Kenya's money market fund industry has had a remarkable run. Total assets under management across all Collective Investment Schemes now sit at KES 756.2 billion as of December 2025, which is 1,236% growth since March 2018.
Over 3.2 million Kenyans are now invested in CIS products, a figure that more than doubled in 2025 alone. MMFs have gone from a tool for the wealthy to something most working Kenyans can access with a phone.
But the market getting bigger doesn't mean every fund is worth your money. Interest rates are shifting, the CBK is in a rate-cutting cycle, and new CMA rules kick in by December 2026. The fund you pick this year actually matters.
This article ranks the Top 10 Money Market Funds in Kenya by net-of-fee return, which is the only number that tells you what you're actually earning. It also covers what's driving performance, where the risks are hiding, and what the economic picture means for your strategy going into the second half of 2026.
If you are still new to Investing in Money Market Funds, financial literacy plays a huge role in understanding how they work. Consider checking our comprehensive beginner guide to money market funds. This guide details all the basics of MMF; How they work, the different types of MMFs, pros and cons, best ways of investing in MMF and so much more.
Kenya's Money Market Fund Landscape in 2026
The KES 756.2 billion headline is impressive, but there's an important shift happening underneath it. In December 2021, MMFs made up over 90% of all CIS assets. By late 2025, that number had dropped to 56%, with investors spreading into Special Funds (21%) and Fixed Income Funds (22%). MMFs still dominate, but investors are getting smarter.
The market is also still very concentrated. The top three managers, Sanlam, Standard Investment Bank, and CIC, control 49.1% of total market share. But the most interesting performance story of 2025 didn't come from any of them. It came from smaller, faster-moving managers willing to go beyond conventional placements.
SIB is the clearest example. Its profit grew 966% in 2025 to KES 1.04 billion, driven by its Mansa X fund and the co-managed Ziidi product on M-Pesa. Being big and performing well are two different things, and 2025 proved that.
How We Ranked These Funds
Every yield in this article is a net-of-management-fee return, meaning what you actually receive after costs. That's the only comparison that holds. Gross yields and effective annual rates can make a fund look 1 to 3 percentage points better than it really is, which is enough to send you to the wrong place.
Rankings use the most recent fund fact sheets and CMA data available as of March 2026. Where a published range exists, the midpoint is used. AUM scale: Very Large is above KES 50 billion, Large is KES 10 to 50 billion, Mid-size is KES 2 to 10 billion, and Small is below KES 2 billion.
Related article:Between MMFs and Bonds, Which One is A Better Investment
Top 10 Money Market Funds in Kenya, 2026
# | Fund Name | Manager | Net Return | AUM Scale | Risk |
1 | Nabo Africa MMF | Nabo Capital | 11.4% | Mid-size | Low-Med |
2 | Cytonn MMF | Cytonn AM | 11.4% | Mid-size | Medium |
3 | Gulfcap MMF | Gulfcap AM | 11.4% | Mid-size | Low-Med |
4 | ArvoCap MMF | ArvoCap AM | 10.8% | Small | Low-Med |
5 | Lofty-Corban MMF | Lofty-Corban Investments | 10.7% | Mid-size | Low-Med |
6 |
Etica MMF | Etica Capital | 10.17% | Small | Low |
7 | NCBA Mali MMF | NCBA AM | 9.5% | Large | Low |
8 | Sanlam MMF | Sanlam Kenya | 9.21% | Very Large | Low |
9 | CIC MMF | CIC Asset Mgmt | 8.50% | Very Large | Low |
10 | Ziidi MMF | SIB / M-Pesa | 6.2% | Mass Market | Low |
Net returns as of March 2026. ~ denotes estimated midpoint of published range. Source: Fund fact sheets, CMA Kenya.
Best Performing Money Market Funds in Kenya: 2026 Comprehensive Analysis
1. Nabo Africa Money Market Fund, 11.4% Net Return
Nabo sits at the top of this list alongside two peers, but what sets it apart is the thinking behind the portfolio. The fund deliberately targets fixed deposits with non-tier-1 banks and NBFIs, instruments that pay a premium over standard T-bill yields because bigger funds won't touch them at scale.
Its weighted average tenor of roughly 13 months also reflects a deliberate play to lock in today's high rates before the CBK's easing cycle drags deposit yields lower. For investors with a medium-term horizon who can accept slightly longer settlement windows, Nabo is the strongest risk-adjusted case in the market right now.
2. Cytonn Money Market Fund, 11.4% Net Return
Cytonn ties for first on yield, but the portfolio composition deserves attention before you commit. 64% of the fund sits in fixed and demand deposits, with only 10.5% in government securities.
That's why the returns are high, Cytonn earns a meaningful deposit premium over T-bill benchmarks, but it also means more counterparty exposure to commercial banks rather than the government.
If you're comfortable with that trade-off, the 11.4% net return is as good as it gets in Kenya today. If you're not, there are lower-risk options at similar yields.
3. Gulfcap Money Market Fund, 11.4% Net Return
Gulfcap rounds out the three-way tie at 11.4%. As a boutique manager, it runs the same strategy as Nabo: go where the big funds can't.
Its smaller AUM is actually an asset here, because it can deploy capital into high-yield, limited-capacity placements that funds managing tens of billions simply can't access. Investors who are willing to look past household names will find Gulfcap worth the extra step of due diligence.
4. ArvoCap Money Market Fund, ~10.8% Net Return
ArvoCap lands just above the 10% threshold that meaningfully separates top-performing funds from the pack. Like the top three, it benefits from a smaller AUM base and a placement strategy that prioritises yield over convenience.
It's a solid middle-ground option for investors who want above-average performance without the concentrated deposit risk that comes with a portfolio built like Cytonn's.
5. Lofty-Corban Money Market Fund, 10.7% Net Return
Managed by Lofty-Corban Investments, this fund is a prime example of the rapid growth seen in Kenya’s mid-tier asset management space. The scheme crossed the KES 4 billion AUM milestone in May 2025, which is a phenomenal 645% growth from late 2023. This data solidifyies its position as a serious contender for yield-seeking retail and institutional investors.
Its 10.7% net return as of March 2026 is driven by a strategy that strikes a deliberate balance between stability and high-yield placements. The portfolio focuses on a diversified mix of bank deposits, short-term government securities, and commercial paper.
For investors, Lofty-Corban’s competitive edge is its "boutique agility"; it is large enough to offer institutional-grade stability but small enough to remain highly responsive to shifting interest rates and tactical credit opportunities that the "Big Five" managers often overlook.
6. Etica Capital Money Market Fund, 10.1% Net Return
Etica is a different kind of fund. It operates on shariah-compliant, Islamic finance principles, using profit-sharing instruments instead of conventional interest-bearing deposits.
That gives it a distinct risk and return profile compared to peers. For investors who need a halal-compliant vehicle without giving up competitive returns, Etica is the clear benchmark in Kenya at 10.1% net.
7. NCBA Mali Money Market Fund, ~9.5% Net Return
NCBA Mali is one of Kenya's most accessible digital MMFs. It sits inside the NCBA banking app, requires a low minimum investment, and at roughly 9.5% net it beats the market average without making you open a separate investment account.
For salaried professionals who already bank with NCBA, this is the path of least resistance to a competitive MMF return.
8. Sanlam Money Market Fund, 9.21% Net Return
Sanlam is one of the three dominant managers controlling nearly half of Kenya's CIS market, and that scale has a real cost on returns. At 9.21% net, it's safe and well-managed, but its enormous AUM makes it structurally unable to access the premium-yielding, limited-capacity instruments that push smaller funds past 11%.
What Sanlam offers instead is institutional credibility, consistent performance, and same-day redemption depth that no boutique can match. It's the right call for institutional investors, corporates, and anyone managing large balances who cannot afford settlement risk.
9. CIC Money Market Fund, 8.50% Net Return
CIC is one of Kenya's oldest and most widely distributed funds, backed by CIC Insurance and deeply embedded in the SACCO and cooperative sector. Its 8.50% net return reflects a large AUM base and a conservative allocation that leans heavily on government securities.
For cooperative societies, SACCOs, and genuinely risk-averse investors, CIC offers a well-understood, low-risk profile. The below-median yield is a conscious trade-off for security and distribution convenience.
10. Ziidi Money Market Fund, 6.2% Net Return
Ziidi is different from every other fund on this list, and comparing its 6.2% net yield directly to Nabo's 11.4% misses the point. Ziidi is a mass-market product built inside M-Pesa, accessible to millions of Kenyans who have never interacted with a traditional fund manager.
It competes with savings accounts and M-Shwari, not boutique managers. As an emergency fund or savings buffer, it's excellent: instant access, no minimums, and a return that beats any commercial bank savings rate in the country. It earns its place here on accessibility, not yield.
2026 Economic Outlook: What It Means for MMF Investors
The CBK has been cutting rates steadily, and 2026 is likely to bring more reductions as inflation stays within target bands and the KES holds relatively stable. For MMF investors, the message is straightforward: the exceptional yields of 2024 to 2025, when 91-day T-bill rates peaked above 15%, are unwinding.
Pay attention to re-investment risk in Q3 to Q4 2026. Funds holding large positions in 364-day T-bills bought at peak rates will see those instruments mature, and new placements will happen at lower yields. Funds with longer weighted average tenors, like Nabo at roughly 13 months, have some protection built in, but no MMF is immune from a sustained falling-rate environment.
On currency, the KES has shown meaningful stability in 2025 and early 2026 following the restructuring of key external liabilities. That reduces the currency risk that eroded real returns in 2023 to 2024, and improves the case for KES-denominated MMFs versus dollar-denominated alternatives for domestic investors.
There's also a broader structural shift worth tracking. The movement of CIS assets away from MMFs, down from 90% to 56% of the market, toward Fixed Income and Special Funds, suggests that more sophisticated investors are beginning to lock in duration. They're accepting slightly lower liquidity in exchange for higher long-term returns before rates compress further. If your horizon is 2 to 5 years, it's worth evaluating fixed-income fund allocations alongside your MMF position.
New CMA Regulations: What Changes by December 2026
The Capital Markets Authority has mandated a revised regulatory framework with a compliance deadline of December 11, 2026. Two changes matter most:
- Paid-up capital requirements doubled to KES 20 million. This raises the barrier to entry and pushes under-capitalised fund managers toward consolidation or exit.
- Monthly reporting is now mandatory, replacing the previous quarterly cycle. Fund performance data will be fresher, more reliable, and underperforming or high-risk portfolios will surface much faster.
For investors, this is broadly good news. Fewer marginal players in the market improves systemic resilience, and better reporting means fewer surprises. The likely exit of some smaller managers over the next 12 months could create short-term disruption for their investors. Check that your fund manager is CMA-compliant and monitor their status at cma.or.ke as the December deadline approaches.
How to Choose the Right Fund in 2026
For modern savers, the right fund depends on your objective, don't just look at the top yield. Here's a clean framework:
- Emergency fund / daily access: MMFs such as Ziidi via M-Pesa or NCBA Mali offer seamless withdrawal within 24 hours.
- Maximum yield, medium risk tolerance: Nabo Africa, Gulfcap, or Cytonn at 11.4% net. Just understand the deposit concentration risk inside the Cytonn portfolio before committing.
- Large balances, institutional or corporate use: Sanlam or CIC for guaranteed liquidity depth and same-day redemptions.
- Halal / shariah-compliant: Etica Capital is the clear choice at 10.1% net.
- Diversified approach: A 70/30 or 60/40 split between a high-yield boutique like Nabo or Gulfcap and a large liquid fund like Sanlam or CIC balances performance with liquidity insurance.
One principle that applies across all of these: compare funds on net-of-fee effective annual yield, not advertised gross returns. Request the latest fund fact sheet directly from the manager, and confirm CMA licensing at cma.or.ke before investing.
Key Takeaway
Kenya's MMF market has never been more competitive or more nuanced. The 3.2 million Kenyans now invested in CIS products have a wider, better-regulated set of options than at any point in the market's history. The top performers, Nabo Africa, Cytonn, and Gulfcap, are delivering 11.4% net returns, which materially beats both inflation and savings accounts. But as the CMA's 2026 regulatory overhaul takes hold and the CBK continues cutting, the landscape is shifting.
The investors who come out ahead are the ones with clear objectives: choosing funds on verified net yields, understanding what the portfolio actually holds, and positioning for the rate compression that's already underway. Use this as your starting point, then go verify directly with fund managers and the CMA before putting money in.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always verify fund data directly with the fund manager and confirm CMA licensing at cma.or.ke.
