No. 1 Guide to Money Market Funds in Kenya [with a Free Calculator]

By Nash Thuo

This is a complete guide on how to invest with money market funds in Kenya so as to achieve financial freedom.

Learn the top 4 factors used by top experts to choose the money market fund to invest with in Kenya. Then get an exclusive curated list of the best money market funds in Kenya based on those factors.

For beginners, find easy explanations of the terms related to money market funds in Kenya. You will be a pro in no time! Finally, there is a free Money Market Fund Kenya Calculator that shows how much you’ll make from your investment, including the exact date your investment income could cover your monthly expenses!

Be assured it’s worth your time and your financial life will change for the better! Hundreds of Kenyans have opened their first MMF account through this guide since 2019.

Introduction

Money market funds are a popular way to invest in Kenya both for short term and long-term investment goals.

If you have been wondering on how to grow your wealth in Kenya, money market mutual funds are a great place to start. You can manage personal finances by setting them up as emergency funds.

They can also be used for retirement planning by instructing the fund manager via the online investment platforms in Kenya to pay monthly interest to your bank account number.

For example, someone wondering which business to start with 1 million in Kenya or the best business to start with 100k in Kenya, can use money market funds as part of their personal financial plan to accumulate the cash needed.

This article aims to make money market funds, also known as MMFs in Kenya, easier to understand.

Lets start with a list of common terms related to money market funds in Kenya.

I will build up slowly before explaining what money market funds are in Kenya. I have set it up so that each term shared below helps to explain the next one! When you are done with the section below, you will be able to explain to a child how money market funds work in Kenya.

Let’s get to it.

What is pooling of funds?

Pooling of funds is when two or more people contribute funds for investing as a group. The pooling of funds is usually done by a money manager in the Kenyan market.

What are Collective Investment Schemes in Kenya?

Collective Investment Schemes, also known as CISs in Kenya, are entities where a professional money manager, invests pooled funds in various investment options in the Kenyan market. The role of the fund manager is to manage the pooled funds on behalf of the investors of the scheme so as to achieve the set objectives. There are 3 types of Collective Investment Schemes in Kenya:

• Unit Trusts Kenya
• Mutual Funds Kenya
• Employee Share Ownership Plans (ESOPs)

Only unit trust funds in Kenya are relevant to this article.

What are Unit Trusts in Kenya?

A unit trust in Kenya, is a type of Collective Investment Scheme that invests pooled funds in money market instruments and equities. Unit trusts Kenya types include:

• Money Market Funds
• Balanced Funds
• Equity Funds
• Wealth Funds

If you are wondering how to invest in Kenya while ensuring preservation of capital, then Money Markets Funds are an ideal investment option.

Equity Funds and Balanced Funds offer higher returns but one can lose the principal invested.

What are Money Market Instruments in Kenya?

Money market instruments, involve one party (the unit trust) giving money (Principal) to another entity in exchange for periodic cash flows (Interest). On maturity, the unit trust receives the Principal invested. Examples of money market instruments in Kenya include:

• Treasury Bills
• Treasury Bonds
• Corporate Bonds
• Commercial Papers
• Fixed Deposit accounts
• Bank deposits and near cash holdings
• Other high-quality interest-bearing investments

What are Equities?

Equities or stocks or ‘shares’ represent a share in the ownership of a business. Stocks in Kenya can either be unquoted or quoted such as those listed in the Nairobi Securities Exchange (NSE). You can invest in quoted/listed shares in the NSE through the online trading platform of a licensed broker.

What are Balanced Funds?

Unit trusts in Kenya that try to ‘balance’ between money market instruments with longer maturities (more than 1 year) and equities are called Balanced Funds. Some Unit Trust Kenya Funds will call them Bond Funds or Fixed Income Funds.

What are Equity Funds?

Unit trusts in Kenya that invest a higher proportion of their pooled funds in equities (primarily on the Nairobi Securities Exchange) are known as Equity Funds.

Hope you are starting to feel like a pro now! With that understanding…

Let’s now understand what brought you here.

What are Money Market Funds in Kenya?

MMF meaning Money Market Fund, is an example of a unit trust in Kenya. Money market funds in Kenya are low risk unit trusts that invest pooled funds in short term investments through a fund manager licensed by the Capital Markets Authority (CMA). They are sometimes called Shilling Funds whereas their owners are called unitholders.

Money market funds are ideal for managing excess cash or short term investment goals. They offer higher returns than saving accounts while having the liquidity of a current account. There are no penalties for withdrawing the principal and you get to keep the interest earned.

Money Market Funds are an example of an online investment with daily interest in Kenya. This is because money market funds such as Sanlam MMF and CIC MMF will calculate your interest daily and compound it monthly. Interest earned from MMFs in Kenya is charged 15% withholding tax (WHT). This is a preferential rate compared to the tax charged for example on employment income (30%).

Excellent! Now you know what money market funds are and how they work in Kenya.

How can I join money market fund in Kenya?

The documents required to open a money market fund in Kenya are:

• Passport photo
• Copy of Kenyan National ID or Passport
• Copy of KRA PIN Certificate
• Copy of Kenyan Bank details
• Completed money market fund application form

What are the Best Money Market Funds in Kenya?

Best Money Market Funds in Kenya: The table below provides a summary of the top money market funds in Kenya, across categories such as market share, yield, management fee and deposit requirement.

Here are my top money market funds in Kenya in 2026 and beyond and how to join them.

• Here is step by step guidance on how to join Sanlam Money Market Fund
• Here is step by step guidance on how to join CIC Money Market Fund

Next, you will learn how to grow your wealth using money markets in Kenya!

Exciting stuff!

Zoom the image below if viewing on mobile.

How to become rich with Money Market Funds in Kenya

Below is step by step guidance on how to become rich using MMFs in Kenya.

Total Time: 5 minutes

Open a money market fund account

Choose the best money market fund for your needs and then follow the necessary steps to have it created.

Leverage on the power of compound interest

Through the power of compound interest, you can use money market funds as a set it and forget it investment that will make your rich over time.

See image above showing an example of how various amounts invested in a money market fund in Kenya would grow over time.

Use the free Money Market Fund Kenya Calculator

The free MMF PRO Terminal will automatically show how your wealth will compound based on the inputs you give it, including the exact date your investment income could cover your monthly expenses!

Obtain your free wealth compounding report

When you open a new MMF account, use my signed forms and make sure it is mapped under one of my financial advisor codes:

Sanlam code is 04102. CIC code is 02581.

This will give your access to this form that you can use to generate a free custom PDF wealth compounding report.

Set up a standing order

This will ensure you never forget to deposit money each month. That means your funds will get to compound without any interruptions. Hence, reaching your wealth goals faster!

Awesomeness! (Hope that’s a word)

Now, let’s understand more on what compounding is and why, Einstein said this:

Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn’t, pays it.

Albert Einstein

Compound interest investments Kenya

Money Market Funds are one of the ways to earn compound interest in Kenya.

This is because most money market funds in Kenya will automatically compound your interest every month.

The two video tutorials further down this guide will help you understand how to grow your money with MMFs and with other investments that compound in Kenya.

With a BONUS formula to calculate when your investment will TRIPLE in value!

Click to Learn

List of all Money Market Funds in Kenya

Below is a list of all the money market funds in Kenya publishing yields in the weekly industry table, as of June 2026 (32 funds, including newer entrants like Ziidi, Lofty-Corban and Arvocap that did not exist when this guide was first written):

1. Nabo Africa Money Market Fund
2. Cytonn Money Market Fund
3. Etica Money Market Fund
4. Lofty-Corban Money Market Fund
5. Arvocap Money Market Fund
6. Enwealth Money Market Fund
7. Faulu Money Market Fund
8. Ndovu Money Market Fund
9. Kuza Money Market Fund
10. Orient Kasha Money Market Fund
11. Jubilee Money Market Fund
12. Old Mutual Money Market Fund
13. Gulfcap Money Market Fund
14. Madison Money Market Fund
15. GenAfrica Money Market Fund
16. Britam (British-American) Money Market Fund
17. Sanlam (SanlamAllianz) Money Market Fund
18. Apollo Money Market Fund
19. Dry Associates Money Market Fund
20. Genghis Capital Money Market Fund
21. KCB Money Market Fund
22. CIC Money Market Fund
23. CPF Money Market Fund
24. Co-op Money Market Fund
25. Mali Money Market Fund
26. Mayfair Money Market Fund
27. ICEA Lion Money Market Fund
28. Absa Shilling Money Market Fund
29. Ziidi Money Market Fund (inside M-PESA)
30. AA Kenya Shillings Fund
31. Stanbic Money Market Fund
32. Equity Money Market Fund

The order above follows the published yields in early June 2026, highest first. The ranking moves every week, so treat it as a snapshot.

Next, let’s uncover the gems in the long list above and identify the best money market funds in Kenya for 2026 and beyond.

Factors for choosing the best money market fund in Kenya

Here is a summary of the factors to consider to get to the best money market funds in Kenya:

• Assets Under Management (AUM)
• Financial Strength
• Customer service
• Money market fund interest rate

(I also maintain a shorter, always-current version of this checklist: how to choose the best money market fund in Kenya.)

Assets Under Management (AUM)

This shows the share of the total invested funds in the money market Kenya arena that are managed by a particular fund manager.

The higher the assets under management, the larger the market share of the total money markets funds in Kenya.

A big percentage of the total assets under management also signals the trust people have in the money market fund to grow and keep their money safe.

144.3 Billion out of 756.2 Billion: Amount of money Kenyans have entrusted to the Sanlam Money Market Fund’s scheme, the largest in the country

Based on the latest Capital Markets Authority Quarterly Statistical Bulletin (December 2025 data), the leading scheme in Kenya by assets under management is now Sanlam, holding about Kshs 144.3 Billion of the roughly Kshs 756.2 Billion invested across all Kenyan unit trusts. That is about 19.1% of the entire market. CIC, the long-time leader when this guide was first written, remains a close second, and the two of them still tower over the rest of the field.

Notice what happened there: the market has grown more than four-fold since 2023 (from about Kshs 161 Billion), and the leader has changed. This is exactly why AUM rankings need a fresh date next to them. I keep an always-current ranking of the largest money market funds in Kenya by AUM on my data site, refreshed from each new CMA bulletin.

Here is the link to open your CIC Money Market Fund account online! No forms or paperwork needed!

Learn everything you need to know about CIC Money Market Fund

• Step by step guidance
• Latest data including rates
• Free compounding report!

Top 5 Money Market Funds in Kenya by Assets Under Management (AUM)

The following are the top 5 Money Market Funds in Kenya by fund-level AUM, per the latest CMA data (2026):

1. Sanlam Money Market Fund
2. CIC Money Market Fund
3. Absa Shilling Money Market Fund
4. ICEA Lion Money Market Fund
5. Old Mutual Money Market Fund

Financial Strength

While Assets Under Management can point to the financial strength of money markets funds in Kenya, I like to also look at the companies backing it.

If it’s backed by a multinational entity or Tier 1 Bank, that is a good indication of its financial strength.

It also means that the money market fund has a big reputation to protect. Therefore, it will aim to manage funds safely to avoid negative press.

Best Money Market Funds in Kenya by Financial Strength

Below is a list of some of the money markets funds in Kenya that are backed by a multinational entity or Tier 1 Bank in FY 2023/2024 :

• CIC Money Market Fund
• Sanlam Money Market Fund
• NCBA Money Market Fund
• UAP Old Mutual Money Market Fund

Customer service

This is subjective criteria to determine the best money market fund in Kenya unlike the two above.

However, it plays an important role in your experience and longevity with the money market Kenya options available to you.

Generally, most of my readers seem to be happy with the service they get from CIC Money Market Fund, Sanlam Money Market Fund, Zimele Money Market Fund and Genghis Capital.

Learn everything you need to know about Sanlam Money Market Fund

• Step by step guidance
• Latest data including rates
• Free compounding report!

Best Money Market Funds in Kenya by Customer Service

As of 2026, based on reader feedback over the years, the following are the top money market funds in Kenya by customer service:

• Sanlam Money Market Fund
• CIC Money Market Fund
• Zimele Money Market Fund
• Genghis Capital Money Market Fund
• Nabo Africa Money Market Fund

See this article on how to join Sanlam Money Market Fund within a day!

See this article on how to join CIC Money Market Fund within a day!

Process is fully online. This saves you time and keeps you safe as no need for physical visits.

It also allows you to open a money market account if you are outside of Kenya.

Money market fund interest rate

You will notice yield is the last factor to consider when choosing the best money market fund in Kenya.

I consider the 3 factors above better indicators of a good money market fund to invest in. This is because yield is the most vulnerable to manipulation.

It also, sadly speaks to one of our worst instincts when it comes to investing in Kenya. GREED

Some money market funds will resort to aggressive investment strategies so as to show high returns. This may work in the short term but it catches up with them in the long run.

That is how several unit trusts in Kenya lost client funds by investing in Nakumatt and Imperial Bank bonds that were offering crazy returns then!

Secondly, most new MMFs in Kenya will be the ones offering the highest returns. Some do this to attract new clients that are chasing yields.

However, they fizzle out after 2-5 years. What is important is to look at sustained long periods of offering relatively reasonable returns.

See section below on how to assess reasonability of Money Market Fund returns in Kenya.

That said, yields are still an important factor that most Kenyans consider before investing in a money market fund.

Best Money Market Funds in Kenya by Yield

Here is a ranking of the yields of the Top Money Market Funds in Kenya with the largest AUMs, as at 5 June 2026:

1. Old Mutual Money Market Fund – 10.1%
2. Sanlam Money Market Fund – 9.1%
3. CIC Money Market Fund – 8.4%
4. ICEA Lion Money Market Fund – 7.6%
5. Absa Shilling Money Market Fund – 7.3%

The above are gross effective annual rates, before the 15% withholding tax. Notice they sit mid-table: the very highest headlines that week belonged to newer, smaller funds (Nabo Africa at 12.8%, Cytonn at 12.0%, Etica at 11.2%), which is exactly the yield-versus-track-record trade-off discussed above.

The full field of 32 funds moves every week, so rather than trust any blog snapshot (including this one), check the money market fund rates table that is refreshed every week on my data site.

Greatness! Now you definitely have the power to choose the best MMF for you!

Next, let’s learn why everyone you know should have one!

Reasons to invest with Money Market Funds

Money market funds are very popular as they are low risk investments that offer competitive and predictable returns compared to other investment options in Kenya.

Here is a summary of the top benefits of investing with Money Market Funds:

• Compounding
• Liquidity
• Ease of investment
• Preservation of capital

I will go over each in the section below.

Compounding

Money market funds are one of the safest ways to grow your wealth in Kenya through the power of compound interest.

For example, both the Sanlam Money Market Fund and CIC Money Market Fund will calculate your interest daily and compound it monthly.

Liquidity

One of the main advantages of Money Market Funds is their high liquidity. In Kenya, you can withdrawal your money market investment within a maximum of 3 days.

This makes money market funds a superior investment to Fixed deposits and Sacco deposits which offer similar or lower return but are harder to convert to cash.

Fixed deposits in Kenya are worse as they will charge you a penalty for withdrawing your funds early.

Due to their liquidity, they are great for creating emergency funds.

Ease of investment

You can start investing with money market fund Kenya for a very small amount of money.

For example, with the Sanlam Money Market Fund, you can start investing with a minimum of Kshs 2,500.

This gives you access to a professional fund manager and higher returns compared to bank savings account in Kenya, at very low starting capital.

Preservation of capital

Being low risk investments, most money market fund Kenya options offer the stability and security needed for you to sleep comfortably at night knowing your money is safe.

However, be careful of money markets funds that expose your hard-earned money to unnecessary risk. You can avoid such unit trusts by considering the key factors noted above.

Ultimately, with the right investment strategy, money market funds can be an important tool in your road to passive income.

Check this article as well on the…

• the benefits of money market funds in Kenya and why you need one.

Fantastic! Now you know what to tell them when they ask why an MMF account is needed!

Speaking of questions they might ask…

Are Money Market Funds Safe in Kenya?

Money Market Funds are relatively safe because they invest in short term and low risk investments. They are also regulated by the Capital Markets Authority.

However, you can lose your cash in a money market fund that is mismanaged.

To further ensure the safety of your money market fund investment, you need to consider the trifecta of safeguards put in place by the Capital Markets Authority of Kenya (CMA Kenya).

Any money market fund in Kenya is required to have the following service providers to ensure the safety of the underlying investments:

• Trustee
• Auditor
• Custodian
• Fund Manager
• Investment Policy Statement (IPS) or Investment Mandate

The first thing to do is to consider the factors discussed above for selecting the best money market funds in Kenya. That will help filter the list down so as to avoid decision fatigue.

You then want to assess the quality of the service providers remaining in your list after the first step.

You should look for Kenyan money market funds that are audited by Big 4 Firms.

Here is a list of the Big 4 audit firms in Kenya:

1. PricewaterhouseCoopers (PwC) Kenya
2. Deloitte
3. KPMG
4. EY

You also want to look at the financial strength of the custodian, who is the one who holds the assets of the money market fund.

Preferably, the money market fund should have a Tier 1 Bank as its custodian. This adds a further layer of security to your investment.

Thirdly, assess the track record of the fund’s Trustee and Fund Manager in the Kenyan Market.

You want to avoid fund managers or trustees that have been involved in unit trusts that have lost Kenyans money and or have poor historical returns.

Finally, go through the investment mandate of the money market fund.

Avoid MMFs in Kenya with very aggressive investment strategies that may offer relatively higher returns in the short term but risk your hard earned money in the long term.

Eventually, the chickens will come home to roost and any small yield gains wont be worth losing your investment.

There are several sad stories of Kenyans who have lost their investments due to chasing unsustainably high returns.

Comforting! Now you know what measures the regulators have put in place and how to pick the safest MMFs in Kenya…

Next, let’s arm you with tips on how to know if the returns of the MMF makes sense…

How to assess the reasonability of Money Market Fund returns

A large percentage of the pooled funds in Kenyan money market funds ends up invested in Central Bank of Kenya Treasury Bills (T-Bills).

Therefore, the 91-Day and the 364-Day Treasury Bills rates offer a good benchmark of the returns you SHOULD expect.

Consequently, the minimum GROSS return you should expect from your preferred money market fund is the 91-Day Treasury Bills rate.

As of June 2026, the 91-Day Treasury Bills rate in Kenya was 8.56%

Similarly, the expected maximum GROSS return should be the 364-Day T Bill rate.

As of June 2026, the 364-Day Treasury Bills rate in Kenya was 8.76%

You can adjust the 91-Day Treasury bill rate by plus or minus 1% so that, your minimum expected rate would be about 7.6% and the maximum expected rate approximately 9.8%. Rates have come down considerably from their 2023 and 2024 peaks as the Central Bank Rate has eased, which is why the MMF yields above are lower than older screenshots you may have seen. The current Treasury bill rates are updated after every weekly auction.

This is because Treasury Bills rates also go up and down based on market forces.

The adjusted minimum and maximum take these highs or lows into account.

If a Money Market Fund is offering a significantly higher return than the adjusted 364-Day Treasury Bills rate. Where exactly are they investing your money? Are they exposing you to the risk of capital loss? Or to a risk of suboptimal returns in the future?

Nash Thuo

If a Money Market Fund is offering a return lower than the adjusted 91-Day Treasury Bills rate. Are they letting you take losses for past mistakes? Is their investment strategy optimal?

Nash Thuo

Marvelous! By reading this far, you can honestly teach a class on MMFs in some uni out there…

Big pat on your back for the acquired knowledge.

And here is an awesome bot to help in your investment journey…

The Money Market Fund Calculator Kenya (MMF PRO Terminal)

Long-time readers will remember the Telegram bot that used to live in this section. It has grown up: it is now the MMF PRO Terminal, a free web app that does everything the bot did and much more.

Enter your starting amount, monthly contribution and expenses, and the terminal will:

• Calculate how your wealth will compound using a live money market fund rate (not a stale assumed one)
• Show your projected balance year by year
• Reveal your Freedom Date: the day your MMF income could cover your monthly expenses, so work becomes optional

You can try the free MMF PRO Terminal here. No download needed, it runs in your browser.

The videos below are best viewed in full screen mode, preferably on a computer. On mobile or tablet, rotate your phone sideways for the best viewing experience.

Here is Part 1 of a video tutorial on how to calculate the real daily yield of Money Market Funds in Kenya.

Watch Part 1 of the video tutorial

Part 2 of the tutorial above also discusses how to adjust the daily money market fund yield for WHT.

Watch Part 2 of the video tutorial

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• Free Personal Finance Lessons for Kenyans – Learn today
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