Best Money Market Funds in Kenya: Returns, Minimums and Fees Compared

The rate a money market fund advertises isn't what lands in your account, because KRA takes 15% of the interest first. Even so, CIC Money Market Fund leads Kenya's big, established funds at 12.47% over the past year, according to its July 2026 factsheet.

Etica, Cytonn and Jubilee follow closely, between about 10.5% and 11.5%. The comparison below shows how the funds stack up in October 2026, and how to pick one.

Run any of these numbers against your own amount and time frame in our Kenya money market fund calculator before you decide.

Kenya's money market funds compared (October 2026)

These are the figures each fund manager has published, not averages from a comparison site, and they aren't all measured the same way. CIC and Absa report a 1-year return, Cytonn and Etica report one month's rate as a yearly figure, Jubilee reports a weighted weekly average, and Madison, Old Mutual and NCBA show a live or recent daily yield with no fixed month. Treat each as a snapshot, not a promise, and check the manager's latest factsheet before you invest.

*Jubilee's minimum and fee come from its last standalone factsheet (August 2025); its newer weekly notes don't restate them, so confirm with Jubilee before investing.

Which fund wins: highest return or lowest minimum?

It depends on how much you're starting with. If you've only got a few hundred shillings spare, CIC's KES 5,000 minimum rules it out, and Etica's KES 100 entry point (with KES 100 top-ups) matters more than the extra percentage point of return.

If you have KES 5,000 or more sitting idle and want the manager with the longest track record, look at CIC. Its July 2026 factsheet shows a 3-year return of 14.29% a year and a 5-year return of 11.89%, both ahead of the 91-day Treasury bill over the same periods. So the fund has beaten the benchmark it's meant to follow, not just matched it.

Absa and NCBA are the two to treat with more caution. Absa's shilling fund trailed its own 91-day T-bill benchmark (7.80% against 7.91%) in its June 2026 factsheet, and NCBA only launched in February 2026, with its own May 2026 factsheet admitting it "slightly trailed the benchmark" that month while still deploying new money into higher-yielding instruments. A newer fund catching up is normal; paying the same management attention to a smaller, less-tested fund as a 69.7-billion-shilling one like CIC's is not.

If you've got far more than most savers (say, a business float running into millions) Dry Associates' money market fund returned 9.14% net for the year to its October 2026 factsheet, but its KES 1,000,000 minimum investment (with a KES 250,000 top-up) puts it firmly in institutional and high-net-worth territory, not somewhere to start with your first savings.

What about dollar money market funds?

If you earn in dollars (remittances, freelance pay, export income) a shilling fund means currency risk on top of everything else. Kenya has a handful of USD-denominated money market funds for exactly this.

CIC's Dollar Fund returned 6.07% over the trailing year to its July 2026 factsheet, with a USD 1,000 minimum, USD 100 top-ups and a 1.5% management fee. Etica's USD fund returned 5.68% p.a. in its May 2026 factsheet, with a much lower USD 100 minimum, a 2.00% fee and a one-month lock-in period before you can withdraw.

Both pay less than the shilling funds above. That's the price of not having to worry about the exchange rate. The shilling was trading around KES 129.45 to the dollar in July 2026, according to CIC's factsheet. If you expect it to weaken, holding dollars this way protects you, even at a lower rate.

Money market fund, SACCO or Treasury bills: which is better?

A money market fund lets you get your money out within a day or two, with no lock-in (except Etica's dollar fund). A SACCO can pay a higher yearly dividend, but you usually can't touch your deposits, and your return depends on the SACCO's loans being repaid. A 91-day Treasury bill bought through CBK's DhowCSD platform locks your money up for the full term, unless you sell it to someone else first. Our guide on buying Treasury bills in Kenya on DhowCSD explains how that works.

If you want liquidity first and are willing to give up a bit of yield for it, a money market fund wins. If you can lock money away and chase a slightly better rate, a SACCO or a Treasury bill might suit you better. Plenty of Kenyans use a money market fund as the holding account and move money into a SACCO or bonds once it's built up.

How do you invest in a money market fund in Kenya?

1. Pick a fund based on your minimum investment and how fast you might need the money back.
2. Download the fund manager's app or open an account on its website. CIC, Etica, Cytonn and NCBA all let you do this from your phone.
3. Fill in your KYC details: national ID, KRA PIN and a passport photo are the usual requirements.
4. Fund your account via M-Pesa, bank transfer or a linked debit card.
5. Top up whenever you have spare cash. Most funds accept any amount above their minimum top-up.
6. Check your statement monthly: interest is worked out daily but usually credited to your balance once a month, after the 15% withholding tax is deducted.

Risks to know before you invest

• A high rate today isn't locked in. These are variable, not fixed, so this month's leader can slip next month as Treasury bill yields move.
• Your money isn't deposit-insured. Money market funds aren't bank accounts, so the Kenya Deposit Insurance Corporation doesn't cover them if something goes wrong. Your return depends on what the fund's government securities, deposits and company debt earn.
• Newer, smaller funds carry more uncertainty. NCBA's fund is barely a few months old; give it time before judging it against funds that have been through a full interest-rate cycle.
• Fees come off the top. A 2% yearly management fee on a fund earning 11% is a big bite. The published return is usually already after the fee, so compare those figures rather than assuming you get the full gross rate.
• Withdrawals aren't instant. Expect your money back within one to three working days, not the same afternoon.

If you're building toward a bigger goal (a land deposit, a business float, school fees) a money market fund is a reasonable place to park the money while it grows; see our guide on saving for land in Kenya on a low salary for how that fits into a longer savings plan. If you want a simpler phone-based option with no minimum at all, compare the best digital savings apps in Kenya instead.

Ready to go beyond an MMF? See how to buy shares on the NSE, and what protects your money if a fund, bank or SACCO fails.

Frequently asked questions

Which money market fund has the best return in Kenya right now?

As of October 2026, CIC Money Market Fund leads among established funds at 12.47% over the trailing year (July 2026 factsheet), ahead of Etica at 11.51% (May 2026), Cytonn at 11.1% (August 2026) and Jubilee at 10.51% (September 2026). This changes every few weeks, so check each manager's current factsheet before choosing.

How much do I need to start a money market fund in Kenya?

It depends on the fund. Etica's minimum is just KES 100, and Cytonn and Absa both let you start with KES 1,000, while CIC and Madison require KES 5,000. Most funds accept top-ups of KES 100 to KES 1,000 after that through M-Pesa or a bank transfer.

Is money market fund interest taxed in Kenya?

Yes. Interest from any source paid to a resident individual counts as "qualifying interest," and KRA charges a final 15% withholding tax on it, deducted before the fund credits your account. You don't declare it again on your tax return.

Can I lose money in a money market fund in Kenya?

It's rare, but it can happen. These funds mostly hold Treasury bills, bank deposits and company debt, so your return follows what those earn, and unlike a bank account, they aren't covered by the Kenya Deposit Insurance Corporation. Sticking to large, CMA-regulated funds with a long track record lowers the risk, but doesn't remove it.

What's the difference between a shilling fund and a dollar money market fund?

A shilling (KES) fund pays in Kenyan shillings and currently earns more: CIC's KES fund returned 12.47%, against 6.07% for its Dollar Fund over the same year. A dollar fund suits you if you earn or need US dollars, because it protects you from the shilling weakening against the money you'll eventually spend.

How is a money market fund different from a SACCO or buying Treasury bills directly?

A money market fund gives you access to your cash within a day or two and no lock-in period on most KES funds. A SACCO can pay a bigger dividend but usually ties your money up until the AGM, and a Treasury bill bought directly locks your money for the full term unless you resell it. Many people use a money market fund for cash they might need soon, and a SACCO or Treasury bills for money they can set aside longer.