Money Market Fund Rates in Kenya
Compare effective annual yields across 10 CMA-licensed money market funds, ranked highest to lowest. Figures are 3-month average effective annual yields (Serrari ranking), not spot daily rates.
PesaMarket Research Team
Financial Analysis
MMF Yields Ranked by Effective Annual Rate
| # | Fund | Manager | Effective Annual Yield | Min. Investment | Mgmt Fee | Verified |
|---|---|---|---|---|---|---|
| 1 | Nabo Africa Money Market Fund | Nabo Capital (Centum Group) | 13.29% | KES 100,000 | 2.25% | 2026-06-12 |
| 2 | Cytonn Money Market Fund | Cytonn Asset Managers | 12.00% | KES 1,000 | 2.00% | 2026-06-12 |
| 3 | Etica Money Market Fund | Etica Capital | 10.88% | KES 100 | 2.00% | 2026-06-12 |
| 4 | Lofty-Corban Money Market Fund | Lofty-Corban Investments | 10.65% | KES 1,000 | 2.00% | 2026-06-12 |
| 5 | Madison Money Market Fund | Madison Investment Managers | 10.49% | KES 5,000 | — | 2026-06-12 |
| 6 | Old Mutual Money Market Fund | Old Mutual Investment Group | 10.13% | KES 1,000 | 2.00% | 2026-06-12 |
| 7 | Britam Money Market Fund | Britam Asset Managers | 9.61% | KES 1,000 | 2.00% | 2026-06-12 |
| 8 | GenAfrica Money Market Fund | GenAfrica Asset Managers | 9.36% | KES 500,000 | 2.00% | 2026-06-12 |
| 9 | Sanlam Money Market Fund | SanlamAllianz Investments East Africa | 9.05% | KES 2,500 | 2.00% | 2026-06-12 |
| 10 | CIC Money Market Fund | CIC Asset Management | 8.43% | KES 5,000 | 2.00% | 2026-06-12 |
Methodology
Yields shown are 3-month average gross effective annual yields (source: Serrari MMF ranking), verified 2026-06-12. They are averages, not today's spot rate — a fund's current daily yield can sit above or below its 3-month average. Net returns are lower after the 15% withholding tax on interest income and each fund's management fee.
Each row carries its own source and verification date. Funds whose current rate we could not verify against a source are omitted rather than estimated — we never publish a number we cannot trace.
Rates change daily. A fund leading this table today may not lead next month; check the verification date before acting.
Frequently Asked Questions
What is a money market fund (MMF) in Kenya?
A money market fund is a low-risk collective investment scheme regulated by the Capital Markets Authority (CMA). It pools money from investors and places it in short-term instruments like Treasury bills, fixed deposits, and commercial paper. Returns are quoted as a daily yield and an effective annual yield, and most funds allow withdrawals within 2-4 business days.
How does the 15% withholding tax on MMF returns work?
Interest earned in a Kenyan money market fund is subject to a 15% withholding tax, deducted automatically by the fund before crediting your account. A fund quoting a 10% gross effective annual yield pays roughly 8.5% after tax, before the management fee. The tax is final for individuals, so you do not declare MMF interest again in your annual return.
How do I invest in a money market fund in Kenya?
Choose a CMA-licensed fund, complete the manager’s KYC onboarding (national ID, KRA PIN, and a passport photo), then deposit via M-Pesa or bank transfer. Minimum investments range from KES 100 to KES 500,000 depending on the fund. Top-ups and withdrawals are usually processed within 2-4 business days.
Are money market funds safe?
MMFs are lower-risk than shares but are not bank deposits and are not covered by the Kenya Deposit Insurance Corporation. Funds invest in short-term, high-quality instruments and are overseen by a CMA-licensed fund manager, trustee, and custodian. Always confirm the fund appears on the CMA’s list of licensed collective investment schemes before investing.