Top 10 Best Money Market Funds In Kenya

Money market funds are a popular investment option in Kenya for a reason. They offer many benefits, including liquidity, safety, and the potential to generate income. However, with so many MMFs available on the market, many investors face the challenge of selecting the Best Money Market Funds In Kenya

It’s critical to keep up with the finest investing options as Kenya’s financial scene continues to change. Money market funds are becoming more and more popular in Kenya every day as more individuals look for low-risk, high-return savings options.

Money Market Funds In Kenya

Most MMFs accounts earn members an interest of up to 9 – 11% per annum while only enjoying a 15% withholding tax, which is pretty decent. And when it comes to liquidity, you get to have your money in 1 – 3 days, and you can even withdraw everything.

Below are the Top 10 Best Money Market Funds In Kenya

What is Money Market Fund?

Investments known as money market funds combine the capital of investors and use it to purchase short-term, low-risk debt instruments like Treasury Bills and commercial paper.

These investments are renowned for having a short maturity period—between one month and one year—and for being extremely safe because they put money into low-risk instruments.

Because of this, MMFs are favored by short-term investors as a parking place for savings and emergency funds since the money is both safe and highly liquid, meaning that it can be accessed on short notice.

What To Consider Before Investing in MMF

What would make one MMF better than any other? Here are six things to look out for when selecting an ideal fund:

  1. Management fees – this refers to the cost of investing in an MMF, which goes to the financial professionals who manage the fund’s portfolio of investments.
  2. Ease of withdrawal and cash access – ideally, a good MMF allows you to access your funds easily without extended wait periods or penalties. Some MMFs allow same-day withdrawals through M-Pesa while others take up to 3 or more days.
  3. CMA approval – the Capital Markets Authority is the government body charged with regulating all MMFs in Kenya. All legitimate funds must be registered with this body.
  4. Fund performance – this refers to the MMF’s returns as measured by the interest rate and dividend it pays to its investors.
  5. The minimum investment required – some funds allow for initial investments as low as 500, while others restrict it to amounts as high as 100,000.
  6. Minimum top-up amount – this is the subsequent amount you’re allowed to add after the initial investment. Most MMFs allow top-ups in increments of 1000 although it may be lower or higher, depending on the company.

Benefits of Money Market Funds in Kenya

Now that you know what money market funds are, why should you invest in them? Are they even worth it?

Well, MMFs are worth it because of these benefits:

  • Interest compounding – Not only do you earn interest on your principal amount (deposits) but also on the interest earned. That’s what compound interest is all about.
  • Low tax levy – Money Market Funds in Kenya only incur a 15% withholding tax, which is fair given that earned income attracts a tax levy of up to 30%.
  • Anytime top-up – You can top up your investment at any time and, in most cases, any amount.
  • Lower fees – Most MMFs don’t charge an initial fee, and you only incur 1.2 – 2% in management fees annually.
  • Decent return on investment – Depending on the Money Market Fund, the investment attracts an annual yield rate of 8 – 11 %, which is more than most savings accounts offers.
  • Saving culture – You can use a Money Market Fund account as a savings account for your emergency, land or car deposit, mortgage, family welfare, education, or vacation. It generally promotes a savings culture.
  • Low risk (safe investment) – Given that the fund managers are CMA-approved and experts in their field, the risk of losing your investment is lower, making Money Market Funds safer.
  • High liquidity – It usually takes 1 – 3 days to have money in your bank account, depending on the Money Market Fund. That’s how fast the withdrawal process is.
  • Low investment amount – Some Money Market Funds, such as digitrust, only require a minimum investment of Ksh 500, while most of them average Ksh 1,000, which is affordable for most people.

1. Etica Money Market Fund

Etica Money Market Fund, a product of Etica Capital Limited, comes in first place with an average effective annual yield of 11.17%.

Key features of Etica Money Market Fund are:

  • Initial minimum investment of KES 100 and Top-ups of KES 100.
  • Daily compounding of interest then credited daily to clients’ accounts – you are able to see your money grow on a day-to-day basis.
  • No lock-in period.
  • High liquidity

2. Cytonn Money Market Fund

One of Kenya’s best-performing money market funds on a constant basis has been Cytonn. It is best suited for investors seeking stability and financial security who have a low tolerance for risk because it primarily invests in short-term debt instruments. The yearly administration fee is about 1.5%, and there is no upfront cost. Better yet, there is no minimum top-up requirement and just a Ksh 1,000 initial investment.

More features of Cytonn MMF include:

  • Speedy withdrawals,
  • Interest is earned daily and compounded monthly,
  • No entry or exit fee is charged,
  • Easy mobile sign-up by dialing *809#

3. Apollo Money Market Fund

The Apollo MMF is another low-risk money market fund by APA Insurance that invests in high-yielding investment instruments like treasury bills, government bonds, commercial papers, fixed deposits, and corporate bonds.

Key features of the Apollo MMF include:

  • Initial minimum investment of KES 1,000 and KES 1,000 top-ups,
  • Top-ups can be made by cheques, cash deposits, standing orders and direct debit orders.
  • Invests in low-risk investments with an element of guaranteed returns such as fixed deposits, T-bills, commercial paper, government and corporate bonds

4. Enwealth Money Market Fund

The Enwealth Money Market Fund is offered by Enwealth Financial Services, whose mission is economic empowerment in the country, and they plan to do that through inventive financial solutions.

While Enwealth is new in the country, they continue registering impressive numbers to show they are here to stay and take over the unit trust sector.

5. GenAfrica Money Market Fund

One of the highest-yielding money market funds is the GenAfrica Money Market Fund, which is offered by GenAfrica Asset Managers. GenAfrica caters to low-risk clients that are looking for high liquidity, assets that generate monthly income, and capital preservation. In that case, taking the chance is worthwhile.

Key features of GenAfrica MMF include:

  • No limitations on withdrawal,
  • No initial fees,
  • Monthly statement updates via email,
  • Easy sign-up and top-up via the GenAfrica Unit Trust portal.

6. Madison Money Market Fund

The Madison Money Market Fund has a higher minimum investment of 5,000. However, it offers some notable benefits and features to its investors. The fund charges no entry or exit fees. This means no additional costs are incurred whether you want to join or leave the fund.

Some of the key features of the Madison Money Market Fund include:

  • Initial minimum investment of KES 5,000 and KES 1,000 top-ups,
  • Monthly distribution of interest,
  • Withdrawals are processed within 72 working hours,
  • No restrictions on tenor.

7. Jubilee Money Market Fund

The Jubilee Money Market Fund is a product by Jubilee Insurance that targets low-risk investors looking for an investment with competitive returns, monthly income, and capital preservation.

The minimum initial investment amount is Ksh 5,000, while the minimum top-ups after that is only Ksh 1,000. But just like other money market fund products, the Jubilee fund is subject to a 15% withholding tax.

8. Kuza Money Market Fund

Retaining eighth place is Kuza Money Market Fund, which posted an average effective annual return rate of 10.16%. The initial minimum investment for new investors is KES 5,000 and subsequent KES 1,000 top-ups.

Other features of Kuza Money Market Fund include:

  • High liquidity,
  • Preservation of capital,
  • Fund invests in short-term KES-dominated interest-bearing securities such as T-bills, corporate bonds, commercial paper, bank call and fixed deposits.

9. Sanlam Money Market Fund

The Sanlam MMF is a low-risk fund with a minimum initial requirement of KES 2,500. It invests in high-quality, interest-bearing assets (like treasury bills) within the Kenyan market, making it safe for investors looking for a reliable income source.

Setting up an account is free, so you’ll only need the minimum required investment to get started. Any top-ups after that have to be in multiples of KES 1,000, which can be done either through MPESA or a bank account.

10. Old Mutual Money Market Fund

Old Mutual Money Market Fund moved five positions lower, compared to May, to secure eleventh place with average annual yield rate of 9.88%. You will need an initial investment of KES 1,000 and KES 1,000 subsequent top-ups.

More on Old Mutual MMF:

  • Easy liquidity,
  • Capital stability,
  • Provides return without penalties,
  • Funds invested in T-bills, corporate notes, bank fixed deposits, and bank call deposits,
  • Freedom to switch investments between different funds,
  • Quick mobile sign-up by dialing *480#


Because money market funds have appealing interest rates, they’re a terrific alternative to typical savings accounts. Additionally, they are adaptable, enabling you to quickly and simply withdraw your money whenever you need it.

Because they can earn interest rates over inflation and still have immediate access to their money, this makes them perfect for short-term investors searching for a place to park their assets.

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