.
- Performance – Of course, how well a fund performs will directly impact how much money you’ll make out of your investment.
- Management Fees – Some funds may offer attractive interest rates only to shortchange you by charging exorbitant fees and hidden charges.
- Minimum Deposit – If you are a small scale investor, you’ll definitely want to work with a fund that allows you to invest small amounts of money and perhaps top up your investment over time.
Keeping all those factors in mind, here’s how various money market funds in Kenya fare – from the largest to the smallest in terms of assets under management (AUM).
List of MMFs in Kenya By Fund Size – 2025
| Fund Name | Fund Size (KES) |
| CIC Money Market Fund | 68.4 Billion |
| Sanlam | 50.5 Billion |
| ICEA Lion | 17.9 Billion |
| Absa MMF (KES) | 13.0 Billion |
| Old Mutual MMF | 12.1 Billion |
| Co-op Bank Money Market Fund | 12.0 Billion |
| Britam Money Market Fund | 9.0 Billion |
| KCB Money Market Fund | 8.8 Billion |
| Jubilee Money Market Fund | 6.0 Billion |
| Etica Money Market Fund | 5.8 Billion |
| Madison | 5.1 Billion |
| Nabo by Centum | 4.4 Billion |
| Dry Associates | 2.8 Billion |
| Lofty Corban | 2.43 Billion |
| Apollo Money Market Fund | 2.42 Billion |
| GenAfrica MM Fund | 2.39 Billion |
| Ziidi MMF | 1.71 Billion |
| Stanbic Money Market Fund | 1.70 Billion |
| Cytonn Money Market Fund | 1.10 Billion |
| Kuza Money Market Fund | 912 Million |
| Enwealth MM Fund | 827 Million |
| Genghis Gencap Hela Imara | 739 Million |
| African Alliance Kenya | 373 Million |
| Faulu Unit Trust Scheme | 253 Million |
| Orient Kasha MMF | 179 Million |
| Arvocap MMF | 71 Million |
| Taifa MMF | 52 Million |
| Mayfair MMF | 46 Million |
| Amana | 17 Million |
| Xeno Kenya MMF | 3.6 Million |
Detailed Description of the Largest Money Markets Funds in Kenya – 2025
1. The CIC Insurance Money Market Fund
Fund Size: 68.4 Billion
Management Fee: 2 percent
Minimum Investment: KES 5000
Interest Rate*: 12 percent
Top on our list of the largest money market fund in Kenya is none other than the CIC Insurance MMF Fund. Data from the Capital Markets Authority shows that this fund had a colossal 68.4 Billion shillings under its care as of December 2024. This represents a 25 per cent market share.
The CIC Money Market Fund has been in operation since 2011. As a well-established insurance and investment service provider, this institution provides quality customer support and a wide-spread branch network across the country.
2. Sanlam MMF
Fund Size: 50.5 Billion
Management Fee: 1.5 percent
Minimum Investment: KES2,500
Interest Rate*: 14.81 percent
Second on our list is probably the best-run money market fund in the country – the Sanlam MMF. Established in 2014, this fund has pretty much all the features you’d expect from a winning scheme. From a huge fund size of over 50 Billion shillings to an unbelievably friendly management fees of 1.5 percent, the Sanlam MMF is miles ahead of its competitors.
What’s more, they have a highly responsive customer support team which comprises team members who are knowledgeable on matters investments. And just like CIC, they have a diverse branch network covering pretty much all the corners of the country.
3. ICEA Lion Fund
Fund Size: 17.9 Billion
Management Fee: 2 percent
Minimum Investment: KES 500
Interest Rate*: 11.31 percent
The ICEA Lion Fund is known for its beginner-friendly minimum investment requirement of KES 500. Backed by an equally well-managed insurance wing, this fund boasts a massive 17.9 Billion shillings warchest under its management. As a professionally-run fund, the funds are distributed across various low-risk investment vehicles including government securities, listed securities, and fixed deposits among others.
ICEA Lion has an incredibly well-trained customer support team with a fantastic response rate. The fund was established in 2007 making it one of the longest-running savings and investment schemes on this list.
4. The Absa MMF (Shilling Fund)
Fund Size: 13 Billion
Management Fee: 2 percent
Minimum Investment: KES 1000
Interest Rate*: 11.30 percent
Formerly under the Barclays banner, the Absa Money Market Fund is one of the best-run investment schemes in Kenya. As of December 2024, this fund had a whopping 13 billion shillings under its wings making it officially the fourth largest in the country. The institution provides stellar customer service available round the clock.
To top it all up, the Absa fund is beginner-friendly thanks to its reasonable KES1000 minimum investment requirement.
5. Old Mutual MMF
Fund Size: 12.1 Billion
Management Fee: 2 percent
Minimum Investment: KES 1000
Interest Rate*: 12.60 percent
They say old is gold – but does Old Mutual really fit the bill? Well, this fund boasts a fast-growing portfolio of 12.1 Billion shillings amassed from its massive network of individual and corporate investors.
Established in 2003, this fund has been running for more than 2 decades – a testament to its resilience and long-term oriented strategies. And with a minimum investment requirement of KES 1000, this scheme is pretty much accessible to anyone looking to kickstart their saving journey.
6. Co-op Bank Money Market Fund
Fund Size: 12 Billion
Management Fee: Varies
Minimum Investment: KES 2000
Interest Rate*: 11.85 percent
The fourth largest bank in Kenya, Co-Operative Bank is also home to the sixth largest money market fund by assets. Co-Op, known for its well-developed SACCO network, manages a well-kept portfolio rated at 12 Billion shillings in December 2024.
The portfolio is carefully spread out in various low-risk investment avenues including bank deposits, corporate bonds, and treasury bills among others. Audited by Deloitte, this massive fund has been in existence since December 2018.
7. Britam Money Market Fund
Fund Size: 9 Billion
Management Fee: Up to 2.5 percent
Minimum Investment: KES 1000
Interest Rate*: 12.61 percent
Britam is known for many things, like being among the most trusted insurance firms around, but does its money market fund live up to expectations? Well, for a firm known for its significant financial muscle, a 9 Billion shillings treasure-chest in the form of a money market pool of funds isn’t too shabby.
Details available in their fact sheet reveal that this highly sought-after fund has been in existence since 2006. So, in total, they’ve been running it for close to 2 decades – a good indicator of just how stable the portfolio has been.
8. KCB Money Market Fund
Fund Size: 8.8 Billion
Management Fee: 2 percent
Minimum Investment: KES 5000
Interest Rate*: 12.61 percent
With an 8.8 Billion shilling money market fund, the KCB Bank Group Money Market Fund ranks as the eighth largest in Kenya perhaps bolstered by the financial institution’s iron-clad branch network. According to 2024 Q4 data from the industry regulator, a large proportion of the KCB MMF fund was held in the form of fixed deposits with significant portions also in government securities.
Small qualms with the otherwise perfect fund is that their customer support is rather sluggish and economical with information. Unlike most funds that share their fund fact sheets promptly, the KCB team didn’t seem keen on that at the time of compiling this article.
9. Jubilee Money Market Fund
Fund Size: 7.06 Billion
Management Fee: 2 percent
Minimum Investment: KES 5000
Interest Rate*: 12.20 percent
Next up on our list is the Jubilee Money Market Fund. Running a colossal fund of KES 7.06 billion, this scheme prides itself on running a stable, safe yet low-risk fund designed for wealth preservation. To do this, the insurance cum investment firm leverages its numerous physical branches spanning Nairobi, Mombasa, Kisumu, Nakuru, Eldoret and literally every other major town in the republic.
The scheme, which has been around since 2022 offers a friendly 2 percent management fee and a minimum initial investment requirement of KES 5,000.
10. Etica Money Market Fund
Fund Size: 5.8 Billion
Management Fee: 2 percent
Minimum Investment: KES 100
Interest Rate*: 14.90 percent
Established in 2023, Etica is one of the fastest growing money market funds in Kenya and for good reasons. The fund is highly popular among the Gen Zs and young millennials and enjoys constant praise on different social media platforms. As of December 2024, the fund had grown in leaps and bounds to top 5.8 Billion shillings.
One of the key things that have contributed to the firm’s meteoritic rise to fame is its consistently high interest rates. In February of 2025, for instance, the fund delivered a remarkable 14.90 percent average return for its investors making it one of the best performing schemes in the republic.
11. Madison Insurance Money Market Fund
Fund Size: 5.1 Billion
Management Fee: 2 percent
Minimum Investment: KES 5000
Interest Rate*: 12.77 percent
With a fund in excess of 5.1 Billion under its management, the Madison money market fund ranks highly among the leading investment service providers in Kenya. As you can tell, the Madison fund is associated with the insurance company that goes by the same name. And while the insurance company is in charge of the fund, it is Standard Chartered Bank of Kenya that’s custody and trusteeship of the fund.
Established in 2011, the scheme has been in operation for close to one and a half decades and reportedly had an annual yield rate of 12.77 percent in February 2025.
12. Nabo Capital by Centum
Fund Size: 4.4 Billion
Management Fee: up to 2.25 percent
Minimum Investment: KES 100,000
Interest Rate*: 11.40 percent
Established in November 2017 by real-estate giant Centum, Nabo Capital is home to one of the largest money market funds in Kenya. Reported at 4.4 Billion shillings in December 2024, this fund enjoys the backing of one of the best investment companies in the republic. The Centum Group, under the stewardship of James Mworia brings to life the legacy of the group’s founder, the late Chris Kirubi.
Audited by Grant Thorton and with the Stanbic Bank as its custodian, this fund offers a safe pair of arms to anyone looking to ride on the benefits of one of the country’s best run investment schemes.
13. Dry Associates
Fund Size: 2.88 Billion
Management Fee: up to 2 percent
Minimum Investment: KES 1,000,000
Interest Rate*: 14.61 percent
Ranked among the best investment banks in Kenya, Dry Associates controls a money market fund valued at 2.88 Billion shillings. The Money Market Fund, established in July 2016, has been in existence for close to a decade – enough time to prove that they are indeed worth their salt.
Unfortunately, Dry Associates seems to target the middle-class to high-end class of investors with its Ksh1,000,000 minimum investment requirement. This locks out most micro-small-scale investors.
Overall, this is a well-run fund that comes with all the bells and whistles you’d expect from an investment bank that has been around since 1994.
14. Lofty Corban
Fund Size: 2.43 Billion
Management Fee: up to 2 percent
Minimum Investment: KES 1,000
Interest Rate*: 14.90 percent
Little-known Lofty Corban is, hands down, one of the top performing money market funds in Kenya if their prevailing effective annual yield of 14.90 percent in early 2025 is anything to go by. With a minimum initial investment requirement of KES 1,000, and a super-friendly KES100 top up permission, this scheme is just the right fit for beginners who want to dip their fit into the market.
The fund, reported as KES 2.43 Billion in December 2024, is one of the fastest growing names in the country’s savings and investments niche.
15. Apollo Money Market Fund
Fund Size: 2.42 Billion
Management Fee: up to 2 percent
Minimum Investment: KES 1,000
Interest Rate*: 13.83 percent
Managed by the Apollo Asset Management team, this fund is associated with renowned insurance company APA Insurance. According to one of the firm’s fact sheets, the fund was established in February 2016 and falls under the custody of banking giant Co-operative Bank of Kenya.
With a fund size of 2.42 Billion shillings reported in the last quarter of 2024, the Apollo Fund remains one of the most popular picks for Kenyans looking to make the most of MMF fund yields.
16. GenAfrica MM Fund
Fund Size: 2.39 Billion
Management Fee: up to 2 percent
Minimum Investment: KES 500,000
Interest Rate*: Unknown
Multiple attempts to contact this money market fund for their latest stats proved futile. They don’t seem to have a social media presence either.
However, data from the government regulator proves that the GenAfrica Fund had a whopping 2.39 Billion shillings by the close of the year 2024 making it one of the largest ones in Kenya.
The scheme began operations in 2022.
17. Ziidi MMF
Fund Size: 1.71 Billion
Management Fee: up to 2 percent
Minimum Investment: KES 100
Interest Rate*: 7.5 percent
Ziidi MMF is the newest kid on the block as far as money market funds in Kenya are concerned. Owned by Safaricom and its partners, this scheme was designed to replace Mali MMF after a disagreement pitting Safaricom and Genghis Capital led to the latter’s closure.
By the close of 2024, the Ziidi fund had accumulated a colossal 1.7 Billion shillings in assets under management. That’s nothing short of spectacular especially considering that this scheme was licensed barely a month earlier in November 2024.
The M-Pesa backed fund is certainly worth watching over the next few months.
18. Stanbic Money Market Fund
Fund Size: 1.70 Billion
Management Fee: up to 2 percent
Minimum Investment: KES 1000
Interest Rate*: 9.16 percent
With a respectable 1.70 Billion shillings under its management, the Stanbic MMF Fund is yet another one of the leading short-term, low-risk debt securities. The fund has been around since July 2024 meaning it is a relatively new entrant to this space.
And as the old saying “new brooms sweep cleaner” goes, this fund comes across as a well managed scheme that’s backed by a highly refined customer support system. That said, it’s still early days for the Stanbic MMF, we’ll be keeping track of how well they perform over time.
19. Cytonn Money Market Fund
Fund Size: 1.1 Billion
Management Fee: up to 2 percent
Minimum Investment: KES 1000
Interest Rate*: 15.82 percent
With a total of 1.1 Billion shillings in assets under management, the Cytonn money market fund is officially the 19-th largest in Kenya. Despite its modest fund size, Cytonn is a highly performing fund. In February 2025, the fund reportedly netted 15.82 percent in effective annual yield rate, humbling literally everyone in the game.
The fund was conceived in 2017 and has one of the best customer support systems we have interacted with so far.
That said, Cytonn has had its fair share of controversies in the recent past particularly relating to two of its previous products namely Cytonn High Yield Solutions (CHYS) and Cytonn Real Estate Project Notes (CPN) as reported here, here and here. Following the scandal, the company issued a statement re-emphasizing their commitment to “upholding the highest standards of professionalism and regulatory compliance.”
20. Kuza Money Market Fund
Fund Size: 0.91 Billion
Management Fee: 2 percent
Minimum Investment: KES 1,000
Interest Rate*: 14.88 percent
Closing the list of money market funds that are valued at over 1 Billion shillings is the Kuza Money Market Fund. The firm claimed to have 1.14 Billion in assets under management in February 2025 bulletin, a 25 percent growth from the 0.91 Billion reported in the CMA report two months earlier. Besides that, this fund stands out with its superior customer support and consistent performance.
Talking about performance, the Kuza Fund reported an outstanding 14.88 percent net yield in February 2025. In an environment of declining interest rates, this is one of the best performances in the industry coming only trailing the likes of Lofty Corban, Etica, and Cytonn.
Other Money Market Funds in Kenya
Other MMF funds include Enwealth MM Fund (12.85 percent* yield), Arvocap (13.74 percent* yield), Genghis Gencap Hela Imara (unknown yield), African Alliance Kenya (unknown yield), Orient Kasha MMF (unknown yield), Taifa MMF (unknown yield), MayFair MMF (unknown yield), Amana (unknown yield), and Xeno Kenya MMF (unknown yield).
What Are The Best Performing MMFs in Kenya?
Considering their self-reported effective annual yield rates, the following are the 10 best performing money market funds in 2025.
| 1. | Cytonn | 15.82 percent |
| 2. | Lofty Corban | 14.90 percent |
| 3. | Etica | 14.90 percent |
| 4. | Kuza | 14.88 percent |
| 5. | Sanlam | 14.81 percent |
| 6. | Apollo | 13.83 percent |
| 7. | Arvocap | 13.74 percent |
| 8. | CIC | 13.70 percent |
| 9. | Orient Kasha | 13.45 percent |
| 10. | Enwealth | 12.85 percent |
Bottom Line
As we wrap up, we’d like to reiterate that money market funds remain one of the best ways to protect one’s wealth in the short-run. These funds are run by professionals and are classified as low-risk ventures hence ideal for busy people looking to get their money “working for them”.
*Effective annual yield rate net of management fees but gross of withholding tax compiled between February and March 2025. Rates change from time to time. Past performance is not a guarantee of future performance.
James is the founding mentor of Bizsasa.com. He holds a degree in Economics & Mathematics from the University of Nairobi, as well as a CPA (II).