Top 38 Money Market Funds in Kenya: Q1 vs Q2 2026
Kenyans added roughly Ksh 17.7 billion to money market funds (MMFs) in just three months. Total assets under management (AUM) across the 60 funds rose from Ksh 442.2B to Ksh 459.9B, a 4% jump, according to the Capital Markets Authority’s (CMA) Collective Investment Schemes quarterly report (Q1 vs Q2 2026). Read our best money market funds in Kenya (July 2026 yields) guide alongside this report.
🔑 Key Takeaways
- The market grew 4% to Ksh 459.9B, adding about Ksh 17.7B.
- Two funds hold 43% of the market, so concentration is high.
- CIC’s outflow and KCB’s surge were the top-five stories.
- Dollar and bank-backed funds are growing fastest.
- Growth is not performance. Compare yields, fees and terms first.
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Some funds gained billions, and one of the biggest names lost money. Here is what the numbers show, and what to do with that information.
📊 The Big Picture: A Market Dominated by a Few Giants
MMFs are concentrated. The top two funds alone control 43.2% of all assets. The top five hold nearly 60%.
| Metric | Q1 2026 | Q2 2026 | Change |
|---|---|---|---|
| Total MMF AUM (60 funds) | Ksh 442.2B | Ksh 459.9B | +4.0% |
| New money added | n/a | n/a | ≈ Ksh 17.7B |
| Top 2 funds’ share | n/a | 43.2% | n/a |
| Top 5 funds’ share | n/a | 59.9% | n/a |
Only 38 of the 60 funds appear in the ranking, and the remaining 22 are small. The figures also cover only funds reporting to the CMA, so treat them as a snapshot of the regulated industry.
🏆 Top 38 Money Market Funds in Kenya: Q1 vs Q2 2026
All figures are in Ksh billions unless stated, rounded to two decimals. Change and market share are as shown in the source graphic. For the money-saving side of these funds, see 8 ways money market funds help you achieve financial goals in Kenya.
| Rank | Money Market Fund | Q1 2026 AUM (Ksh B) | Q2 2026 AUM (Ksh B) | Change | Q2 Market Share |
|---|---|---|---|---|---|
| 1 | SanlamAllianz MMF | 123.36 | 127.83 | +3.62% | 27.8% |
| 2 | CIC MMF | 75.06 | 71.04 | -5.36% | 15.4% |
| 3 | Old Mutual MMF | 26.76 | 28.78 | +7.52% | 6.3% |
| 4 | ABSA Shilling MMF | 24.88 | 25.78 | +3.62% | 5.6% |
| 5 | KCB MMF (KES) | 19.44 | 22.23 | +14.38% | 4.8% |
| 6 | Co-op MMF | 21.78 | 21.94 | +0.72% | 4.8% |
| 7 | ICEA Lion MMF | 20.44 | 20.64 | +0.99% | 4.5% |
| 8 | Ziidi MMF | 18.22 | 19.89 | +9.16% | 4.3% |
| 9 | Britam MMF | 15.50 | 15.98 | +3.14% | 3.5% |
| 10 | Jubilee MMF (KES) | 12.54 | 13.55 | +8.08% | 2.9% |
| 11 | Etica MMF | 12.26 | 12.86 | +4.84% | 2.8% |
| 12 | Nabo KES MMF | 7.09 | 7.63 | +7.58% | 1.7% |
| 13 | Madison MMF | 6.05 | 6.31 | +4.37% | 1.4% |
| 14 | CPF MMF | 5.62 | 5.84 | +3.81% | 1.3% |
| 15 | Jubilee MMF (USD) | 4.68 | 5.73 | +22.31% | 1.2% |
| 16 | GenAfrica MMF | 4.70 | 5.24 | +11.60% | 1.1% |
| 17 | Dry Associates MMF (USD) | 3.57 | 4.56 | +27.88% | 1.0% |
| 18 | Dry Associates MMF (KES) | 4.29 | 4.53 | +5.65% | 1.0% |
| 19 | Lofty-Corban KES MMF | 4.40 | 4.18 | -5.20% | 0.9% |
| 20 | CIC Dollar MMF | 3.82 | 4.06 | +6.47% | 0.9% |
| 21 | Apollo MMF | 3.56 | 3.93 | +10.64% | 0.9% |
| 22 | ABSA Dollar MMF | 2.61 | 3.19 | +22.12% | 0.7% |
| 23 | Old Mutual Dollar MMF | 2.30 | 2.46 | +7.07% | 0.5% |
| 24 | Kuza MMF (KES) | 2.38 | 2.43 | +2.11% | 0.5% |
| 25 | Cytonn MMF | 2.14 | 2.32 | +8.68% | 0.5% |
| 26 | Mali MMF | 2.21 | 2.19 | -1.11% | 0.5% |
| 27 | NCBA Money Market (KES) Fund | 0.64 | 2.16 | +237.39% | 0.5% |
| 28 | Enwealth MMF | 1.75 | 2.04 | +16.18% | 0.4% |
| 29 | Stanbic MMF | 2.06 | 1.98 | -3.55% | 0.4% |
| 30 | Arvocap MMF | 1.08 | 1.26 | +16.99% | 0.3% |
| 31 | KCB MMF (USD) | 1.32 | 1.19 | -9.22% | 0.3% |
| 32 | Mayfair MMF | 0.52 | 0.60 | +16.73% | 0.1% |
| 33 | Nabo Africa MMF | 0.66 | 0.58 | -12.35% | 0.1% |
| 34 | Genghis MMF | 0.57 | 0.56 | -2.74% | 0.1% |
| 35 | NCBA Money Market USD Fund | 0.13 | 0.53 | +299.04% | 0.1% |
| 36 | GulfCap MMF | 0.79 | 0.50 | -36.93% | 0.1% |
| 37 | Orient Kasha MMF | 0.43 | 0.44 | +0.34% | 0.1% |
| 38 | Etica MMF (USD) | 0.41 | 0.42 | +2.83% | 0.1% |
| Total MMF AUM (60 funds) | 442.20 | 459.87 | +4.0% | ||
👑 The Leaders: Sanlam Widens Its Gap, CIC Slips
SanlamAllianz remains the undisputed leader. It added about Ksh 4.5B in the quarter, and at Ksh 127.8B it is now larger than the next three funds combined.
CIC is the story of the quarter. Its AUM fell from Ksh 75.1B to Ksh 71.0B, an outflow of about Ksh 4B. It was the only top-five fund to shrink.
❓ Why did CIC shrink?
The data doesn’t say why. Plausible explanations include:
- Investors chasing higher yields elsewhere
- Large corporate or institutional withdrawals
- Rebalancing into other assets, or into dollar funds
- Competitors winning new customers
These are hypotheses. Check CIC’s own disclosures before drawing conclusions.
KCB MMF (KES) deserves a mention too. It grew 14.38%, adding about Ksh 2.8B, the fastest growth in the top five. Old Mutual (+7.52%) and Ziidi (+9.16%) also comfortably beat the industry’s 4%.
📈 Biggest Movers: Winners and Losers
Percentages can mislead when a fund starts small, so here is each mover in both percentage and shilling terms.
🚀 Fastest growers
| Fund | Q1 AUM | Q2 AUM | Change |
|---|---|---|---|
| NCBA MMF USD | Ksh 132.6M | Ksh 529.3M | +299% |
| NCBA MMF (KES) | Ksh 640.8M | Ksh 2.16B | +237% |
| Dry Associates MMF USD | Ksh 3.57B | Ksh 4.56B | +27.9% |
| Jubilee MMF USD | Ksh 4.68B | Ksh 5.73B | +22.3% |
| ABSA Dollar MMF | Ksh 2.61B | Ksh 3.19B | +22.1% |
🔻 Biggest decliners
| Fund | Q1 AUM | Q2 AUM | Change |
|---|---|---|---|
| GulfCap MMF | Ksh 785M | Ksh 495M | -36.9% |
| Nabo Africa MMF | Ksh 660M | Ksh 579M | -12.4% |
| KCB MMF USD | Ksh 1.32B | Ksh 1.19B | -9.2% |
| Lofty-Corban KES MMF | Ksh 4.40B | Ksh 4.18B | -5.2% |
| CIC MMF | Ksh 75.1B | Ksh 71.0B | -5.4% |
🌐 Four Trends Shaping Kenya’s MMF Market
1. Dollar funds are gaining ground
Jubilee, Dry Associates, ABSA, CIC Dollar and NCBA USD all posted growth, and most of the increases were well above the industry’s 4%. Possible drivers are currency hedging, diaspora savings and businesses with dollar obligations. KCB USD was the notable exception.
2. Bank-backed funds are punching above their weight
KCB (+14.4%), NCBA and ABSA Dollar all beat the market average. Banks can promote their funds to millions of existing customers through mobile and online banking, which makes onboarding easy.
3. Insurer-backed brands still dominate
Adding up the market shares of funds run by well-known insurers and insurance groups (SanlamAllianz, CIC, Old Mutual, ICEA Lion, Britam, Jubilee, Madison, Apollo and others) gives roughly two-thirds of the ranked market. This is our estimate from the published share figures. Confirm each fund’s ownership before quoting it.
4. Mid-sized funds are growing
Funds such as Nabo KES (+7.6%), GenAfrica (+11.6%), Enwealth (+16.2%) and Mayfair (+16.7%) grew faster than the leaders, which suggests competition is alive below the top tier.
🔗 Useful Guides and Contacts
Explore these resources or reach our team directly.
| Resource | What you will find | Link |
|---|---|---|
| 💰 MMF Benefits | 8 ways money market funds help you reach financial goals | Read guide |
| 📈 Best MMF Yields | Best money market funds in Kenya, July 2026 yields | See yields |
| 📋 Finance Bill 2026 | What the Finance Bill 2026 means for you | Read update |
| 🛡️ Get a Quote | Compare cover and get a quote | Get quote |
| ✉️ Consultation | Contact us or request a consultation | Contact us |
| 📞 Call | +254 (0) 729 712 200 or +254 (0) 716 534 192 | Call now |
| 0722 888 350 | Chat |
🛡️ Why This Matters to Insurance Customers
Many Kenyans hold both insurance policies and MMFs. They do different jobs:
| Insurance | Money market fund | |
|---|---|---|
| Purpose | Protects against loss | Grows and stores short-term cash |
| Regulator | Insurance Regulatory Authority (IRA) | Capital Markets Authority (CMA) |
| Guaranteed? | Pays out per policy terms | Not guaranteed; returns vary |
| Best for | Risk cover (health, life, motor) | Emergency fund, short-term savings |
An MMF can sit beside your cover, but it does not replace it. A well-funded emergency fund can help you pay deductibles, waiting periods and premium gaps without selling long-term investments. You can get a quote to see what cover fits your budget.
👨🏫 Case Study: The Emergency Fund Test (Illustrative)
Imagine Wanjiru, a Nairobi teacher, who wants a six-month emergency fund. Her expenses are Ksh 60,000 a month, so her target is Ksh 360,000. She could:
- Split the money across two funds rather than one, so a single provider issue doesn’t lock all her cash.
- Choose funds with fast withdrawals (check the T+1 or T+2 settlement terms).
- Keep about one month of expenses in her mobile wallet or bank account for true emergencies.
- Review her fund choice every quarter, using the latest published yield.
This is a hypothetical example, not a recommendation of any fund. It shows why size and growth are only part of the picture.
✅ How to Choose a Money Market Fund: Step by Step
- Define your goal. Emergency savings, short-term parking, or currency exposure?
- Check the effective annual yield. Compare over several months, not a single week. Yields change often.
- Review the fees. Management fees reduce your net return.
- Confirm withdrawal terms. Look at speed, minimums and any access via M-Pesa or bank apps.
- Verify the licence. The fund should be CMA-approved and have an independent custodian.
- Consider size and track record. Larger funds can offer stronger liquidity but size alone is no guarantee of safety.
- Choose your currency. KES for daily needs, USD if you have dollar expenses.
- Diversify. Consider spreading larger balances across at least two funds.
- Review quarterly. Track your fund against peers.
⚠️ Important Cautions
- AUM is not yield. A fund can grow because of marketing or corporate deposits, not superior returns.
- Size is not safety. Investigate the fund’s holdings and manager.
- Rates move. Always check each manager’s latest published rate before investing.
- Tax applies. MMF income is generally subject to withholding tax, so compare after-tax returns. Verify current rules with the KRA or your adviser, and see our Finance Bill 2026 update.
- Date typo: The source graphic reads “June 31, 2026”. June has 30 days, so the data date is presumably June 30, 2026.
🔮 What to Watch in Q3 2026
- Does CIC’s outflow continue or reverse?
- Can NCBA sustain its rapid growth?
- Do dollar funds keep gaining share?
- Do bank-backed funds keep beating insurer-backed ones on growth?
- Will interest-rate moves affect yields and inflows?
🎯 Final Takeaways
- The market grew 4% to Ksh 459.9B, adding about Ksh 17.7B.
- Concentration is high: two funds hold 43% of the market.
- CIC’s outflow and KCB’s surge were the top-five stories.
- Dollar and bank-backed funds are growing fastest.
- Growth is not performance. Compare yields, fees and terms before you invest.
Next step: Compare the latest published yields from two or three funds, then match the fund to your goal. If you need help balancing savings with the right insurance cover, speak to a licensed adviser.
Disclaimer: This article is for general information only and is not financial or investment advice. Money market funds are not guaranteed, and past performance does not guarantee future returns. Data source: Capital Markets Authority Collective Investment Schemes Quarterly Report, Q1 vs Q2 2026, as compiled in the graphic by Alex Mwangi (centwarrior.com).
