With benchmark interest rates at 13.5% and inflation hovering at 6.8%, Kenyan investors are flocking to money market funds (MMFs) as a safe haven. Fresh data from the Capital Markets Authority (CMA) for September 2025 highlights just how rapidly the sector is expanding.

In August, the Central Bank of Kenya raised its policy rate by 75 basis points, lifting short-term returns. The ripple effects have been clear:

The Kenya National Bureau of Statistics (KNBS) reported a 12% jump in individual MMF investments in July.

The Nairobi Securities Exchange (NSE) has seen MMF transactions surge 20% year-to-date.

New tax incentives in the 2025/26 budget are driving even more inflows.

Analysts now project 15% growth in East Africa’s MMF assets by 2026 (Business Daily Africa, Sept 2025), underscoring the region’s appetite for yield and stability.

Top Performers (12–13%)

GulfCap MMF – 13.1% (highest return, higher risk profile)

Nabo Africa MMF – 12.6% (noted for governance & transparency)

Lofty-Corban MMF – 12.4% (diversified strategy)

Upper-Mid Tier (11–12%)

Orient Kasha MMF – 11.9%

Arvocap MMF – 11.8%

Etica MMF – 11.8% (ethical investment focus)

Kuza MMF – 11.6%

Mali MMF – 11.2%

GenAfrica MMF – 11.1%

Enwealth MMF – 11.1%

Britam MMF – 11.0%

Jubilee MMF – 11.0%

Mid Tier (10–11%)

Old Mutual MMF – 10.7%

Madison MMF – 10.7%

Apollo MMF – 10.2%

Lower-Mid Tier (9–10%)

Dry Associates MMF – 9.9%

Faulu MMF – 9.9%

KCB MMF – 9.6%

Sanlam MMF – 9.4%

Absa Shilling MMF – 9.2%

Lower Tier (below 9%)

Co-op MMF – 8.9%

ICEA LION MMF – 8.9%

Genghis MMF – 8.7%

CIC MMF – 8.4% (largest fund by assets, KSh 68.4B in Dec 2024)

Mayfair MMF – 8.4%

Ziidi MMF – 7.9% (Safaricom-linked)

African Alliance Kenya MMF – 7.5%

Equity MMF – 4.6% (capital preservation focus)

High-Yield Funds (12–13%): GulfCap, Nabo, and Lofty-Corban deliver top returns but rely on more aggressive strategies.

Mid-Range (10–11%): Balanced funds like Old Mutual and Madison offer steadier growth with moderate risk.

Conservative Options (below 9%): CIC, Co-op, and Equity prioritize stability and capital preservation.