Money Market Funds in Kenya: Full Market Rankings and Historical Performance

Kenya's money market fund industry has grown into something no serious saver can afford to ignore. 

Total assets under management across all Collective Investment Schemes reached KES 756.2 billion as of December 2025 representing 1,236% increase from KES 56.6 billion in March 2018.

Over 3.2 million Kenyans are now invested in CIS products, a figure that more than doubled in 2025 alone.

But size and access have not made the choice easier. With 27 actively tracked KES-denominated MMFs in the market, the spread between the top performer and the bottom is nearly 8 percentage points net. The fund you pick is not a trivial decision.

Most ranking articles stop at 10. This one doesn't. Below is the complete picture — every actively tracked MMF in Kenya, ranked by current gross yield, alongside a historical lens that shows which funds have consistently delivered and which have consistently disappointed.

If you're new to how MMFs work, start with our complete beginner's guide to money market funds. For a deeper analysis of the top 10 best MMFs including portfolio composition, per-fund risk profiles, and the 2026 economic outlook, read our Top 10 MMFs: 2026 Performance and Economic Outlook.

Understanding MMF Metrics

When analyzing MMF data, there are four metrics that every investor should understand:

• Advertised rate
• Management fees
• Gross yield
• Net yield.

For you as an investor, the only number that matters is net yield — it is the actual return that lands in your account. Below is a breakdown of what each means and why.

1. Advertised rate is the headline figure fund managers use in marketing materials and apps. It is often a gross figure, sometimes rounded up, and exists to attract attention. Do not invest based on this number alone.
2. Management fees are what the fund manager charges for running the fund, typically between 1.5% and 2.5% annually in Kenya. These are deducted by the fund manager before returns are reported, meaning they are already baked into the gross yield figure. You do not subtract them separately.
3. Gross yield is what the fund earns after management fees have been deducted but before the government takes its share. This is the number most comparison tables and fact sheets publish. It is useful for comparing fund manager efficiency but it is not what you receive.
4. Net yield is your actual return. The government levies a flat 15% withholding tax on all MMF interest, deducted at source before your account is credited. To convert any gross figure to net, multiply by 0.85. A fund showing 12% gross delivers approximately 10.2% to you.

Complete Ranking: All 27 KES Money Market Funds in Kenya (June 2026)

Effective Annual Rate (EAR) is the standard used across this table. It accounts for daily compounding, making it a more accurate representation of what a full year of investment earns compared to a simple annual rate.

Source: Serrari MMF Index, fund fact sheets, CMA Kenya. Data as of June 2026. Net EAR estimates apply 15% WHT to gross figures. Individual fund fee structures vary. Always verify directly with fund managers before investing.

What the Market Looks Like Right Now

The Serrari Kenya MMF Average Index stands at 9.11% gross as of June 2026. That means any fund below roughly 7.7% net is delivering below the market average after tax — a useful benchmark before you evaluate individual funds.

The spread has compressed significantly from the peak period of 2024, when the 91-day T-bill rate climbed above 15% and top-tier MMFs were delivering gross yields above 16%. The Central Bank of Kenya's rate-cutting cycle — the CBR now sits at 8.75%, down from 13% in early 2024 — has flowed through to T-bill yields and consequently to MMF returns. Kenya's inflation came in at 3.56% as of June 2026, which means even a net return of 7% is delivering a meaningful positive real return. The environment is less spectacular than 2024, but it remains genuinely rewarding for disciplined savers.

The Historical Lens: Who Has Consistently Performed?

A single data point is a snapshot. Three years of data is a pattern. Here is what the record shows across the key time periods.

Consistent Top Performers (2024–2026)

1. Cytonn MMF has appeared in the top three across every period for which comparable data exists. In June 2024, it recorded a gross daily yield of 16.19% at the market peak. By December 2025, it led the market at 11.26% gross (9.61% net) as yields compressed. It currently sits at 12.00% gross, second only to Nabo. The consistency is not accidental — Cytonn's strategy of concentrating heavily in fixed and demand deposits at commercial banks generates a persistent premium over government-securities-heavy funds, at the cost of slightly higher counterparty exposure.
2. Lofty-Corban MMF is the clearest growth story in the market. It led the entire industry at 16.92% gross in June 2024, has remained in the top five through the rate compression cycle, and crossed KES 4 billion in AUM in May 2025 — representing 645% growth from late 2023. What began as a small boutique has become a serious mid-tier fund, and unlike some fast-growing funds, its performance has not deteriorated with scale.
3. Etica MMF deserves particular recognition. It has maintained a top-five position through every cycle covered in this data, and it does so using shariah-compliant, profit-sharing instruments rather than conventional interest-bearing deposits. For investors seeking a halal-compliant vehicle, Etica is not a compromise — it is a consistent market leader.
4. Nabo Africa MMF was not always the top-ranked fund. In January 2025, it sat at rank 19 in the broader 32-fund table with a net return of 10.00%. Its rise to number one by March 2026 reflects a deliberate portfolio strategy shift toward fixed deposits with non-tier-1 banks and NBFIs, locking in longer tenors before the CBK easing cycle compressed yields further. The lesson: boutique agility rewards patient, strategic management.
5. GulfCap MMF has been a consistent top-three performer across 2024 and 2025 and tied for first in the March 2026 data at 11.4% net. Like Nabo, its smaller AUM gives it access to limited-capacity, premium-yield placements that larger funds cannot deploy capital into at scale.

Funds That Have Held Their Ground

Britam, Old Mutual, and Madison represent a middle tier that has stayed broadly in line with the market average across all periods. They are not yield leaders, but they have not deteriorated either. Investors in these funds have received broadly fair returns relative to their risk profile, with strong brand and distribution support.

Sanlam and CIC occupy a specific niche: very large AUM (Sanlam led the market in total CIS AUM for much of 2025, and CIC remained a close competitor) means access to scale and liquidity depth, but the same scale structurally prevents the premium-yield strategies available to smaller funds. Their returns have trended just below the market average as yields compressed, which is consistent with their positioning as institutional-grade, capital-preservation vehicles.

Consistent Underperformers

1. Equity MMF has held the bottom position across every period for which comparable data exists — 4.94% net in the January 2025 data, 5.06% gross currently. It has not come close to the market average in any reported period. For investors who have remained in this fund out of loyalty to the Equity Bank brand, the opportunity cost over three years is material.
2. Stanbic MMF has consistently ranked in the bottom three and currently sits second-from-last at 5.30% gross. While Stanbic Bank's broader franchise is well-regarded, the MMF product has not translated that reputation into competitive returns.
3. African Alliance MMF carries both a high minimum (KES 100,000) and a below-average yield, placing it in an awkward position — it asks for more capital while delivering less return than accessible, low-minimum funds like Etica (KES 100 minimum, top-three yield).
4. NCBA Mali MMF deserves a specific note. In the January 2025 data it ranked 25th at 9.44% net. It currently sits 24th at 6.68% gross — a meaningful decline relative to the market. For NCBA bank customers who parked money in Mali for convenience, the gap to better-performing alternatives has widened significantly.

Ziidi

Ziidi MMF by safaricom, accessible through M-Pesa with a KES 100 minimum, currently returns 6.96% gross. That places it 23rd out of 27 funds. But comparing it directly to Nabo or Cytonn misses the point.

Ziidi competes with savings accounts and M-Shwari. As an emergency fund vehicle — instant access, no account opening friction — it remains excellent. The relevant comparison is Kenya's average commercial bank savings rate of roughly 3–5%, against which Ziidi's ~5.9% net is a meaningful improvement for the millions of Kenyans accessing it through M-Pesa.

Key Takeaways for 2026

The market average is 9.11% gross (roughly 7.7% net after tax). Any fund below that threshold is delivering below-average returns. Check where your fund sits.

Big does not mean best. Sanlam and CIC control a large share of industry AUM but rank 16th and 19th respectively on yield. The top five performers all manage smaller pools and use that agility to access premium placements.

Rate compression is ongoing. The 2024 peak yields above 15% gross are gone. Funds with longer weighted average tenors locked in those rates longer, but as instruments mature, new placements happen at lower yields. Realistic expectations for the next 12 months sit in the 9–12% gross range for top performers.

Historical consistency matters more than monthly rankings. Cytonn, Lofty-Corban, Etica, GulfCap, and Nabo have earned their positions through multi-year track records, not single strong months. Funds that appear in the top tier for the first time deserve scrutiny before you commit.

Always compare net-of-tax effective annual yields, not advertised gross returns. Request the latest fund fact sheet directly from the manager, and confirm CMA licensing at cma.or.ke before investing.

Disclaimer: This article is for informational purposes only and does not constitute financial advice.This article is for informational purposes only and does not constitute financial advice. Yields change, make sure to verify current rates with fund managers and confirm CMA licensing at cma.or.ke before investing.