28 Best Money Market Funds In Kenya 2024 [Everything To Know!]

Each day, the popularity of money market funds in Kenya grows as people search for a savings vehicle with higher returns, liquidity, and low risk. So, it doesn’t surprise that banks in Kenya are also offering money market funds to rival their existing current and savings accounts.

These Unit Trust investment vehicles are more high-yielding than regular savings accounts and as highly liquid as current accounts. So, they bridge the gap between these two traditional accounts, which has seen most Kenyans use them for savings.

Whether you want to set up an interest-growing emergency fund or save up for retirement, college education (for kids), family welfare, wedding plans, mortgage deposits, or even vacations, a money market fund (MMF) comes in handy. 

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.

Usually, these funds earn you daily interests, which is compounded monthly.

I’ll explain more about how money market funds work in Kenya, your options, and their various rates and fees. Let’s get into it!

In a rush? The table below summarizes the best Money Market Funds in Kenya based on their interest rates and other metrics in no particular order. 

A Summary of the Top 28 Money Market Funds in Kenya 

Below are the top 28 money market funds in Kenya based on the effective annual yield rate as of September 2023 unless stated otherwise; 

–	Money Market Fund	Minimum Investment	Minimum Top -Up	Effective Annual Yield	Annual account Management Fee
1.	Etica Money Market Fund	Ksh 100	Ksh 100	12.10%	–
2.	Cytonn Money Market Fund	Ksh 1,000	N/A	12.09%	1.5%
3.	Enwealth Money Market Fund	–	–	12.03%	–
4.	GenAfrica Money Market Fund	Ksh 500,000	–	11.30%	2%
5.	Madison Money Market Fund	Ksh 5,000	Ksh 1,000	11.18%	2%
6.	Jubilee Money Market Fund	Ksh 5,000	Ksh 1,000	11.09%	–
7.	Apollo Money Market Fund	Ksh 1,000	Ksh 1,000	11.03%	2%
8.	Kuza Money Market Fund	Ksh 5,000	Ksh 1,000	11.0%	2%
9.	Old Mutual Money Market Fund	Ksh 5,000	Ksh 1,000	10.99%	3.37%
10.	COOP Bank Money Market Fund	–	–	10.99%	–
11.	Nabo Africa Money Market Fund	Ksh 1 million	Ksh 10,000	10.82%	2.5%
12.	GenCap Hela Money Market Fund	Ksh 500	Ksh 500	10.61%	2%
13.	Sanlam Money Market Fund	Ksh 2,500	Ksh 1,000	10.58%	1.2%
14.	Dry Associates Money Market Fund	N/A	–	10.53%	N/A
15.	KCB Money Market Fund	Ksh 5,000	Ksh 500	10.32%	–
16.	ICEA Lion Money Market Fund	Ksh 500	N/A	10.31%	2%
17.	NCBA Bank Money Market Fund	Ksh 5,000	Ksh 5,000	10.30%	2%
18.	African Alliance Money Market Fund	Ksh 100,000	N/A	10.09% (June 2023)	2%
19.	Adam Capital Money Market Fund	Ksh 100	–	10%	–
20.	Zimele Money Market Fund	Ksh 100	Ksh 100	9.9% (June 2023)	2%
21.	CIC Money Market Fund	Ksh 5,000	–	9.89%	2%
22.	Absa Shilling Money Market Fund	Ksh 1,000	Ksh 1,000	9.79%	2%
23.	Britam Money Market Fund	Ksh 1,000	Ksh 1,000	9.62%	2%
24.	Orient Kasha Money Market Fund	Ksh 5,000	Ksh 1,000	9.45%	2%
25.	Mali Money Market Fund	Ksh 100	Ksh 100	9.21%	2%
26.	Stanlib Money Market Fund	Ksh 10,000	Ksh 5,000	8.79% (Sep 2023)	2%
27.	Equity Bank Money Market Fund	Ksh 1,000	–	8.2% (June 2023)	N/A
28.	Amana Money Market Fund	N/A	N/A	–	0%

An Overview of Leading Money Market Funds in Kenya

Money Market Fund Category	Money Market Fund Identity	Supporting Information
MMF with the Highest Yield Rate	Etica Money Market Fund	12.10% Effective Annual Yield as of September 2023
Largest MMF by Asset or Market Share	CIC Money Market Fund	40.5%, according to the Capital Markets Authority
Lowest deposit (minimum investment)	Adam Capital and Zimele Money Market Funds	Ksh 100, according to their website
Largest by Growth Rate	Cytonn Money Market Fund	764.2%, according to a Cytonn Report

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What Are Money Market Funds in Kenya?

To define the term Money Market Fund, we’ve first to explain the terms Unit Trust and Collective Investment Scheme. The term Collective Investment Scheme (or CIS) refers to an establishment that allows a professional fund manager to invest money that investors pool in different investment options. 

The fund manager, in this case, manages and invests the pooled funds on behalf of the scheme members. Overall, one type of CIS is the Unit Trust, while others include mutual funds and ESOPs (Employee Share Ownership Plans).

So, you are right! A Unit Trust is a type of CIS that invests its members’ money in different money market instruments. Before we can list examples of money market instruments, it’s worth clarifying that there are different types of Unit Trusts, and one of them is the Money Market Fund.

Others include equity funds, balanced funds, and wealth funds. So, we can argue that a Money Market Fund (MMF) is a category of Unit Trust, which is a type of CIS (Collective Investment Scheme).

Money Market Funds are generally low-risk Unit Trusts that invest in short-term high-yielding money market instruments like:

• Fixed deposits 
• Bank deposits 
• Treasury bonds 
• Commercial papers 
• Treasury bills 
• Corporate bonds 

How Money Market Funds Work in Kenya

A Money Market Fund ecosystem in Kenya features a professional money or fund manager, a custodian trustee, and an auditor.

The fund manager (usually a company) is regulated and licensed by the capital markets authority (or CMA). Its job is to develop an investment portfolio on behalf of its investors and invest the money.

Meanwhile, a custodian (usually a bank) holds the money awaiting the fund manager’s investment decision. The custodian is also CMA-approved.

The custodian and the fund manager need to be held accountable for the funds and decisions, and that’s where the trustee comes in. 

The trustees are the MMFs whistleblowers when they perceive financial malpractice. They are also CMA-approved and are either banks or other financial institutions.

And lastly, someone has to review the financial statements of the MMF, and that’s where the auditor comes in. The auditor reviews the reports and advises the fund manager accordingly.

In the end, all these key players make money market funds low-risk and worthwhile investments. 

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:

• 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. 
• 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 Zimele, only require a minimum investment of Ksh 100, while most of them average Ksh 1,000, which is affordable for most people. 
• 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. 
• 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. 

Risks of Money Market Funds in Kenya

When it comes to Money Market Funds, not just in Kenya but globally, the annual yield rate keeps changing, and it’s subject to the money market and inflation. So, there are no guarantees of how much your investment will grow.

There is also liquidity risk, where companies that run into financial problems are forced to undersell their securities, and credit risk, where a company’s credit rating goes down. 

In the end, it’s all about weighing the risks. But given that these funds are run by professional investors and supported by credible trustees and auditors, the risk of losing your investment is lower each day. 

Uses of Money Market Funds

A money market fund is ideally a savings plan with a higher yield and low risk. That means you can join one specifically to save up, and it can be for any of these financial goals:

• Emergency fund – Since an MMF account is highly liquid, you can invest in one to cater for life’s unseen events like illnesses, house repairs, and job loss.
• School fees – You can also set up an MMF account to save up for your kids’ school fees. That’s safer and more rewarding than putting the money in a regular savings account.
• Mortgage deposits – The investment earns you interest, and you can withdraw the funds to pay your mortgage deposit.
• Land purchase deposits – If you want to buy land in the short term, you can use a money market fund to grow it and then pay up the deposit when the interest matures.
• Construction or building project – Whether you want to build a house or business premise, you can save money in a money market fund account and withdraw anytime.
• Car purchase deposit – Using a money market fund, you can save up for a car purchase.
• Chama project or investment fund – A money market fund also serves as an investment vehicle for your Chama projects and other investments.
• Wedding plan – If you have issues savings up for a wedding and want your money to grow, then an MMF is a wiser choice.
• Family/staff welfare – From weddings to burial arrangements, a money market fund can be used to take care of family or staff expenses.
• Vacation planning – Lastly, you can save up for your holiday vacation using a money market fund.

How to Invest in Money Market Funds in Kenya

The process of investing in money market funds in Kenya is pretty straightforward. Just do the following: 

Step 1 – Visit the company website to sign up

In most cases, you must download an application form and fill it out. Note that there are application forms for individual investors, joint members, and corporates. So, choose one. 

Step 2 (Fill out the application)

Once you have the application form, fill it out duly. The forms contain different segments requiring you to fill out your personal information, bank details, payment method, and investment amount, among others. 

Step 3 (Sign the form)

You’ll need to append your signature on the form after filling it out and reading all the terms. 

Step 4 (Provide the KYC document)

You’ll need to accompany your application with the necessary know-your-client (KYC) documents such as ID/passport, passport photo, KRA copy, and a bank copy. 

Step 5 (Make a deposit)

Depending on your willingness to invest, deposit the amount using the company’s pay bill or bank account. 

Step 6 (Submit the application)

Lastly, send in your application and wait for the company’s response. It shouldn’t take long to have it. 

Top Money Market Funds in Kenya Reviewed

The best money market funds in Kenya are as follows:

1. Etica Money Market Fund 

The Etica Money Market Fund is a product of Etica Capital. Since its founding in 2021, the Money Market Fund has registered some impressive stats, and its curve has been ascending. 

For example, the Effective Annual Yield as of June 2023 was 11.17%, and as of July 2023, the rate had risen to 12.10%. At the time of updating this post (12th September 2023), the effective annual yield rate, according to the company website, was 12.78%. That makes Etica the highest-paying money market fund in the country.

Interestingly, it only takes a minimum investment of Ksh 100 to join the Etica Money Market Fund and a minimum top-up of the same amount (Ksh 100). 

Unlike most money market funds in the country, there’s no lock-in period. And more, you can conveniently withdraw funds from your money market fund account within two business days. 

Etica is generally a low-risk money market fund targeting retail clients in the country.

With the Etica Money Market Funds, the interest compounds daily and gets credited to your account. That means you can see your earnings grow daily, allowing you to make a more informed investment decision. 

Etica has a Fixed Income Fund and Shariah Fund under its collective investment scheme (CIS) portfolio, other than the money market fund, which also performs well. 

2. Cytonn Money Market Fund 

The Cytonn Money Market Fund enjoys an effective annual rate of 11.0%, and it has been so over the past 12 months. That makes Cytonn the highest-yielding MMFs and arguably the best money market fund in Kenya.

There’s no initial fee, and the annual management fee is only 1.5%. Even better, the minimum investment is only Ksh 1,000, and there are no minimum top-ups. 

Its ecosystem features Cytonn Asset Managers Limited (Fund Manager), the State Bank of Mauritius (Custodian), and Gold Advisory Services (Trustee).

3. 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. For example, the effective annual yield rate as of July 2023 was 12.03%.

Overall, Enwealth doesn’t say much about the minimum investment and top-up, the account management fee, and other vital stats you may want to know about the money market fund. 

4. GenAfrica Money Market Fund 

The GenAfrica Money Market Fund is a product by GenAfrica Asset Managers and is one of the best-yielding money market funds. As of June 2023, the money market fund enjoyed an effective yield rate of 11.29% and a commercial servicing rate of 4.59%. That’s pretty impressive, and it’s concerning the following asset allocations:

• 94.62% fixed deposits 
• 3.79% cash and call deposits 
• 1.59% treasury bonds

Note that the yield rate as of July 2023 was 11.30%.

You need a minimum initial investment of Ksh 500,000 to join the GenAfrica Money Market Fund. Frankly, not many Kenyans can afford a half-a-million investment, which makes GenAfrica an exclusive investment fund. 

There are no other initial fees or withdrawal limits, but the account attracts a 2% annual management fee. GenAfrica distributes income monthly, and you can withdraw the earned interest anytime. 

GenAfrica targets low-risk investors seeking capital preservation, monthly income-generating assets, and high liquidity. If that’s you, then the risk is worth it.

The fund features GenAfrica Asset Managers as the Money Manager, Standard Chartered Bank as the Custodian, KCB Bank as the Trustee, and PWC Kenya as the CMA-certified auditor. 

Some benefits of joining GenAfrica other than good yields include easy top-ups, 3-day swift withdrawals, monthly statements via email, and professional financial advice. 

5. Madison Money Market Fund 

If you need to set up an emergency fund, preserve capital, or make a short-term investment, Madison has an interesting MMF worth checking out. 

The money market fund invests in short-term securities with a maturity period of fewer than 12 months, such as call deposits, fixed deposits, and treasury bills. There’s no entry or existing fee, and the interest rate is 9.62%, compounded monthly. 

Madison allows you to make a minimum investment of Ksh 5,000; the minimum investment top-up is Ksh 1,000. The fund enjoys a 2 – 3-day liquidity and a 2% annual management fee.

6. 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. 

Jubilee’s Money Market instruments are all short-term (less than 13 months of maturity), including Treasury Bonds, Treasury Bills, commercial papers, fixed and call deposits, and corporate bonds. 

Not only are the investment choices local, but they also involve the offshore market, which improves their security and return rate. As of July 2023, the effective annual yield rate was 11.09%, while the annual account management fee was 2%, just like most money market funds. 

7. 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. 

The minimum investment, according to APA, is Ksh 1,000 and an equivalent minimum top-up amount. Apollo MMF currently enjoys an annual interest rate of 9.4%, which is within the range of the leading MMFs. 

Investments currently attract an annual management fee of up to 2% at Apollo, but the initial fee is 0% (nil). 

8. Kuza Money Market Fund

The Kuza Money Market Fund allows short-term-oriented investors in the country to invest in low-risk securities and enjoy inflation-beating returns. Some of the allowable securities that investors get to invest in include:

• Bank calls and fixed deposits 
• Corporate bonds 
• Government-issued treasury bills 
• Government-issued treasury bonds 
• Collective Investment Schemes (CIS) 
• Commercial papers 

The Kuza Money Market Fund ecosystem features Kuza Asset Management as the Fund Manager, Cooperative Bank of Kenya as the Trustee, and KCB Bank Limited as the Custodian. 

This fund was only launched in December 2022, making it one of the Kenya Money Market Fund’s new entrants. The lock-in period is only two weeks.

Overall, the Kuza Money Market Fund promises several advantages to its investors, including capital preservation, high liquidity, and passive income. It takes a minimum of Ksh 5,000 to join Kenya Market Fund as an investor and a minimum top-up of Ksh 1,000 after joining. 

Kuza also charges an annual management fee of 2%. As of 31st September 2023, the effective annual yield was 11%, which is undoubtedly an impressive figure, making Kuza one of the highest rewarders in the country. 

9. Old Mutual Money Market Fund 

The Old Mutual MMF is another high-yielding money market fund with exciting perks. The minimum investment is Ksh 5,000, which yields an annual interest of 9.2% (as of august 2022).

Though the fund manager charges a yearly maintenance fee of up to 3.37%, you can top up anything from Ksh 1,000 and enjoy a minimum withdrawal of Ksh 480.

You can access your Old Mutual account to make deposits and withdrawals via the phone. They don’t charge any initial fee (0%), and the income distribution frequency is quarterly. 

The Old Mutual MMF ecosystem features Old Mutual Investment Group Kenya (Fund Manager), KCB custody services (Custodian), and KCB Bank (Trustee). 

10. Co-op Money Market Fund 

The Co-op MMF by the Cooperative Bank promises diverse investment instruments to its investors. Currently, the giant bank offers Treasury Bonds, Treasury Bills, Call Deposit Accounts, and Fixed Deposit accounts as separate investment accounts. 

The investment accounts enjoy short-term maturities but promise a higher yield rate of up to 9% per annum. Some options, however, such as Treasury Bonds, have a 2 – 30-year life cycle but are risk-free, given that the interests and principal deposits are guaranteed. 

11. Nabo Africa Money Market Fund 

The Nabo Africa MMF is arguably the costliest money market fund to invest in the region. The minimum initial investment is Ksh 1,000,000, and the minimum top-up after that is Ksh 10,000. 

Considering how much you are pulling in and a 24 – 48-hour liquidity, the returns are worth it. Overall, Nabo Africa recommends a 3-month minimum investment timeline to get the optimal return on investment. 

There’s, however, no initial or redemption fee. Currently, Nabo Africa MMF enjoys a portfolio size of Ksh 1.13 billion. Its ecosystem features Nabo Capital Ltd (Fund manager), Stanbic Bank (Custodian), KCB (Trustee), and Grant Thornton (Trustee).

12. Genghis Capital Money Market Fund

The Genghis Capital MMF, also known as the GenCapHela Imara MMF, allows you only to deposit a minimum of Ksh 500, which is subject to an annual management fee of 2%. 

As of August 2022, the effective annual rate was 8.9%, slightly shy of 9%. GenCapHela Imara invests in low-risk interest-yielding securities like call and deposits, commercial papers, treasury bills and bonds, and corporate bonds. 

You also get to enjoy the same minimum top-up as the deposit amount (Ksh 500) and a 2 – 4-day liquidity. Genghis Capitals’ team of professional money managers provides the necessary support to get started. 

13. Sanlam Money Market Fund

The Sanlam Money Market Fund is another fast-growing MMF in Kenya, established in 2014. It currently enjoys a portfolio size of Ksh 5.3 billion. Its effective annual yield is 9.53%, and the minimum investment deposit is Ksh 2,500.

After that, you can make minimum top-ups of Ksh 1,000, and the MMF account attracts an annual management fee of 1.2%.

The interest is compounded monthly. Its ecosystem features Sanlam investment East Africa (Fund manager), Stanbic bank (Custodian and trustee), and PWCD (auditor).

14. Dry Associates Money Market Fund 

The Dry Associates MMF, a product of Dry Associates Investment Bank, is another fantastic money market fund with an impressive yield rate. 

The effective yield rate is 9.1% (as of August 2022). Sadly, I couldn’t get more information from the company website when creating this post. 

15.  KCB Money Market Fund 

KCB Money Market Fund, originally NetBank Money Market Fund, is a product by KCB Bank that allows you to get some good returns on investment. In June 2023, for example, the effective annual yield was 9.73%, and a month later, the rate rose to 10.32%, which is pretty impressive. 

KCB Money Market Fund promises high liquidity and capital preservation. The fund invests in low-risk, interest-bearing T-bonds, T-bills, and bank deposits. Given its rich portfolio of money market experts and networks, the KCB Money Market is a worthy gamble.

16. ICEA Money Market Fund Kenya

The ICEA Money Market Fund, also known as Digi Trust, is a CMA-regulated MMF with low-risk, high-yield securities. With a minimum deposit of Ksh 500, the ICEA Lion MMF allows you to enjoy an effective annual yield of 8.6% (as of August 2022).

ICEA allows you to have your funds within three business days for amounts exceeding Ksh 10,000 and within 24 hours for those less than Ksh 10,000. The account annual management fee, according to ICEA Lion, is 2% or about 0.0055% daily. 

Digi Trust’s ecosystem features ICEA Lion (Fund Manager), Standard Chartered (Custodian), KCB (Trustee), and Deloitte (Auditor). 

17.  NCBA Money Market Fund 

The NCBA Money Market Fund is a product by the NCBA Investment bank that features NCBA Bank Kenya as the Custodian, KCB Bank as the Trustee, and Deloitte & Touché as the auditor. 

This money market fund, whose portfolio size as of June 2022 was Ksh 14.89 billion, registered an effective annual yield rate of 10 – 30% as of July 2023. That’s a massive jump from the 9.8% it recorded as of 9th December 2022.

There are no exit or entry fees, and the minimum investment is Ksh 5,000. 

NCBA also requires you to make a minimum top-up of Ksh 5,000, and the account incurs an annual management charge of 2%. The interest compounds daily, which is good, and fund withdrawals take three business days. 

18. African Alliance Kenya Shillings Fund 

The African Alliance Kenya Shillings Fund, currently known as the African Alliance Kenya money market fund, is another leading MMF in the East Africa region.

They invest in treasury bills by the Kenyan government, among other securities such as banker’s acceptance, commercial papers, and bank deposits with a short-term maturity (less than 13 months). 

Currently, the investment only attracts an annual management fee of 1%, and the effective annual rate as of August 2022 was 8%.

19. Adam Money Market Fund

The Adam (Africa Diaspora Asset Managers) MMF by Adam Capital provides several advantages that most money market funds in this list do not offer.

For starters, the minimum investment is only Ksh 100, opening opportunities to all willing investors who think that the money market is only for the rich. There is no maximum investment limit with Adam MMF.

Even better, the investment earns an annual interest of up to 10%, and you can withdraw the funds within 48 hours. 

What’s more, Adam Capital allows you to borrow (get a loan) against your unit. You can join the African Diaspora asset managers MMF using the Adam Capital App or the USSD x277#.

Its corporate structure features African Diaspora Asset Managers (Fund Manager), Corporate Bank (Custodian), and Credit Bank (Trustee).

20. Zimele Money Market Fund

Launched in 1998, the Zimele Money Market Fund is one of the oldest yet most promising Money Market Funds in the region. Unlike most funds on this list, you only need to make a minimum investment of Ksh 100 which you can top up anytime.

The investment earns you an annual yield of 9.56%, which is pretty good, and the company charges a 2% annual management fee.

Its portfolio size is over Ksh 1 billion, and its ecosystem includes Zimele Asset Management Company (Fund Manager), KCB (Trustee), Standard Chartered (Custodian), and Denis Paul & Associates (Auditor).

21. CIC Bank Money Market Fund Kenya

The CIC Money Market Fund is another fast-growing and leading MMF in Kenya. It’s the leading MMF by asset/market share according to CMA.

Currently, the fund enjoys an effective annual rate of 8.71%, and you only need to make a minimum deposit of Ksh 5,000 to get started. 

CIC charges an annual management fee of 2%, but there’s no initial fee. The minimum top-up is Ksh 1,000, and the interests are compounded daily but distributed monthly. 

Its ecosystem features CIC Asset Management Limited (Fund Manager), KCB Bank (Trustee), Co-Op Custodian Services (Custodian), and PWC (auditors).

22. Absa Money Market Fund Kenya

The Absa MMF, popularly known as the Absa Shilling Money Market Fund, allows low-risk investors to invest their money in safe, high-yield portfolios and enjoy immediate liquidity. 

Only launched in 2022, the MMF is pretty young but has some exciting offers for investors. The minimum investment amount, according to Absa, is Ksh1,000, and an equivalent minimum top-up of Ksh 1000. 

Absa MMF investments attract an annual management fee of 1.75%, and the interest rate since launching in February to September has averaged 9.63 – 9.91%.

23. Britam Money Market Fund

Britam also has one of the highest-yielding Money Market Funds. The annual interest averages 8 – 10 %, and you only need a minimum investment of Ksh 1,000.

There’s no initial fee, and you only need to incur a 2% annual management fee. You can also top up anytime (Ksh 1,000 minimally), and the interests are earned daily, though compounded annually. 

Britam Money Market Fund’s ecosystem features Britam Asset Managers (Fund Manager), KCB Bank (Trustee), Standard Chartered (Custodian), and Deloitte & Touché (Auditor).

24. Orient Money Market Fund Kenya

The Orient Money Market Fund, popularly known as the Kasha Money Market Fund, is a product of Orient Asset Manager Limited. 

This MMF currently enjoys a daily yield rate of 8.7% and an effective annual yield rate of 8.51% (as of November 2022). According to Orient Asset, the minimum investment amount is Ksh 5,000, and the minimum top-up is Ksh 1,000. 

An Orient MMF account attracts an annual management fee of 2% and generally enjoys a maturity period of fewer than 12 months. Orient MMF’s underlying assets include corporate papers, cash deposits, government securities, and term deposits. 

25.  Mali Money Market Fund Kenya

The Mali Money Market Fund is a Safaricom-driven unit trust project that involves several parties. This Capital Markets Authority-regulated unit trust features Genghis as the Fund Manager, SBM Bank Kenya as the Custodian, and KCB Bank as the Trustee. 

The pilot program was only launched in 2019, and there has been much development since then.

Safaricom Mali requires a minimum outlay of Ksh 100. The top-up limits are Ksh 100 – Ksh 70,000, and the account attracts a 2% annual fund manager fee.

Regarding yield, Safaricom mail averages 10% annually, which is not bad. However, as of July 2023, the yield rate was 9.21%.

Overall, Safaricom Mali requires you to be a Safaricom-registered customer with an active MPESA line, and you must be at least 18 before you can join. 

Mali allows you to withdraw using the USSD *334#, which you can do anytime. You can use the same USSD (*334#), My Safaricom, or M-Pesa App to sign up. 

While the returns look decent and the terms look reasonable, there isn’t much information online about Safaricom Mali to give a more conclusive verdict. However, from what we’ve gathered, Safaricom Mali deserves a spot on our list.

26.  Stanlib Money Market Fund Kenya

The Stanlib Money Market Fund is another exciting fund that the CMA (Capital Markets Authority) approved in the country. While Stanlib Kenya Limited serves as the Fund Manager, Cooperative Bank of Kenya serves as the Custodian and the Trustee, and the fund seeks the auditing services of KPMG Kenya. 

As of 12th September 2023, the effective annual yield, according to the company’s online portal, was 8.79%; while this is not the most impressive yield rate, it’s decent. 

You need a minimum investment charge of Ksh 10,000 to join Stanlib Money Market Fund, and the fund manager charges a 2% annual account maintenance fee.

Stanlib does not charge any initial fee (other than the initial investment), but you must make a minimum top-up of Ksh 5,000 after signing up.

Depending on preference, you can join the Stanlib Money Market Fund as an individual or company. 

27. Equity Bank Money Market Fund

The Equity Investment Bank just entered the Kenyan money market fund market with a 2-billion portfolio. The company has made its MMF products more affordable with an entry premium of Ksh 1000. 

These short-term investment instruments, which include fixed-income securities and diverse equities, attract a yearly yield of 10 – 15%.

While some see it as biased, Equity Investment Bank considers fixed-income securities and equities the highest yielders and options on which the fund can maximize. The company is, however, expected to add more securities to its portfolio soon.   

28. Amana Money Market Fund Kenya

The Amana MMF, also known as the Amana Shilling Fund, is one of Kenya’s fewest money market funds with 0.00% management fees. That alone is an attraction to money market funds investors.

The fund invests in diversified short-term securities such as treasury bills (by the Kenyan, Tanzania, and Uganda governments), bank deposits, banker’s acceptances, and commercial papers. Overall, there is little information about Amana online.

Closing Remarks 

Above is everything to know about money market funds in Kenya. As shared, they are low-risk investments you can use as your savings plan. 

That includes saving for emergencies, education, family welfare, mortgage, car or land deposit, vacation, or a wedding. But unlike savings accounts, they are higher-yielding, and like current accounts, they are highly liquid. 

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