Money Market Funds in Kenya – September 2025 Performance Report
The steady, consistent decline in Money Market Funds in Kenya over the past nine months reflects the direct impact of falling inflation and stabilizing economic conditions. This has led to lower yields on short-term investments such as Treasury Bills (T-bills) — a key component of MMF portfolios due to their low-risk, short-term nature.
Despite this overall decline, some MMFs have shown resilience by maintaining relatively stable returns. This demonstrates strong portfolio management and strategic allocation, even in a moderating rate environment.
| Fund Manager | Name of The Fund | Average Return % | Net Return -Tax % |
| Cytonn Asset Managers Limited | Cytonn Money Market Fund | 12.23 | 10.40 |
| Nabo Capital Limited | Nabo Africa Money Market Fund | 11.85 | 10.08 |
| Arvocap | Arvocap Money Market Fund | 11.52 | 9.79 |
| Lofty-Corban | Lofty-Corban Money Market Fund | 11.49 | 9.77 |
| Gulfcap | Gulfcap Money Market Fund | 11.48 | 9.76 |
| Etica Capital Limited | Etica Money Market Fund | 11.45 | 9.73 |
| Orient Asset Managers | Orient Kasha Money Market Fund | 11.06 | 9.41 |
| Kuza Asset Management Limited | Kuza Money Market Fund (KES) | 10.92 | 9.29 |
| Enwealth Financial Services | Enwealth Money Market Fund | 10.61 | 9.02 |
| GenAfrica Asset Managers Limited | GenAfrica Money Market Fund | 10.39 | 8.83 |
| Old Mutual Investment Group | Old Mutual Money Market Fund | 10.28 | 8.74 |
| Madison Investment Managers Limited | Madison Money Market Fund | 10.28 | 8.74 |
| Britam Asset Managers (Kenya) Limited | Britam Money Market Fund | 10.22 | 8.68 |
| Jubilee Financial Services Limited | Jubilee Money Market Fund | 10.21 | 8.68 |
| Apollo Asset Management Company Limited | Apollo Money Market Fund | 9.68 | 8.23 |
| Dry Associates | Dry Associates Money Market Fund | 9.55 | 8.12 |
| Faulu Microfinance BanK | Faulu Money Market Fund | 9.40 | 7.99 |
| Sanlam Investments East Africa Limited | Sanlam Money Market Fund | 9.07 | 7.71 |
| KCB Group | KCB Money Market Fund | 8.95 | 7.61 |
| CPF | CPF Money Market fund | 8.77 | 7.46 |
| ICEA Asset Lion Asset Management Limited | ICEA Lion Money Market Fund | 8.74 | 7.43 |
| Co-op Trust Investment Services Limited | Co-op Money Market Fund | 8.73 | 7.42 |
| ABSA Bank | Absa Shilling Fund MMF | 8.49 | 7.22 |
| Genghis Capital | Genghis Money Market Fund | 8.48 | 7.21 |
| CIC Asset Managers Limited | CIC Money Market Fund | 8.22 | 6.99 |
| Mayfair Asset managers | Mayfair Money Market Fund | 8.12 | 6.90 |
| African Alliance | African Alliance Kenya Money Market Fund | 7.24 | 6.16 |
| Equity Bank | Equity Money Market Fund | 4.92 | 4.18 |
| Daily Cumulative Average September 2025 | 9.73 | 8.268 |
Note: Past performance should not be used as a guide to future investment performance.
Overall, Money Market Funds in Kenya remain a compelling choice for investors prioritizing liquidity and stability. However, with average returns trending downward, it may be wise to recalibrate expectations or explore complementary investments.
Dollar Money Market Funds in Kenya – September 2025
In the USD category, Etica Money Market Fund USD took the lead with an average return of 5.79% (netting 4.92%), followed closely by Kuza, Nabo Africa, and Dry Associates.
| Fund Manager | Name of The Fund | Average Return % | Net Return – Tax % |
| Etica MMF | Etica MMF USD | 5.79 | 4.92 |
| Kuza Asset Management Limited | Kuza Money Market Fund USD | 5.62 | 4.78 |
| Nabo Capital Limited | Nabo Africa Money Market Fund USD | 5.32 | 4.52 |
| Dry Associates | Dry Associates Money Market Fund USD | 5.06 | 4.30 |
| Jubilee | Jubilee MMF USD | 5.00 | 4.25 |
| Lofty-Corban | Lofty-Corban Money Market Fund USD | 5.00 | 4.25 |
| Old Mutual Investment Group | Old Mutual Money Market Fund USD | 4.96 | 4.22 |
| KCB Group | KCB Money Market Fund USD | 4.94 | 4.20 |
| Sanlam Investments East Africa Limited | Sanlam Money Market Fund USD | 4.92 | 4.18 |
| CIC Asset Managers Limited | CIC Money Market Fund USD | 4.62 | 3.92 |
| ABSA Bank | Absa Dollar Fund MMF | 3.84 | 3.26 |
| Daily Cumulative Average September 2025 | 5.01 | 4.255 |
Note: Past performance should not be used as a guide to future investment performance.
Dollar MMFs remain attractive for investors with USD exposure or those seeking a hedge against currency volatility.
Fixed Income Funds Performance – September 2025
The Mayfair Fixed Income Fund led the segment, recording an impressive 15.63% average return (netting 13.29%), marking a strong improvement over the past three months. It was followed by Zimele, Gulfcap, Nabo, and Kuza, which also posted solid performance.
| Fund Manager | Name of The Fund | Average Return % | Net Return -Tax % |
| Mayfair Asset Managers | Mayfair Fixed Income Fund | 15.63 | 13.29 |
| Zimele Asset Management | Zimele Fixed Income Market Fund | 12.34 | 10.49 |
| Gulfcap | Gulf cap fixed income fund | 11.84 | 10.07 |
| Nabo Asset Managers | Nabo Africa Fixed income Fund | 11.75 | 9.99 |
| Kuza Asset Management | Kuza Fixed Income Fund (KES) | 11.52 | 9.79 |
| Madison Asset Managers | Madison Fixed Income Fund | 11.37 | 9.66 |
| Britam Asset Managers (Kenya) Limited | Britam Bond Plus Fund | 10.84 | 9.21 |
| NCBA | NCBA Fixed Income Fund | 7.84 | 6.66 |
| Daily Cumulative Average September 2025 | 10.86 | 9.231 |
Note: Past performance should not be used as a guide to future investment performance.
Special Funds in Kenya – September 2025
Britam Asset Managers continue to dominate this category, managing three high-performing special funds with lock-in periods of one year, six months, and three months respectively.
| Fund Manager | Name of The fund | Average Return % | Net Return -Tax % |
| Britam Asset Managers (Kenya) Limited | Britam Special Fixed Income Fund 1 year | 10.49 | 8.91 |
| Britam Asset Managers (Kenya) Limited | Britam Special Fixed Income Fund 6 Months | 10.31 | 8.77 |
| Britam Asset Managers (Kenya) Limited | Britam Special Fixed Income Fund 3 months | 10.29 | 8.75 |
| CIC Asset Managers Limited | CIC Wealth Fund | 7.00 | 5.95 |
| Daily Cumulative Average September 2025 | 9.52 | 8.094 |
Note: Past performance should not be used as a guide to future investment performance.
Key Takeaways for Investors
As of September 2025, Money Market Funds in Kenya continue to offer liquidity and stability amid a shifting interest rate environment. However, investors should align expectations with the current economic cycle and consider diversifying into Fixed Income or Special Funds to enhance returns.
At Vasili Africa, we help investors compare Money Market Funds, analyze trends, and build diversified portfolios for both short-term and long-term goals. Reach out today to learn how to optimize your returns.
