Top 10 Best Money Market Funds in Kenya. How to get started with Money Market Fund

Money market fund is one of the best low risk investment opportunity that one can easily tap in with an initial capital of as low as Ksh.2000 and earn high returns. in this article we shall look at some of th best money market funds in Kenya one can invest in
The history of money market funds in Kenya is one full of success stories with investors reaping from their investment. But first how does money market funds work and how can you invest in one?
A Money Market Fund is a type of a Unit Trust. A Money Market Fund is a low-risk investment whose objective is to deliver returns above the prevailing inflation rate. The fund mainly invests in interest-bearing assets like fixed deposits, treasury bills, short-term bonds and so on. The Money Market Fund is suitable for you as a saver or investor if you are seeking:-

  • Liquidity (the ability to access your funds easily).
  • Monthly income in the form of interest added onto your original deposit (capital) and subsequent deposits.
  • To preserve your capital.

Money market Funds (MMF) aims to deliver a high level of income compared to average bank’s fixed deposits.
As with any Unit Trust, you can access your funds at any time. Most of the money market funds requires that you give a notification in advance. Your funds will then be available for withdrawal within an average of 2 days.

Top 10 Best money market funds in Kenya to invest in

  1. Sanlam Money Market Fund

Sanlam Money market Fund offers monthly compounding of interest that is calculated daily and distributed monthly into the client’s account.
This Fund is suitable for the medium risk investor, who is seeking long term growth through dividends and capital gains from the investments. Sanlam unit trust scheme offers three funds which you can access from as low as Ksh. 2 500. The funds allow a choice of investment products that match your investment needs. Currently the Sanlam daily yields stands at an average of 8.73% with an annual average yield of 9.04%
The main features of Sanlam Money Market Investment Funds include;

  • The minimum investment for an account is Ksh 2500.
  • No initial fees are charged. It is free to join and set up an account.
  • Funds are invested in high-quality interest-bearing assets, fixed deposits and near cash holdings in the Kenyan market.
  • The fund consists of compounded interest that is calculated daily and distributed monthly into the client’s account.
  • It is a low-risk fund with a risk rating of 0-1.6, based on Sanlam’s rating of 0-3.


  1. CIC Money Market Fund

CIC money Market Fund is ideal for investors looking to preserve their capital, to earn daily interest on their low risk investment, to invest for a period of less than 1 year and those looking for a safe place to park their funds for future projects.
With CIC Money Market Fund the interest is calculated daily and credited at the end of each month. The fund invests in government paper and liquid instruments. CIC Fund daily yields stands at an average of 8.80% with an annual average yield of 9.20%
CIC fund has the below features

  • Minimum investment amount is Ksh. 5,000. Minimum additional amount is Kshs 1000.
  • Zero initial fees.
  • Access to your money is when required with a short notice of 2 to 4 working days.
  • Monthly statement.


  1. Britam Money Market Fund

The CIC Money Market fund is a low-risk fund that invests in diversified near cash, interest-bearing instruments in the Kenyan market. Curently Britam Fund daily yields stands at an average of 8.63% with an annual average yield of 9.02%
The fund invests in high-quality interest-bearing investments, fixed deposits, and near cash holdings in the Kenyan Market.
Britam Money Market Fund has the following features;

  • Invest from as low as Kshs. 1,000
  • Earn Daily compounding interest (9-11%*)
  • Ease of withdrawal – Within 48 hrs straight to M-Pesa


  1. Cytonn Money Market Fund

Cytonn Money Market Fund (CMMF) invests in high-quality interest-bearing investments, fixed deposits, and near cash holdings in the Kenyan market. This is your ideal investment option if you are looking to build up your savings or for cash you intend to use to meet your short term goals.
Cytonn Money Market Fund daily yields stands at an average of 9.94% with an annual average yield of 10.45%
Features of CMMF:

  • No entry or exit fee is charged.
  • Interest earned is compounded on a daily basis.
  • Your capital will remain safe.
  • You will get competitive rates based on the market.
  • For first time investors, this would be the best starting point


  1. Nabo Money Market Fund

Nabo recommends a minimum investment period of 3 months for your capital to experience optimal return impact.
Nabo is a 3rd generation investment firm with over 50 years of experience investing in Africa for institutions and individuals with an Africa wide focus. Currently, Nabo has an average daily yields of 9.52% with an annual average yield of 9.95%

  1. Zimele Money Market Fund

Zimele Money Market Fund is flexible, convenient, and allows you to save according to the pace that you choose. In other terms, it’s also called a ‘savings plan.’
Members’ contributions are pooled and invested in safe, high-yielding interest bearing assets such as Treasury bills, Treasury bonds and fixed deposits.
Currently, Zimele has an average daily yields of 9.56% with an annual average yield of 9.91%
Zimele Money Market Fund is licensed and regulated by the Capital Market Authority (CMA).  The fund features includes;

  • Minimum deposit of Ksh. 100
  • Competitive interest rate and enhanced safety of funds
  • No hidden charges
  • M-Pesa option for deposits (paybill number 501101) and withdrawals
  • Interest compounded annually
  • Online statements
  • No minimum balance requirement
Making money with money market fund
Photo courtesy.
  1. Madison Money Market Fund

The Madison Money Market Fund invests in short term debt securities with maturities of less than 12 months. These include; Treasury bills, high quality corporate debt, fixed and call deposits.
The key features of the Madison Money Market fund include;

  • No entry or exit fee.
  • High liquidity i.e withdrawal with 2-3 working days
  • Competitive yields (currently at 9.62%* P.A). *this depicts the average yearly yield.
  • Monthly compounding of interest.
  • Flexible investment option

Here are Madison Money Market Funds Main features

  • Initial investment amount of minimum Kes 5,000, No maximum limit with an indicative return of 9.62% annually.
  • You can top up your investment with as little as Kes. 1,000 whenever you have additional cash to save.
  • Access to free monthly statements by the 4th day of every month.
  • System automation – all activities on your account are monitored and you receive a notification on all transactions.
  • Withdrawals are processed within 2 working days allowing you to save and withdraw whenever you need your funds.
  • You don’t have to invest monthly or at a specified time but you invest based on your saving plans, objectives and availability of the funds.
  • You have unlimited access to your money without losing your investment and interest gains.
  • The interest is quoted net of management fee and published daily in the newspapers allowing ease of monitoring performance.
  • The funds are held in a Custodial account and the activities of this fund are overseen by Corporate Trustee.

Currently Madison Money Market Fund has Daily Yield of 9.45% and Annual Yield: 9.90%

  1. NCBA Money Market Fund

NCBA Money market Fund is a  high quality interest bearing investments fund that offers, fixed deposits and near cash holdings in the Kenyan market. Its main features include;

  • Minimum investment for each unit trust fund is Kshs 5,000
  • Minimum investment additional amount is Kshs 5,000
  • No joining fee is required
  • Management fee of 2% per annum is charged
  • Option of reinvesting into the fund to maximise returns through compounded growth is allowed.
  • Interest is calculated daily and credited to the investor’s account on a monthly basis.
  1. GenCap Hela Imara Money Market Funds

The Genghis Capital Unit Trust Fund is a Collective Investment Scheme (CIS) which was approved by the Kenyan regulator, the Capital Market Authority (CMA), in December 2011. The scheme currently houses the Genghis money market fund: Hela Imara. With GenCap, the minimum investment amount and minimum additional top-up are Kshs. 500.
Below are some of the benefits of Hela Imara Money Market Fund

  1. Capital Preservation – Investments are made in short-term secure investments.
  2. Liquidity – You can cash in all or part of your investments at any working day, as and when the need arises, and the process will take 2 – 4 working days without losing out on already earned interest.
  3. Flexibility – You can contribute moderately/ infrequently, yet you are still part of a large and diversified portfolio with a good rate.
  4. Rate – Which is published daily, NET of fees (but gross of withholding tax on interest earned). The rate is determined by the underlying assets on any given day.
  5. Interest – Enjoy compounding of interest earned; computed daily and credited monthly.

Hela Imara Money market fund has a current daily yield of 8.33% with an annual average yield of 8.65%

  1. Dry Association Money Market Fund

The Dry Associates Money Market Fund (KES) aims to provide safety and income over the short to medium term by investing in a diversified portfolio of fixed income securities with the maturities being typically less than 18 months. The fund composition includes bank deposits, Kenyan treasury bills and (short-dated) treasury bonds, commercial paper and other near cash equivalents with defined maximal asset allocations.
The Dry Associates Money Market Fund currently has an average daily yield of 8.26% and an average annual yield of 8.61%.
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