| The Short Answer: Nabo Africa Money Market Fund is a low risk, CMA regulated investment and one of Kenya’s most consistently top performing money market funds. It ranked first in April 2026 at 11.51% gross and second in May 2026 at 11.34% gross in a market of 28 funds. With a minimum investment now reduced to KES 10,000, it is significantly more accessible than it was before. This article gives you the full picture across all six Nabo funds. |
If you follow Kenya’s money market closely, Nabo needs little introduction. Month after month, the Nabo Africa Money Market Fund appears at or near the very top of our performance rankings. In April 2026, it led the entire market at 11.51% gross. In May 2026, it held second position at 11.34% gross, behind only Cytonn. In December 2025, it ranked second at 11.11% gross.
That kind of sustained, month after month presence in the top two of a 28 fund market is not an accident. It reflects deliberate, active portfolio management at an institutional level. And now, with the minimum investment reduced from KES 100,000 to KES 10,000, far more Kenyan investors can access it.
This article answers the question every investor asks before committing: how risky is it, really? We cover Nabo’s regulatory standing, what the fund invests in, all six products available, the May 2026 performance data, and what you need to know before investing.
Who Is Nabo Capital Limited?
Nabo Capital Limited, formerly known as Centum Asset Managers, is a wholly owned subsidiary of Centum Investment Company, one of East Africa’s leading investment companies listed on both the Nairobi Securities Exchange and the Uganda Securities Exchange. This institutional parentage is one of the most important differentiators Nabo brings to the table.
The unit trust scheme was licensed by the Capital Markets Authority and now manages six funds spanning money market, fixed income, and equity strategies in both Kenya Shilling and US Dollar denominations. As of May 2026, the Nabo MMF KES alone manages KES 7.53 billion in assets, with the fund generating a net annualized return of 12.35% in May, surpassing the benchmark by approximately 500 basis points.
The fund is managed by Portfolio Manager Charles Miano and Assistant Portfolio Manager Nkirote Rintaugu, with KCB Bank serving as trustee, Stanbic Bank as custodian, and Grant Thornton as auditor across the unit trust scheme.
Is Nabo Capital CMA Licensed?
Yes. This is the most important risk question to address first.
Nabo Capital Limited is fully regulated by Kenya’s Capital Markets Authority and all six funds under the unit trust scheme are CMA approved. What this means in practice:
- Nabo must comply with CMA’s fund governance and reporting requirements
- All funds are subject to regular audits by Grant Thornton, one of the largest audit firms globally
- Investor funds are held separately from Nabo’s own operational funds
- KCB Bank serves as independent trustee, overseeing fund operations
- Stanbic Bank serves as independent custodian, holding all investor assets
The custodian arrangement is a key structural protection. Nabo Capital does not hold your money. Stanbic Bank does. This separation is a legal requirement of CMA regulation and is a foundational safeguard for every investor across all six funds.
What Does Nabo Invest In?
Understanding what a fund invests in is the clearest way to understand its risk profile. Based on Nabo’s May 2026 Fact Sheet, the Nabo Africa Money Market Fund (KES) allocates its portfolio as follows:
- 66.2% Government Bonds
- 20.6% Fixed Deposits
- 6.9% Cash and Cash Equivalents
- 3.7% Private Corporate Bonds
- 2.5% Listed Corporate Bonds
This allocation reflects a deliberate tilt toward government securities, which explains Nabo’s consistent outperformance. Government bonds carry the explicit backing of the Kenyan government, are liquid, and in a rate environment where longer duration paper has locked in higher yields, they have delivered meaningfully above average returns. The fund’s benchmark is the 3 Month Treasury Bill, and it has surpassed that benchmark by approximately 500 basis points in May 2026.
The management fee is 2.25% per annum. There are no initial fees and no redemption fees on the MMF.
Nabo’s Full Fund Range
Nabo Capital offers six funds covering a spectrum from low-risk capital preservation to higher risk equity growth, in both Kenya Shilling and US Dollar denominations. All figures are sourced from the May 2026 Fact Sheets.
1. Nabo Africa Money Market Fund (KES)
The flagship product and Kenya’s consistently top tier performing money market fund. Invests in a mix of government and corporate short term debt securities and certificates of deposit. Suitable for risk averse investors seeking capital preservation, above inflation returns, and easy liquidity.
| Nabo Africa Money Market Fund (KES) May 2026: 12.35% net annualized return | |
| Minimum Investment | KES 10,000 |
| Minimum Top Up | KES 10,000 |
| Withdrawal | Within 2-3 working days |
| Management Fee | 2.25% per annum |
| Initial Fee | Nil |
| Redemption Fee | Nil |
| Benchmark | 3 Month Treasury Bill |
| Fund Size | KES 7.53 billion |
| Inception Date | November 2017 |
| Trustee | KCB Bank |
| Custodian | Stanbic Bank |
| Auditor | Grant Thornton |
| How to Invest | Fill out our enquiry form and our team contacts you via WhatsApp or email |
| Best Suited For | Investors seeking top tier returns with capital preservation, easy liquidity, and institutional grade fund management |
Click Here To Enquire About Nabo MMF KES
2. Nabo Africa Money Market Fund (USD)
The dollar denominated money market fund for investors seeking to earn in US dollars while maintaining the safety and liquidity profile of a regulated money market product. The portfolio is heavily weighted toward Eurobonds which have supported above benchmark performance. In May 2026 the fund delivered a net annualized return of 7.41%, surpassing the SOFR plus 1% benchmark by 280 basis points.
| Nabo Africa Money Market Fund (USD) May 2026: 7.41% net annualized return | |
| Minimum Investment | USD 1,000 |
| Minimum Top Up | USD 100 |
| Withdrawal | Within 2-3 working days |
| Management Fee | Up to 2.25% per annum |
| Initial Fee | Nil |
| Redemption Fee | Nil |
| Benchmark | SOFR plus 1% |
| Fund Size | USD 4.60 million |
| Inception Date | August 2014 |
| Trustee | KCB Bank |
| Custodian | Stanbic Bank |
| Auditor | Grant Thornton |
| How to Invest | Fill out our enquiry form and our team contacts you via WhatsApp or email |
| Best Suited For | Dollar savers, diaspora investors, and those seeking to hedge against KES depreciation with a regulated USD product |
Click Here To Enquire About Nabo MMF USD
3. Nabo Fixed Income Fund (KES)
The Fixed Income Fund targets stable capital growth over the medium to long term by investing in a diversified range of KES denominated debt securities from the Government of Kenya and qualifying corporates. In May 2026 it delivered a net return of 13.31%, driven by strategic allocation across high yielding deposits and medium to long term bonds. The fund expects gradual upward momentum on yields on the back of rising interest rate expectations.
| Nabo Fixed Income Fund (KES) May 2026: 13.31% net return | |
| Minimum Investment | KES 10,000 |
| Minimum Top Up | KES 10,000 |
| Withdrawal | Within 2-3 working days |
| Redemption Fee | 0.25%, charged on redemptions within the first 6-month lock-in period |
| Management Fee | Up to 2.25% per annum |
| Initial Fee | Nil |
| Benchmark | 364 Day Treasury Bill |
| Fund Size | KES 5.42 billion |
| Inception Date | December 2018 |
| Trustee | KCB Bank |
| Custodian | Stanbic Bank |
| Auditor | Grant Thornton |
| How to Invest | Fill out our enquiry form and our team contacts you via WhatsApp or email |
| Best Suited For | Investors seeking higher returns than MMFs who are comfortable with a medium-term investment horizon and a 6-month initial lock-in period |
Click Here To Enquire About Nabo Fixed Income KES
4. Nabo Fixed Income Fund (USD)
A dollar denominated fixed income fund investing in a diversified range of fixed income securities across Africa, with meaningful exposure to sovereign and corporate bonds and Eurobonds. In May 2026 it delivered 6.93% net, surpassing its Bloomberg Africa Bond Index benchmark by a substantial margin. The fund is well positioned to capitalise on opportunities in USD denominated assets with the potential for stable income supported by favourable market trends.
| Nabo Fixed Income Fund (USD) May 2026: 6.93% net return | |
| Minimum Investment | USD 1,000 |
| Minimum Top Up | USD 100 |
| Withdrawal | Within 2-3 working days |
| Redemption Fee | 0.25%, charged on redemptions within the first 6-month lock-in period |
| Management Fee | Up to 2.50% per annum |
| Initial Fee | Nil |
| Benchmark | Bloomberg Africa Bond Index |
| Fund Size | USD 6.68 million |
| Inception Date | September 2014 |
| Trustee | KCB Bank |
| Custodian | Stanbic Bank |
| Auditor | Grant Thornton |
| How to Invest | Fill out our enquiry form and our team contacts you via WhatsApp or email |
| Best Suited For | Dollar investors seeking fixed income returns across African markets with currency protection and an institutional grade investment process |
Click Here To Enquire About Nabo Fixed Income USD
5. Nabo Africa Equity Fund (KES)
This fund seeks maximum total return through a diversified portfolio of African equity securities, excluding entities operating primarily in South Africa. Risk is managed through country and stock selection and disciplined cash allocation. May 2026 extended the positive momentum from April’s strong rebound, with the fund posting a 1.56% gain in the month and a year-to-date return of 10.30%.
As an equity fund, this product carries meaningfully higher risk than Nabo’s money market or fixed income funds and is suited to investors with a longer investment horizon and a higher tolerance for market fluctuations.
| Nabo Africa Equity Fund (KES) Year to Date 2026: 10.30% | |
| Minimum Investment | KES 100,000 |
| Minimum Top Up | KES 10,000 |
| Withdrawal | Within 2-3 working days |
| Lock In Period | 6 months |
| Initial Fee | Up to 1.00% |
| Management Fee | Up to 2.25% per annum |
| Redemption Fee | Up to 0.25% |
| Benchmark | NSE All Share Index |
| Fund Size | KES 240.4 million |
| Inception Date | August 2014 |
| Trustee | KCB Bank |
| Custodian | Stanbic Bank |
| Auditor | Grant Thornton |
| How to Invest | Fill out our enquiry form and our team contacts you via WhatsApp or email |
| Best Suited For | Investors with a longer time horizon, higher risk tolerance, and a goal of maximising total returns through African equity market exposure |
Click Here To Enquire About Nabo Equity Fund KES
6. Nabo Africa Equity Fund (USD)
The dollar denominated equity strategy mirrors the KES fund’s investment approach, targeting African equities with a fundamentals driven, selective portfolio construction process. In May 2026 it delivered a 1.38% monthly return and a year-to-date return of 10.40%, extending its recovery from March weakness.
| Nabo Africa Equity Fund (USD) Year to Date 2026: 10.40% | |
| Minimum Investment | USD 1,000 |
| Minimum Top Up | USD 100 |
| Withdrawal | Within 2-3 working days |
| Lock Up Period | 6 months |
| Initial Fee | Up to 1.00% |
| Management Fee | Up to 2.25% per annum |
| Redemption Fee | Up to 0.25% |
| Benchmark | Nairobi All Share Index |
| Fund Size | USD 1.86 million |
| Inception Date | August 2014 |
| Trustee | KCB Bank |
| Custodian | Stanbic Bank |
| Auditor | Grant Thornton |
| How to Invest | Fill out our enquiry form and our team contacts you via WhatsApp or email |
| Best Suited For | Dollar investors seeking African equity exposure with a longer time horizon and higher risk tolerance |
Click Here To Enquire About Nabo Equity Fund USD
| Not Sure Which Nabo Fund Suits Your Goals? Our advisors will help you identify the right product based on your investment amount, timeline, and risk appetite. Free, no obligation. Click Here To Book a Free Consultation | Click Here To Chat on WhatsApp [+254 704 519 154] |
How Has Nabo Performed?
Nabo’s performance record is one of the strongest in Kenya’s money market. Here is its KES MMF ranking from our monthly Wrap-Up Reports:
| Month | Gross Return (KES MMF) | Net Return (after WHT) | Market Rank |
| May 2026 | 11.34% | 9.64% | 2nd of 28 funds |
| April 2026 | 11.51% | 9.78% | 1st of 28 funds |
| March 2026 | 10.99% | 9.34% | 1st of 28 funds |
| February 2026 | 10.89% | 9.26% | 4th of 28 funds |
| December 2025 | 11.11% | 9.48% | 2nd of 28 funds |
| January 2026 | Top 5 | Top 5 | Consistently top 5 |
The context behind these numbers matters. The May 2026 market average was 8.99% gross. Nabo’s 11.34% represents a 235-basis point premium above that average. Since inception in November 2017, a hypothetical KES 1,000 investment has grown to KES 2,407, compared to KES 2,084 for the benchmark 3 Month Treasury Bill over the same period.
For the Fixed Income Fund, the May 2026 return of 13.31% net sits approximately 350 basis points above the MMF market average, reflecting the premium available to investors comfortable with a slightly longer investment horizon.
For full monthly data, refer to our monthly MMF Wrap-Up Reports published on the Vasili Africa blog: https://vasiliafrica.com/blogs-and-insights/
The Risk Question: An Honest Assessment
Low risk is not the same as zero risk. Here is an honest assessment of what the actual risks are.
The primary risk in any money market fund is that returns are variable, not fixed. As the Central Bank of Kenya adjusts its policy rate, yields across all MMFs move accordingly. Nabo has demonstrated an ability to maintain above market returns even through the rate cutting cycle that began in August 2024, but returns will continue to vary with market conditions.
For the Fixed Income Funds, the additional risk is duration. Longer dated instruments can experience mark to market fluctuations if interest rates rise unexpectedly. Nabo manages this through diversification across maturities and instrument types.
For the Equity Funds, the risk profile is materially higher. Equity values fluctuate with market conditions and the fund has experienced negative months including March 2026 at minus 7.97% for the KES fund. These funds are designed for investors with a longer time horizon who are comfortable with short term volatility in pursuit of higher long-term returns.
On the structural risks that investors worry about most, such as fraud, mismanagement, or fund collapse, the regulatory framework provides meaningful protection. Investor assets are held by Stanbic Bank as independent custodian, not by Nabo Capital itself. This separation is a requirement of CMA regulation. The funds are audited by Grant Thornton and overseen by KCB Bank as independent trustee.
It carries the standard risks of any unit trust fund, primarily returns varying with market conditions, but the structural risks are well mitigated by CMA regulation, independent custodian and trustee arrangements, and institutional grade oversight.
The Vasili Africa View
| Our Assessment CMA licensed and regulated, fully approved unit trust scheme Wholly owned subsidiary of Centum Investment Company Investor assets held by Stanbic Bank as independent custodian KCB Bank serves as independent trustee Audited by Grant Thornton 1st of 28 funds in April 2026, 2nd of 28 funds in May 2026 KES 10,000 minimum investment, significantly more accessible than before Six funds covering money market, fixed income, and equity in KES and USD KES 7.53 billion in assets under management for MMF KES alone Consistent above benchmark performance since inception in 2017 Hypothetical KES 1,000 invested at inception has grown to KES 2,407 |
Nabo Capital is one of the fund managers we work with at Vasili Africa. Across our monthly tracking, it has been one of the most consistent performers in the market, combining institutional credibility through its Centum Investment parentage with an active portfolio management approach that has delivered above benchmark returns month after month.
Whether you are investing KES 10,000 in the Money Market Fund or structuring a larger allocation across Fixed Income and Equity products, the right combination depends on your specific goals, timeline, and risk appetite. Our advisors are available to help you work that out.
Common Questions
| Can I invest in Nabo directly or do I need to go through Vasili Africa? You can invest directly with Nabo Capital or through Vasili Africa as a registered partner. When you invest through our partner link, you are assigned to our advisory team for ongoing guidance and support at no additional cost to you. |
| Why did Nabo reduce its minimum from KES 100,000 to KES 10,000? Nabo revised their investment terms as communicated in their May 2026 Fact Sheet. The reduction makes the fund significantly more accessible to a wider range of Kenyan investors without changing the fund’s investment strategy or management approach. |
| How is my money protected if Nabo Capital faces difficulties? Your money is held by Stanbic Bank as an independent custodian, not by Nabo Capital itself. This means your assets are ring-fenced and protected even in a scenario where Nabo Capital as a company faced operational difficulties. The CMA oversees an orderly process to protect investor interests in any such scenario. |
| How long does it take to get my money back? The MMF processes withdrawals within 2-3 working days. The Fixed Income Funds have a 6-month initial lock-in period with a 0.25% redemption fee on early withdrawals during that period. After the lock-in period redemptions are processed normally. |
| What documents do I need to invest? You will need your national ID or passport, your KRA PIN, Proof of Banking (a bank statement not older than 3 months,or a cancelled cheque or a front photo of your ATM Card and a passport-sized photo which can be a clear selfie. Our team will guide you through the full documentation process when you submit an enquiry. |
How to Get Started
- Fill out our Nabo enquiry form or Email/WhatsApp our team directly.
- Our advisor will contact you to understand your investment goals and confirm the right Nabo product for you.
- Complete the Nabo registration documentation with our guidance.
- Make your initial deposit of KES 10,000 or more via bank transfer or as directed.
- Your investment starts earning returns from the first day your money is deposited in your account.
| Ready to Invest with Nabo Capital? Fill out our enquiry form and our team will contact you via WhatsApp or email to guide you through the process. Submit Enquiry Form Here: https://vasiliafrica.com/contact/ | WhatsApp Us: https://wa.me/message/6NQ6KUITSPWJC1 [+254 704 519 154] |
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Returns and fund details are sourced from Nabo Capital’s May 2026 Fact Sheets and Vasili Africa’s monthly MMF Wrap-Up Reports. Past performance is not indicative of future returns. Vasili Africa is a registered partner of Nabo Capital Limited. Consult a qualified financial advisor before making any investment decision.
