Top Money Market Funds in Kenya 2025 – Updated May 2025
In today’s dynamic financial landscape, Money Market Funds (MMFs) have become a popular choice for Kenyans seeking stable returns with minimal risk. They serve as an attractive alternative to traditional savings accounts, offering higher yields alongside excellent liquidity. This guide provides a comprehensive look at Kenya’s top Money Market Fund providers in 2025, based on the latest performance metrics as of May 7th, 2025.
Market Update – May 2025
Recent data shows Money Market Fund yields have experienced a slight decline across the industry since March 2025. Despite this trend, MMFs continue to outperform traditional savings accounts and remain competitive against inflation rates, currently at 4.1% as of March 2025.
Key Takeaway
MMFs continue to be a game-changer for both new and experienced investors, providing short-term security, higher returns than bank savings (averaging 11.02% before tax), and the flexibility of accessing your funds when needed. The current average after-tax return of 9.37% remains well above the inflation rate of 4.1%.
Table of Contents
Understanding Money Market Funds
Money Market Funds are relatively low-risk investment vehicles that focus on short-term, interest-bearing assets. Examples include:
- Treasury bills (T-bills)
- Fixed deposits
- Short-term bonds
- Commercial paper
- Corporate instruments
They’re ideal for investors aiming for:
- Capital preservation
- Regular monthly income
- Easy access to funds
- Returns above inflation rates
It’s worth noting that current Treasury Bill rates are at 8.4% (91-day), 8.6% (182-day), and 10.0% (364-day), with most Money Market Funds outperforming these government securities.
For a practical way to see potential returns, check out our Money Market Funds Calculator in Kenya .
Our Ranking Criteria
We evaluated each MMF on:
- Historical returns and performance
- Minimum investment requirements
- Accessibility and digital platforms
- Management fees and other costs
- Additional features and benefits
- Assets under management
- Customer service and withdrawal process
If you’re unsure about picking the right fund, consider reading how to choose the best money market fund in Kenya for more detailed insights.
Top Money Market Fund Providers in Kenya (May 2025)
Below are the top MMFs, arranged by current annual rate (highest to lowest). Note that these rates fluctuate daily as per fund managers and business daily. The data provided is as of May 7th, 2025.
| Provider | Annual Rate (%) | Net Return (%) | Features | Best For |
|---|---|---|---|---|
| Gulfcap Money Market Fund | 13.87% | 11.79% | Top performer, Daily interest accrual, consistent leadership position. | High-yield seekers with a high-risk tolerance |
| Cytonn Money Market Fund | 13.74% | 11.68% | Offers competitive returns, known for strong investment strategies. | Investors looking for reliable performance and solid reputation |
| Kuza Money Market Fund | 13.50% | 11.48% | Rising performer, stable returns and reliable fund management. | Investors seeking a balanced approach to risk and return |
| Orient Money Market Fund | 13.06% | 11.10% | Consistent yields, transparent fund operations. | Safety-conscious investors |
| Etica Money Market Fund | 13.01% | 11.06% | Consistently delivers strong returns with ethical investment focus. | Investors prioritizing consistent growth and stability |
| Gen Africa Money Market Fund | 12.90% | 10.97% | Consistent yields, transparent fund operations, improved performance. | Safety-conscious investors |
| Lofty Corban Money Market Fund | 12.89% | 10.96% | Solid performance track record. | Investors who appreciate fund consistency |
| Enwealth Money Market Fund | 12.33% | 10.48% | Competitive yields, transparent fund operations. | Safety-conscious investors |
| Old Mutual Money Market Fund | 12.21% | 10.38% | Wide range of investment options; well-regulated, provides digital access, collateral loan facility and flexible contributions. Offers zero or low entry fees and low risk profile. | New investors, min KES 1,000 |
| Britam Money Market Fund | 12.17% | 10.34% | Seamless mobile integration, quick withdrawals, user-friendly platform. Daily compounding. | Mobile-first users, min KES 1,000 |
| Madison Money Market Fund | 11.81% | 10.04% | Known for strong track record with transparent reporting. Offers professional oversight and diversified portfolio. | Return-focused, min KES 5,000 |
| ArvoCap Money Market Fund | 11.61% | 9.87% | Strong performance, reputable fund manager, good risk management. | Investors seeking steady growth with managed risk |
| Apollo Money Market Fund | 11.61% | 9.87% | Offers competitive returns and is known for its brand presence and digital integration. | Mid-range investors, min KES 3,000 |
| Nabo Money Market Fund | 11.39% | 9.68% | Known for stable returns and reliable fund management. | Investors seeking a balanced approach to risk and return |
| Jubilee Money Market Fund | 11.38% | 9.67% | Offers potential tax-efficient structures and invests in high-quality instruments. Known for conservative approach and strong brand. | Trusted provider, min KES 5,000 |
| Faulu Money Market Fund | 11.32% | 9.62% | Solid performance track record and provides a good option for investors. | Investors who appreciate fund consistency |
| Sanlam Money Market Fund | 11.23% | 9.55% | Competitive returns, Strong institutional backing and robust risk management; Established presence. | Balance-seeking investors, min KES 2,500 |
| Dry Associates MMF | 11.21% | 9.53% | Offers competitive yields and is known for its transparent fund operations. | Safety-conscious investors |
| CIC Money Market Fund | 10.47% | 8.90% | Strong track record with professional management, transparent reporting, and well-diversified portfolio. | Return-focused investors, min KES 5,000 |
| Co-op Money Market Fund | 10.37% | 8.81% | Consistent yields, transparent fund operations. | Safety-conscious investors |
| KCB Money Market Fund | 10.21% | 8.68% | Known for transparency. | Investors seeking stability and a trusted financial institution |
| ICEA Money Market Fund | 10.20% | 8.67% | Offers the lowest minimum investment (KES 500) and provides an advanced digital platform with goal-tracking features. | First-time investors, min KES 500 |
| Mali Money Market Fund | 10.04% | 8.53% | Steady performance, transparent fund operations. | Conservative investors looking for stable returns |
| Gencap Money Market Fund | 9.95% | 8.46% | Consistent yields, transparent fund operations. | Safety-conscious investors |
| Absa Money Market Fund | 9.70% | 8.25% | Competitive yields, transparent fund operations. | Safety-conscious investors |
| Mayfair Money Market Fund | 9.43% | 8.02% | Offers unique investment options and is tailored for specific financial goals. | Goal-oriented investors who appreciate personalized solutions |
| African Alliance MMF | 8.48% | 7.21% | Provides a balance between risk and return with reliable performance. | Risk-averse investors who seek steady growth |
| Stanbic Money Market Fund | 7.70% | 6.55% | Stable and reliable, strong risk management framework. | Investors prioritizing capital preservation |
| Ziidi Money Market Fund | 7.28% | 6.19% | Convenient access through mobile platform. | Tech-savvy investors who value ease of use |
| Equity Money Market Fund | 5.47% | 4.65% | Stable and low-risk, part of a well-established banking group. | Conservative investors looking for a secure investment |
Market Average: 11.02% (Before tax), 9.37% (After tax)
Key Market Insights
Kenya’s Money Market Fund rates now range from 5.47% to 13.87% for local currency (KES) offerings, reflecting a modest decline since earlier in 2025. Some providers also feature USD-denominated options, though these typically yield lower percentages.
- Gulfcap Money Market Fund continues to offer the highest rate, maintaining its leadership position.
- Kuza Money Market Fund has shown significant improvement, rising to the third position.
- The average market return stands at 11.02% (before tax) and 9.37% (after tax).
- All funds significantly outperform the current inflation rate of 4.1% (March 2025).
- The spread between top performers and lowest performers has narrowed slightly compared to earlier in the year.
When choosing a Money Market Fund, consider your investment goals, preferred currency, digital requirements, and minimum deposit. Each provider has unique strengths, so align your choice with your personal objectives and comfort level.
For more insights on Kenya’s growing MMF sector, read Money Market Funds Boom in Kenya: Investors Earning Up to 16% .
Why These Rankings Matter
Investment Accessibility
- Lower minimum investments make certain funds more approachable.
- Digital platforms simplify deposits, tracking, and withdrawals.
Performance Metrics
- Consistent returns above benchmarks indicate good management.
- Historical data offers insights into fund stability.
Customer Experience
- Efficient withdrawal processes matter for liquidity.
- Strong customer service supports smoother operations.
Value-Added Services
- Additional features like loan collateral, mobile apps, or multiple currency options can enhance convenience.
Investment Strategy Recommendations
For New Investors
- Consider Old Mutual or ICEA for low entry barriers.
- Automate monthly contributions and use digital platforms for easy management.
- Start with established providers that offer good educational resources.
For Experienced Investors
- Gulfcap, Cytonn and Kuza stand out for high returns in the current market.
- Diversify across multiple providers to balance risk, especially in a declining rate environment.
- Look into potential tax benefits (e.g., Jubilee).
For Institutional Investors
- Gulfcap and Cytonn for robust risk management, strong institutional backing and consistent yield.
- Diversify across multiple providers to balance risk.
- Consider Old Mutual for corporate solutions and comprehensive reporting.
If you’d like to learn about newer entrants like Safaricom’s fund, see how to register for Safaricom’s Ziidi Money Market Fund .
Factors to Consider When Choosing a Money Market Fund
Performance Metrics
- Historical returns and consistency
- Benchmark comparisons (T-bills and inflation)
- Risk-adjusted performance
Accessibility
- Minimum investment amounts
- Flexible top-up options
- Withdrawal process and digital platform availability
Costs and Fees
- Management fees
- Entry or exit fees
- Potential hidden charges
Fund Management
- Experience of fund managers
- Risk management practices
- Regulatory compliance and corporate governance
Investment Strategy Tips
Short-Term Goals
- Emergency funds
- School fees planning
- Working capital for a business
- Home improvement projects
Risk Management
- Diversify across different providers
- Monitor returns regularly – especially important in the current declining rate environment
- Stay aware of changing market conditions
- Maintain adequate liquidity
Market Outlook 2025
As we move through 2025, several factors are influencing the Money Market Fund landscape in Kenya:
- Interest Rate Environment: The Central Bank Rate (CBR) remains at 10.00% as of April 2025, providing a stable benchmark for MMF returns.
- Inflation Trends: With inflation at 4.1% (March 2025), MMFs continue to provide substantial real returns.
- Market Consolidation: We’re seeing increased competition among fund managers, benefiting investors through enhanced services and features.
- Digital Transformation: More providers are improving their mobile and online platforms to enhance accessibility and user experience.
- Yield Compression: The slight decline in rates across all providers suggests a maturing market with potential for further stabilization.
Despite the recent modest decline in yields, Money Market Funds remain an attractive option for both short and medium-term investment goals in the Kenyan market.
Conclusion
