Top 10 Money Market Funds in Kenya by Returns (2026)
The top 10 money market funds in Kenya by returns in 2026 are led by Nabo Africa, Cytonn and Etica, with the strongest funds paying gross effective yields above 11% against an industry average of about 9%. A money market fund (MMF) is a CMA-regulated unit trust that pools savers’ money into low-risk, short-term assets like Treasury bills and bank deposits, and it has become the go-to alternative to a savings account that pays just 3% to 5%. Below is the ranking, but read the whole thing, because the highest headline number is rarely the right home for your money.
The quick answer: the ranking
Based on the most recent industry yield tables (as of late June 2026), these are the top funds by gross effective annual yield. All figures are gross, before the 15% withholding tax.
| Rank | Money Market Fund | Manager | Gross yield (approx.) |
|---|---|---|---|
| 1 | Nabo Africa MMF | Nabo Africa | ~13.2% |
| 2 | Cytonn MMF | Cytonn Asset Managers | ~12.0% |
| 3 | Etica MMF | Etica Capital | ~11.2% |
| 4 | Lofty-Corban MMF | Lofty-Corban Investments | ~10.7% |
| 5 | Gulfcap MMF | Gulfcap Investment | ~10.5% |
| 6 | Madison MMF | Madison Investment Managers | ~10.3% |
| 7 | Sanlam MMF | Sanlam Investments | ~10.0% |
| 8 | Britam MMF | Britam Asset Managers | ~9.8% |
| 9 | Old Mutual / Zimele MMF | Old Mutual Kenya | ~9.5% |
| 10 | CIC MMF | CIC Asset Management | ~9.3% |
These rankings move every week with the Central Bank rate and T-bill auctions, so treat any single snapshot as a point in time, not a promise. Confirm the current figure on the fund’s own fact sheet before you invest.
Gross is not what you keep: the tax rule
This is the most important number in the article. Kenyan MMF returns are quoted gross, but a 15% withholding tax is deducted at source by the fund manager before your interest is credited. The simple conversion:
Net yield = Gross yield × 0.85
So a fund advertising 12% gross actually pays you about 10.2% net. Always compare funds net to net. A 12% headline from one fund and a 13% headline from another can flip once you factor in different management fees and the tax.
Why the top of the table is not automatically “best”
If yield were the whole story, you would stop at Nabo. But the funds with the flashiest weekly rates are often newer or smaller managers, and three other factors matter just as much:
- Fund size (AUM). A large, long-established fund signals trust and the liquidity to pay withdrawals smoothly. The CMA publishes fund sizes quarterly, so you can check this against the regulator’s own data.
- Safety and regulation. Only invest in a CMA-licensed fund, where your money sits with an independent custodian bank and a trustee, not the manager.
- Liquidity. Confirm how fast you actually get your money out. Most funds pay within 1 to 4 working days, many same or next day via M-Pesa.
The big, steady names like CIC, Old Mutual, Britam, ICEA Lion and Sanlam rarely top the weekly yield table but score highest on size, track record and liquidity. For an emergency fund, that stability can matter more than an extra percentage point.
The accessibility option: Ziidi and low-minimum funds
Not every fund competes on yield. Ziidi, built inside M-Pesa, yields around 6% net, well below the leaders, but it competes with M-Shwari and savings accounts, not boutique managers. With instant access and no real minimum, it earns its place on accessibility, not return. Several funds accept as little as KES 100 to KES 1,000 to start, so a low balance is no barrier to entry.
What MMFs hold and why they are low-risk
Every fund on this list invests in the same broad pool of short-term, low-risk instruments:
- Kenyan Treasury bills (91, 182 and 364-day)
- Fixed and call deposits at commercial banks
- High-grade commercial paper and short-term corporate bonds
The goal is capital preservation with steady, daily-accruing interest, not aggressive growth. That is why an MMF is a sensible home for an emergency fund or short-term savings, but not a substitute for longer-term investing.
The rate trend to watch in 2026
One thing every saver should know: the exceptional MMF yields of 2024 and 2025, when 91-day T-bill rates briefly topped 15%, are unwinding. The Central Bank has been cutting rates steadily as inflation stays within target, and 2026 is likely to bring more reductions. The practical message is that today’s double-digit yields will compress over the year, so do not anchor your expectations to last year’s headline numbers.
The bottom line: the best money market fund for you is not automatically the one at the top of this week’s table. Shortlist the leaders, then run each through net yield after tax, fund size, CMA licensing and liquidity. For most Kenyan savers, a large, well-regulated fund paying a solid net yield beats chasing a flashy rate from an obscure name.
If you are also weighing global options, you can invest in US stocks and ETFs through Pandapanda, a platform for global US stocks, and confirm any local fund’s licensing through the Capital Markets Authority. For how MMFs stack up against other options, read our guide on saving versus investing in Kenya in 2026, and for more finance news and analysis across Kenya and Africa, visit the K-One Media homepage.
This article is general information, not financial advice. Yields are point-in-time and move weekly; confirm current figures and CMA licensing before investing. Past performance does not guarantee future returns.