List of 49 Money Market Funds in Kenya, their Performance and Market Share in 2025 Q1

• MMFs remained the most dominant investment option, controlling KSh 319.7 billion or 64.4% of the total assets under management by CIS
• CMA credited MMFs' popularity to their low-risk nature, accessibility, higher returns than bank savings, and quick liquidity
• Alfred Mathu, a platinum financial advisor, told TUKO.co.ke that the growth can be attributed to increased financial literacy among Kenyans and other economic factors that make MMFs an attractive investment option

Elijah Ntongai, a journalist at TUKO.co.ke, has over four years of financial, business, and technology research and reporting experience, providing insights into Kenyan and global trends.

Kenya’s Collective Investment Schemes (CIS) recorded a robust 28% growth in assets under management (AUM) in the first quarter of 2025.

According to the latest report by the Capital Markets Authority (CMA), the total assets held in CIS rose to KSh 496.2 billion as of March 31, up from KSh 389.2 billion in December 2024.

CMA noted that the growth was driven by expansion within existing funds, the registration of new sub-funds under umbrella schemes, and intensified marketing efforts by fund managers.

Performance of money market funds

The money market funds remained the most dominant and preferred investment option, accounting for KSh 319.7 billion or 64.4% of the total assets under management.

CMA attributed their popularity to the low-risk profile, making them attractive to conservative investors. Special Funds followed at KSh 86.7 billion (17.5%), while Fixed Income Funds managed KSh 85.7 billion (17.3%).

Additionally, the CMA attributed the sector’s impressive performance to increased investor education, aggressive digital and social media campaigns, and heightened interest from new market entrants.

Speaking to TUKO.co.ke, Alfred Mathu, a platinum financial advisor with the Old Mutual Money Market, noted that deliberate efforts to create awareness and other economic factors have largely contributed to the growth of money market funds.

"The growth of MMFs in Kenya over the past three quarters has been largely driven by increased financial literacy, aggressive marketing by fund managers, and the growing appeal of MMFs as low-risk, high-liquidity investments. Many Kenyans now prefer MMFs due to their easy accessibility, better returns compared to bank savings, and the ability to withdraw funds quickly when needed," the financial advisor opined.

He added that the limited treasury capacity to fund the government of Kenya has resulted in increased domestic borrowing.

"This has opened up investment opportunities for fund managers. The government’s consistent commitment to honoring maturities on securities has also boosted confidence in the capacity of MMFs to meet their obligations to investors," Mathu added.

Biggest money market funds in Kenya

Below is the list of the 49 MMFs in Kenya and their performance based on the total assets under management (AUM) and their market share as of March 31, 2025:

1. CIC Money Market Fund - Total AUM: KSh 81,849,994,600 - Market share: 25.6%
2. Sanlam Money Market Fund - Total AUM: KSh 72,259,460,686 - Market share: 22.6%
3. ICEA Lion Money Market Fund - Total AUM: KSh 20,146,448,140 - Market share: 6.3%
4. ABSA Shilling Money Market Fund - Total AUM: KSh 19,278,705,567 - Market share: 6.0%
5. Co-op Money Market Fund - Total AUM: KSh 16,377,676,450 - Market share: 5.1%
6. Old Mutual Money Market Fund - Total AUM: KSh 14,719,599,059 - Market share: 4.6%
7. KCB Money Market Fund KSh - Total AUM: KSh 12,765,286,980 - Market share: 4.0%
8. Britam Money Market Fund - Total AUM: KSh 10,715,053,211 - Market share: 3.4%
9. Etica Money Market Fund - Total AUM: KSh 9,183,744,998 - Market share: 2.9%
10. Jubilee Money Market Fund KSh - Total AUM: KSh 7,582,556,184 - Market share: 2.4%
11. Ziidi Money Market Fund - Total AUM: KSh 7,376,380,440 - Market share: 2.3%
12. Madison Money Market Fund - Total AUM: KSh 5,679,820,488 - Market share: 1.8%
13. Nabo KSh Money Market Fund - Total AUM: KSh 4,354,238,993 - Market share: 1.4%
14. CIC Dollar Money Market Fund - Total AUM: KSh 4,034,690,926 - Market share: 1.3%
15. Lofty-Corban KSh Money Market Fund - Total AUM: KSh 3,248,202,843 - Market share: 1.0%
16. Dry Associates Money Market Fund KSh - Total AUM: KSh 3,192,542,053 - Market share: 1.0%
17. GenAfrica Money Market Fund - Total AUM: KSh 2,756,779,525 - Market share: 0.9%
18. Stanbic Money Market Fund - Total AUM: KSh 2,666,420,775 - Market share: 0.8%
19. Dry Associates Money Market Fund USD - Total AUM: KSh 2,496,825,062 - Market share: 0.8%
20. Apollo Money Market Fund - Total AUM: KSh 2,330,527,486 - Market share: 0.7%
21. Mali Money Market Fund - Total AUM: KSh 2,317,121,351 - Market share: 0.7%
22. ABSA Dollar Money Market Fund - Total AUM: KSh 2,207,254,156 - Market share: 0.7%
23. Jubilee Money Market Fund USD - Total AUM: KSh 1,825,550,786 - Market share: 0.6%
24. Cytonn Money Market Fund - Total AUM: KSh 1,471,008,071 - Market share: 0.5%
25. Kuza Money Market Fund KSh - Total AUM: KSh 1,362,977,130 - Market share: 0.4%
26. Old Mutual Dollar Money Market Fund - Total AUM: KSh 1,285,832,495 - Market share: 0.4%
27. Enwealth Money Market Fund - Total AUM: KSh 958,769,236 - Market share: 0.3%
28. Genghis Money Market Fund - Total AUM: KSh 612,950,468 - Market share: 0.2%
29. Nabo Africa Money Market Fund - Total AUM: KSh 587,445,537 - Market share: 0.2%
30. KCB Money Market Fund USD - Total AUM: KSh 558,277,479 - Market share: 0.2%
31. GulfCap Money Market Fund - Total AUM: KSh 520,721,614 - Market share: 0.2%
32. Etica Money Market Fund USD - Total AUM: KSh 459,485,683 - Market share: 0.1%
33. Orient Kasha Money Market Fund - Total AUM: KSh 441,119,670 - Market share: 0.1%
34. AA Kenya Money Market Fund - Total AUM: KSh 361,692,470 - Market share: 0.1%
35. CPF Money Market Fund - Total AUM: KSh 315,116,607 - Market share: 0.1%
36. Faulu Money Market Fund - Total AUM: KSh 276,638,189 - Market share: 0.1%
37. Mayfair Money Market Fund - Total AUM: KSh 244,477,761 - Market share: 0.1%
38. Lofty-Corban USD Money Market Fund - Total AUM: KSh 213,611,112 - Market share: 0.1%
39. Kuza Money Market Fund USD - Total AUM: KSh 213,174,548 - Market share: 0.1%
40. Arvocap Money Market Fund - Total AUM: KSh 134,510,631 - Market share: 0.0%
41. EIB Money Market Fund - Total AUM: KSh 101,849,036 - Market share: 0.0%
42. Taifa Money Market Fund - Total AUM: KSh 86,024,339 - Market share: 0.0%
43. Cytonn Money Market Fund USD - Total AUM: KSh 52,288,827 - Market share: 0.0%
44. Enwealth Dollar Money Market Fund - Total AUM: KSh 48,091,901 - Market share: 0.0%
45. Britam USD Money Market Fund - Total AUM: KSh 39,891,721 - Market share: 0.0%
46. Amana Shilling Fund - Total AUM: KSh 17,364,793 - Market share: 0.0%
47. GenCap Hela Money Market Fund - Total AUM: KSh 12,089,563 - Market share: 0.0%
48. XENO Kenya Money Market Fund - Total AUM: KSh 4,175,622 - Market share: 0.0%
49. CPF USD Money Market Fund - Total AUM: KSh 2,590,844 - Market share: 0.0%

Notably, foreign currency denominated funds include US Dollar, Euro and South African Rand have continued to grow both in popularity and value in terms of assets under management.

Proofreading by Jackson Otukho, copy editor at TUKO.co.ke.

Source: TUKO.co.ke