Performance of Money Market Funds in Kenya (KES)
The first half of 2025 has seen a gradual decline in Money Market Fund (MMF) returns. This trend was influenced by falling interest rates, a stable macroeconomic environment, and easing inflationary pressure.
While yields generally trended downward, a few funds demonstrated consistent returns and strong portfolio management. As a result, they outperformed their peers over the six-month period.
Top Money Market Fund Performers: January–June 2025:
- Gulfcap Money Market Fund led the pack with an average gross yield of 14.20% p.a., translating to 12.07% net.
- Cytonn Money Market Fund followed with 14.03% gross (11.92% net).
- Kuza MMF (KES) returned 13.19% gross (11.21% net).
- Etica MMF: 13.13% gross (11.16% net).
- Lofty-Corban MMF: 13.11% gross (11.14% net).
These funds remained competitive despite a tightening yield curve and a shifting interest rate environment.
Full Money Market Fund Rankings – First Half 2025
| Manager | Name of Fund | Average | Net Return – Tax |
| Gulfcap | Gulfcap Money Market Fund | 14.20 | 12.07 |
| Cytonn Asset Managers Limited | Cytonn Money Market Fund | 14.03 | 11.92 |
| Kuza Asset Management Limited | Kuza Money Market Fund (KES) | 13.19 | 11.21 |
| Etica Capital Limited | Etica Money Market Fund | 13.13 | 11.16 |
| Lofty-Corban | Lofty-Corban Money Market Fund | 13.11 | 11.14 |
| Arvocap | Arvocap Money Market Fund | 12.52 | 10.64 |
| Orient Asset Managers | Orient Kasha Money Market Fund | 12.12 | 10.30 |
| GenAfrica Asset Managers Limited | GenAfrica Money Market Fund | 11.92 | 10.13 |
| Enwealth Financial Services | Enwealth Money Market Fund | 11.66 | 9.91 |
| Britam Asset Managers (Kenya) Limited | Britam Money Market Fund | 11.64 | 9.90 |
| Madison Investment Managers Limited | Madison Money Market Fund | 11.61 | 9.87 |
| Dry Associates | Dry Associates Money Market Fund | 11.45 | 9.73 |
| Jubilee Financial Services Limited | Jubilee Money Market Fund | 11.40 | 9.69 |
| Nabo Capital Limited | Nabo Africa Money Market Fund | 11.34 | 9.64 |
| Sanlam Investments East Africa Limited | Sanlam Money Market Fund | 11.23 | 9.54 |
| Old Mutual Investment Group | Old Mutual Money Market Fund | 11.22 | 9.53 |
| Apollo Asset Management Company Limited | Apollo Money Market Fund | 10.90 | 9.26 |
| Genghis Capital | Genghis Money Market Fund | 10.84 | 9.22 |
| Faulu microfinance Bank | Faulu Money Market Fund | 10.79 | 9.17 |
| Co-op Trust Investment Services Limited | Co-op Money Market Fund | 10.70 | 9.10 |
| CIC Asset Managers Limited | CIC Money Market Fund | 10.53 | 8.95 |
| ABSA Bank | Absa Shilling Fund MMF | 10.47 | 8.90 |
| KCB Group | KCB Money Market Fund | 10.43 | 8.86 |
| ICEA Asset Lion Asset Management Limited | ICEA Lion Money Market Fund | 10.38 | 8.82 |
| African Alliance | African Alliance Kenya Money Market Fund | 9.40 | 7.99 |
| Mayfair Asset managers | Mayfair Money Market Fund | 9.24 | 7.85 |
| Equity Bank | Equity Money Market Fund | 5.78 | 4.91 |
| CUMULATIVE DAILY AVERAGE FIRST HALF 2025 | 11.30 | 9.61 |
Key Takeaway – KES MMFs
Money Market Funds continue to offer:
- Liquidity – Easy access to cash.
- Capital Stability – Less volatile than equities.
However, due to falling returns, investors should adjust their expectations. It may be wise to diversify into longer-term fixed income or growth-oriented investments.
Performance of Dollar Money Market Funds (USD)
The performance of Dollar MMFs in H1 2025 reflected global interest rate shifts and currency market trends. While returns were more modest than KES MMFs, they remain a reliable hedge against local currency depreciation.
Top Dollar Money Market Fund Performers
- Etica MMF USD returned 5.90% gross (5.02% net).
- Kuza MMF USD followed with 5.89% gross (5.01% net).
- Other strong performers included Jubilee, Lofty-Corban, and Dry Associates USD MMFs.
| Dollar MMF | Fund Manager | Average | Net Return – Tax |
| Etica MMF | Etica MMF USD | 5.90 | 5.02 |
| Kuza Asset Management Limited | Kuza Money Market Fund USD | 5.89 | 5.01 |
| Jubilee | Jubilee MMF USD | 5.27 | 4.48 |
| Lofty-Corban | Lofty-Corban Money Market Fund USD | 5.19 | 4.41 |
| Dry Associates | Dry Associates Money Market Fund USD | 5.14 | 4.37 |
| CIC Asset Managers Limited | CIC Money Market Fund USD | 5.06 | 4.30 |
| Sanlam Investments East Africa Limited | Sanlam Money Market Fund USD | 4.97 | 4.23 |
| Nabo Capital Limited | Nabo Africa Money Market Fund USD | 4.93 | 4.19 |
| Old Mutual Investment Group | Old Mutual Money Market Fund USD | 4.87 | 4.14 |
| KCB Group | KCB Money Market Fund USD | 4.62 | 3.93 |
| ABSA Bank | Absa Dollar Fund MMF | 4.29 | 3.65 |
| CUMULATIVE DAILY AVERAGE FIRST HALF 2025 | 5.10 | 4.34 |
Key Takeaway – USD MMFs
Dollar MMFs continue to provide:
- Liquidity – Convenient access to USD cash.
- Stability – Lower risk than equities or long-term bonds
However, investors should manage their return expectations and consider blending MMFs with other instruments to optimize both growth and income.
If you’re investing in Money Market Funds in Kenya, this report helps you assess short-term performance and make better portfolio decisions. For personalized guidance or help selecting the right fund, reach out to Vasili Africa and we’ll walk with you.
