Money Market Funds (MMFs) in Kenya are starting 2026 with slightly lower returns compared to last year. This follows the Central Bank of Kenya’s decision to ease interest rates, with the CBK policy rate moving from 9.0% in January to 8.75% in February 2026. Inflation has remained stable within the target range, easing slightly from 4.4% in January to 4.3% in February, giving the central bank room to lower rates.
As a result, Treasury bill yields are gradually declining, which is expected to bring most MMF returns below the 10% mark this year.
Even so, MMFs remain a reliable option for investors looking for stability, liquidity, and a safe place to park short-term funds, with some well-managed funds still delivering competitive returns.
Despite a general decline, the Cytonn Money Market Fund has once again outperformed other funds, recording an average daily return of 11.05% per annum (with a net return of 9.39% p.a.). The Arvocap Money Market Fund followed, achieving an average of 10.93% p.a. (netting 9.29% p.a.), while the Nabo Africa Money Market Fund reported an average of 10.89% p.a. (netting 9.26% p.a.). Gulfcap Money Market Fund recorded an average of 10.86% p.a. (netting 9.23% p.a.), and Enwealth Money Market Fund achieved 10.34% p.a. (netting 8.79% p.a.), all of which illustrate consistent resilience in a challenging rate environment.
| FUND MANAGER | NAME OF FUND | AVERAGE % | NET RETURN -TAX % |
| Cytonn Asset Managers Limited | Cytonn Money Market Fund | 11.05 | 9.39 |
| Arvocap | Arvocap Money Market Fund | 10.93 | 9.29 |
| Nabo Capital Limited | Nabo Africa Money Market Fund | 10.89 | 9.26 |
| Gulfcap | Gulfcap Money Market Fund | 10.86 | 9.23 |
| Enwealth Financial Services | Enwealth Money Market Fund | 10.34 | 8.79 |
| Lofty-Corban | Lofty-Corban Money Market Fund | 10.34 | 8.79 |
| Etica Capital Limited | Etica Money Market Fund | 9.92 | 8.43 |
| Kuza Asset Management Limited | Kuza Money Market Fund (KES) | 9.91 | 8.43 |
| Jubilee Financial Services Limited | Jubilee Money Market Fund | 9.86 | 8.38 |
| Old Mutual Investment Group | Old Mutual Money Market Fund | 9.66 | 8.21 |
| Madison Investment Managers Limited | Madison Money Market Fund | 9.52 | 8.09 |
| Britam Asset Managers (Kenya) Limited | Britam Money Market Fund | 9.48 | 8.06 |
| Orient Asset Managers | Orient Kasha Money Market Fund | 9.42 | 8.01 |
| Dry Associates | Dry Associates Money Market Fund | 9.20 | 7.82 |
| GenAfrica Asset Managers Limited | GenAfrica Money Market Fund | 9.18 | 7.81 |
| Faulu Microfinance Bank | Faulu Money Market Fund | 8.97 | 7.62 |
| Sanlam Investments East Africa Limited | Sanlam Money Market Fund | 8.94 | 7.60 |
| KCB Group | KCB Money Market Fund | 8.90 | 7.57 |
| Genghis Capital | Genghis Money Market Fund | 8.70 | 7.39 |
| Apollo Asset Management Company Limited | Apollo Money Market Fund | 8.50 | 7.22 |
| CIC Asset Managers Limited | CIC Money Market Fund | 8.18 | 6.95 |
| CPF | CPF Money Market fund | 7.92 | 6.73 |
| Co-op Trust Investment Services Limited | Co-op Money Market Fund | 7.91 | 6.72 |
| ICEA Asset Lion Asset Management Limited | ICEA Lion Money Market Fund | 7.86 | 6.68 |
| ABSA Bank | Absa Shilling Fund MMF | 7.22 | 6.14 |
| Mayfair Asset managers | Mayfair Money Market Fund | 6.76 | 5.75 |
| African Alliance | African Alliance Kenya Money Market Fund | 5.85 | 4.97 |
| Equity Bank | Equity Money Market Fund | 4.81 | 4.09 |
| Daily cumulative average Feb 2026 | 8.97 | 7.62 |
Note: Past performance should not be used as a guide to future investment performance
Money Market Funds remain a compelling choice for investors who prioritize:
- Liquidity: Easy access to funds for unforeseen needs.
- Stability: Limited exposure to market volatility compared to equity-focused funds.
However, the recalibration of expectations is crucial. With average returns trending downward, investors may need to lower their return expectations or supplement their strategies with complementary investment vehicles.
Dollar Money Market Fund Returns
For the Dollar Money Market Funds, Nabo-Africa Money Market Fund USD fund has secured the top position with an average return of 5.72% (Netting 4.86% p .a), followed by Sanlam Allianz Money Market Fund USD, Dry associates Money Market Fund USD and Old mutual Money Market fund USD which posted daily .
| Dollar Money Market Funds. | |||
| FUND MANAGER | NAME OF FUND | AVERAGE % | NET RETURN -TAX % |
| Nabo Capital Limited | Nabo Africa Money Market Fund USD | 5.72 | 4.86 |
| Sanlam Investments East Africa Limited | Sanlam Money Market Fund USD | 5.33 | 4.53 |
| Dry Associates | Dry Associates Money Market Fund USD | 5.33 | 4.53 |
| Old Mutual Investment Group | Old Mutual Money Market Fund USD | 5.29 | 4.49 |
| Jubilee | Jubilee MMF USD | 5.14 | 4.37 |
| Kuza Asset Management Limited | Kuza Money Market Fund USD | 5.12 | 4.35 |
| CIC Asset Managers Limited | CIC Money Market Fund USD | 4.76 | 4.05 |
| Britam Asset Managers (Kenya) Limited | Britam Money Market Fund | 4.51 | 3.83 |
| ABSA Bank | Absa Dollar Fund MMF | 4.03 | 3.43 |
| KCB Group | KCB Money Market Fund USD | 3.93 | 3.34 |
| Daily Cumulative Average | 4.91 | 4.18 |
Note: Past performance should not be used as a guide to future investment performance
Fixed Income Funds
The Mayfair Fixed Income Fund recorded an impressive average return of 16.42% (netting 13.96% p.a.), reflecting a consistent significant improvement from the past over 6 months performance. It was followed by Zimele, Gulfcap, and Nabo Fixed Income Funds, which posted average daily effective annual returns of 11.41%, 11.39%, and 11.24%, respectively.
| Fixed Income Fund | |||
| FUND MANAGER | NAME OF FUND | AVERAGE % | NET RETURN -TAX % |
| Mayfair Asset Managers | Mayfair Fixed Income Fund | 16.42 | 13.96 |
| Zimele Asset Management | Zimele Fixed Income Market Fund | 11.41 | 9.70 |
| Gulfcap | Gulf cap fixed income fund | 11.39 | 9.68 |
| Nabo Asset Managers | Nabo Africa Fixed income Fund | 11.24 | 9.56 |
| Kuza Asset Management | Kuza Fixed Income Fund (KES) | 10.86 | 9.23 |
| Madison Asset Managers | Madison Fixed Income Fund | 10.67 | 9.07 |
| Britam Asset Managers (Kenya) Limited | Britam Bond Plus Fund | 10.44 | 8.88 |
| NCBA | NCBA Fixed Income Fund | 7.77 | 6.61 |
| Daily Cumulative Average | 11.28 | 9.586 |
Note: Past performance should not be used as a guide to future investment performance.
Our data tracks performance on daily average returns as reported in the dailies. While past returns are not indicative of future outcomes, this information can help inform your investment decisions.
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