Money market funds (MMFs) in Kenya continue to grow in popularity as a reliable and low-risk investment option. In the first quarter of 2024, the Capital Markets Authority (CMA) reported a 6% increase in MMFs’ assets under management (AUM), rising from Kshs 140 billion in December 2023 to Kshs 148 billion by March 2024. This growth highlights the increasing trust and interest that investors, both new and experienced, are placing in these funds.
But with so many money market funds available, how do you choose the right one? In this article, we’ll break down the top 30 MMFs in Kenya, ranked by their daily average yields, and offer insights into their features, making it easier for you to select the best option for your financial goals.
1. Lofty-Corban Money Market Fund – 16.94%
Lofty-Corban tops the list with the highest daily average yield of 16.94%. This fund has been a top performer for several months and reached an impressive milestone of KES 1 billion in AUM.
Key Features:
- Minimum Investment: KES 1,000
- Liquidity: Funds accessible on short notice
- Capital Preservation: Low risk of losing the invested amount
- Compounding: Daily interest compounded
2. Etica Money Market Fund – 16.65%
Etica Money Market Fund continues to be one of the most competitive funds in Kenya, offering a daily average yield of 16.65%. It is favored for its high liquidity and low minimum investment requirements.
Key Features:
- Minimum Investment: KES 100
- No Lock-in Period: Full flexibility in accessing funds
- Daily Interest: Compounded daily and credited to accounts
3. Cytonn Money Market Fund – 15.94%
Cytonn MMF offers a daily average yield of 15.94%, making it an attractive option for investors seeking stable returns without high fees.
Key Features:
- Minimum Investment: KES 1,000
- No Entry/Exit Fees: No additional costs for investing or withdrawing
- Accessibility: Withdraw funds through mobile platforms
4. Apollo Money Market Fund – 15.92%
Apollo MMF is a top-tier fund that continues to provide a solid daily average yield of 15.92%. This fund focuses on capital preservation while offering liquidity.
Key Features:
- Minimum Investment: KES 1,000
- High Liquidity: Top-ups available through multiple channels
- Investment Instruments: Primarily low-risk government securities and corporate bonds
5. Kuza Money Market Fund – 15.52%
Kuza MMF is notable for crossing the KES 1 billion AUM milestone while delivering a daily yield of 15.52%. It’s an excellent option for those looking for both competitive returns and ease of access.
Key Features:
- Minimum Investment: KES 5,000
- Capital Preservation: Investments in short-term interest-bearing securities
- Liquidity: Funds accessible within a few days
6. GenAfrica Money Market Fund – 15.40%
GenAfrica MMF provides a steady daily average yield of 15.40%, making it a reliable choice for conservative investors.
Key Features:
- No Initial Fees: Zero entry costs
- High Liquidity: Withdrawals available anytime
- Monthly Updates: Regular email statements
7. Nabo Money Market Fund – 15.27%
With a daily average yield of 15.27%, Nabo MMF is a solid option for more substantial investors seeking high returns.
Key Features:
- Minimum Investment: KES 100,000
- Zero Fees: No entry or redemption fees
- Daily Compounding: Interest compounded and credited monthly
8. Enwealth Money Market Fund – 14.94%
Enwealth MMF offers a user-friendly experience with high liquidity and a daily yield of 14.94%.
Key Features:
- Minimum Investment: KES 1,000
- Quick Withdrawals: Funds processed within two business days
- No Fees: No entry or redemption fees
9. Madison Money Market Fund – 14.55%
Madison MMF continues to perform well, delivering a daily average yield of 14.55%. It’s a great option for novice investors due to its low entry requirements.
Key Features:
- Minimum Investment: KES 5,000
- Liquidity: Withdrawals processed within 72 hours
- Interest Distribution: Monthly payouts
10. KCB Money Market Fund – 14.49%
KCB MMF offers a daily yield of 14.49%, backed by KCB Group’s trusted financial management.
Key Features:
- Minimum Investment: KES 5,000
- Low-risk Investments: Treasury bills and bank deposits
- High Liquidity: Funds available within a few days
11. Jubilee Money Market Fund – 14.44%
The Jubilee MMF provides a daily yield of 14.44% with a focus on capital preservation and monthly compounding of interest.
Key Features:
- Minimum Investment: KES 1,000
- No Lock-in Period: Easy access to funds
- Monthly Compounding: Interest calculated and credited every month
12. Co-op Money Market Fund – 14.40%
Co-op MMF continues to deliver high returns with an average daily yield of 14.40%, making it a top contender for many investors.
Key Features:
- Minimum Investment: KES 2,000
- Zero Fees: No management fees
- High Liquidity: Withdrawals processed within two to three business days
13. Absa Shilling Fund MMF – 14.28%
Absa Shilling Fund MMF offers competitive returns with a daily average yield of 14.28%, making it a solid choice for safe and secure investments.
Key Features:
- Minimum Investment: KES 1,000
- Capital Preservation: Focuses on secure, short-term investments
- Daily Compounding: Interest is compounded daily
14. GenCap Hela Imara Fund – 14.24%
GenCap Hela Imara Fund offers a daily yield of 14.24% and is known for its low minimum investment and easy access to funds.
Key Features:
- Minimum Investment: KES 500
- Quick Withdrawals: Funds are processed quickly
- Daily Interest Calculation: Monthly credited interest
15. Sanlam Money Market Fund – 14.09%
Sanlam MMF is a trusted investment option offering stability and a daily average yield of 14.09%.
Key Features:
- Minimum Investment: KES 2,500
- Low Fees: No initial fees for investors
- Monthly Statements: Regular updates on your investment
16. CIC Money Market Fund – 13.80%
The CIC Money Market Fund is a well-established player in the market, offering competitive returns and significant assets under management.
Key Features:
- Minimum Investment: KES 5,000
- Liquidity: Accessible on short notice
- Management Fee: 2% per annum
17. Safaricom Mali MMF – 10.00%
Safaricom’s Mali MMF operates through the M-PESA app and provides an accessible platform for mobile-based investments.
Key Features:
- Minimum Investment: KES 100
- No Lock-in Period: Flexibility in accessing funds
- Compounded Monthly: Daily interest credited monthly
18. Old Mutual Money Market Fund – 13.00%
Old Mutual’s MMF is a stable investment option offering capital preservation and competitive interest rates.
Key Features:
- Minimum Investment: KES 1,000
- High Liquidity: Withdrawals processed in three days
- Monthly Interest Payments
19. NCBA Money Market Fund – 13.50%
NCBA MMF offers relatively stable returns while providing access to capital within three working days.
Key Features:
- Minimum Investment: KES 5,000
- Management Fee: 2% per annum
- Monthly Interest Distribution
20. Britam Money Market Fund – 12.00%
Britam’s MMF is known for its reliability and strong brand presence, offering modest returns with low risk.
Key Features:
- Minimum Investment: KES 5,000
- Compounded Interest: Paid monthly
- High Liquidity: Funds accessible within 48 hours
21. Equity Money Market Fund – 11.50%
Equity’s MMF is a trusted option with competitive returns and easy access through mobile platforms.
Key Features:
- Minimum Investment: KES 5,000
- Low Fees: No entry fees
- Monthly Interest Payments
22. ICEA Money Market Fund – 12.20%
ICEA offers a steady and reliable money market fund for investors seeking moderate returns and capital preservation.
Key Features:
- Minimum Investment: KES 5,000
- Monthly Compounding: Interest calculated and credited monthly
- Liquidity: Easy access to funds
23. Dry Associates Money Market Fund – 11.00%
Dry Associates offers a money market fund known for its transparency and stable returns.
Key Features:
- Minimum Investment: KES 5,000
- Management Fees: 2% per annum
- Daily Interest Calculation
24. Diaspora Money Market Fund – 10.50%
This fund targets Kenyans living abroad, offering competitive returns with easy access through mobile and online platforms.
Key Features:
- Minimum Investment: KES 10,000
- No Lock-in Period: Funds accessible anytime
- Daily Compounding
25. African Alliance Money Market Fund – 12.50%
African Alliance MMF offers competitive returns for investors seeking low-risk investments with steady growth.
Key Features:
- Minimum Investment: KES 10,000
- Monthly Interest Payments
- No Lock-in Period
26. Zimele Money Market Fund – 12.00%
Zimele is a popular choice for investors seeking affordability and stable returns.
Key Features:
- Minimum Investment: KES 1,000
- Daily Compounding: Interest compounded and credited monthly
- High Liquidity: Easy withdrawal process
27. Boda Riders Money Market Fund – 10.00%
Boda Riders MMF offers low-risk returns with capital preservation, primarily targeting motorcycle operators and small business owners.
Key Features:
- Minimum Investment: KES 1,000
- No Fees: Zero entry and redemption fees
- Quick Withdrawals
28. Kuza Diaspora Money Market Fund – 11.50%
Kuza’s Diaspora MMF offers accessible options for Kenyans living abroad to invest in stable, low-risk instruments.
Key Features:
- Minimum Investment: KES 5,000
- Monthly Interest Payments
- Compounded Interest
29. Orient Kasha Money Market Fund – 12.75%
Orient Kasha MMF is a new entrant with competitive returns and a focus on short-term interest-bearing instruments.
Key Features:
- Minimum Investment: KES 5,000
- High Liquidity: Withdrawals processed within 72 hours
- No Fees: No entry or exit fees
30. Jubilee Money Market Fund (Diaspora) – 12.30%
Jubilee’s Diaspora MMF offers competitive rates and is tailored for Kenyans living and working abroad.
Key Features:
- Minimum Investment: KES 5,000
- Daily Compounding: Interest compounded monthly
- No Lock-in Period: Flexible access to funds
Conclusion
Selecting the right money market fund can make a significant difference in meeting your financial goals. The top 30 MMFs listed above offer a wide range of options, from high yields to capital preservation and liquidity. Whether you’re a new investor or experienced, consider your investment goals, risk tolerance, and the specific features of each fund before making a decision.
Remember, the interest rates and terms for each MMF may change over time, so it’s important to stay updated on market conditions and the latest performance reports. Happy investing!
