Money market funds (MMFs) remain one of the most practical places for Kenyans to park short-term cash. They are regulated collective investment schemes that pool money and invest it mainly in Treasury bills, short-term government securities and high-quality bank deposits. Returns are not guaranteed, but they have historically sat well above ordinary savings-account rates while keeping capital relatively accessible.
- How an MMF Works
- Selected Kenya Shilling (KES) Money Market Funds
- US Dollar (USD) Money Market Funds
- What to Check Before You Invest
- Frequently Asked Questions
- What is the minimum amount to start an MMF in Kenya?
- Are MMFs safe?
- How is interest taxed?
- How long does it take to withdraw?
- Can I invest via M-Pesa?
- Bottom Line

As at 30 June 2026, the Capital Markets Authority (CMA) reported total collective investment scheme assets under management of KSh 948.7 billion. Money market funds formed the largest single category, with roughly KSh 460 billion in MMF assets across approximately 59 licensed schemes.
SanlamAllianz Money Market Fund held the largest individual MMF share. Rates change daily, so any yield figure should be treated as a snapshot. Always confirm the latest yield, fees, minimums and terms on the fund manager’s own website or factsheet before investing.
How an MMF Works
Every CMA-licensed MMF operates under a three-party structure designed to separate decision-making from the actual holding of cash:
- Fund manager – decides which short-term instruments to buy. The manager never holds the money itself.
- Custodian – a regulated commercial bank that holds the cash and securities.
- Trustee – an independent party that oversees the manager and protects unit holders.
Interest is normally calculated daily and credited monthly. The advertised yield is almost always gross. After the mandatory 15% withholding tax on interest, the net return is lower. Management fees (typically 1.5–2.5% per year) are usually already reflected in the published daily rate. Withdrawals are generally processed within one to three business days, though some digital-first funds aim for same-day or next-day settlement.
Selected Kenya Shilling (KES) Money Market Funds
The table below covers established and widely available KES MMFs with their official websites. It is not exhaustive. CMA’s register of approved collective investment schemes is the definitive source for licensing status. Minimums, Paybill numbers and USSD codes can change, so verify directly with the manager.
| Fund | Official Website | Typical Minimum | How to Access | Notes |
|---|---|---|---|---|
| SanlamAllianz Money Market Fund | sanlamallianzinvestments.com | KSh 2,500 | App, portal, M-Pesa | Largest MMF by AUM (CMA data, June 2026) |
| CIC Money Market Fund | cicinsurancegroup.com | KSh 5,000 | App, Paybill 600118, branches | Long-standing large retail fund |
| Old Mutual Money Market Fund | oldmutual.co.ke | KSh 1,000 | *480#, i-INVEST portal, app | Daily published rates |
| Britam Money Market Fund | britam.com | KSh 1,000 | *778#, app, M-Pesa | Low entry, mobile-friendly |
| KCB Money Market Fund | kcbgroup.com | KSh 5,000 | KCB app, *522#, branches | Integrated with KCB banking |
| ICEA LION Money Market Fund | invest.icealion.com | KSh 500 | Portal, Paybill 974200 | Low minimum |
| Etica Money Market Fund | eticacapital.com | KSh 100 | App, web, M-Pesa | Very low entry |
| Cytonn Money Market Fund | cytonn.com | Confirm on signup | *809#, app, portal | June 2026 factsheet lists KSh 1,000 initial (top-ups from KSh 100); some marketing material has cited KSh 100. Verify current terms at account opening. |
| Nabo Africa Money Market Fund | nabocapital.com | KSh 100,000 | Portal; smaller amounts via Chumz partner app | Official factsheet and site confirm KSh 100,000 minimum |
| Ziidi Money Market Fund | safaricom.co.ke | KSh 100 | M-Pesa *334*5# | Safaricom-linked, low entry |
| Co-op Trust Money Market Fund | co-opbank.co.ke | KSh 100–1,000 | Co-op Bank app / YEA app | Tied to Co-operative Bank customers |
| NCBA Money Market Fund | ncbagroup.com | KSh 1,000 | NCBA app, portal | Includes Mali-related options |
| Madison Money Market Fund | madison.co.ke | KSh 5,000 | App, portal, M-Pesa | Consistent mid-to-high published yields |
| Kuza Money Market Fund | kuza.africa | Low / no minimum on some routes | App, portal | Digital-first |
| Lofty-Corban Money Market Fund | loftycorban.com | KSh 1,000 | Portal, M-Pesa | Often ranks high on yield trackers |
| Absa Shilling Money Market Fund | absabank.co.ke | KSh 1,000 | Absa app, branches | Part of Absa Unit Trust Funds |
| Standard Chartered (SC Shilingi) | sc.com/ke | KSh 500 | SC Mobile App | Managed with Sanlam Investments |
Swipe left or right on mobile to view the full table. Minimums and access methods are indicative; confirm on the manager’s site.
US Dollar (USD) Money Market Funds
Several managers also run USD MMFs for investors who want hard-currency exposure. Entry points are usually higher (often USD 100 or more). Yields are lower than KES funds because they track global short-term dollar rates rather than Kenyan interest rates. Examples include USD versions from CIC, Cytonn, Jubilee, Kuza, Old Mutual, Nabo and others. Confirm availability, minimums and current rates directly with the manager via the websites listed above.
What to Check Before You Invest
- Current daily or effective annual yield on the manager’s factsheet (not a third-party ranking).
- Management fee and whether the published rate is net or gross of fees.
- Minimum initial investment and top-up amount.
- Withdrawal timeline and any exit fees.
- CMA licence status of the scheme.
- Custodian and trustee names.
Past yields do not guarantee future returns. When Treasury bill rates fall, MMF yields usually follow within weeks as portfolios roll over.
Read also:10 Best Money Market Funds in Kenya in 2026: Yields, Minimums & How to Choose
Frequently Asked Questions
What is the minimum amount to start an MMF in Kenya?
It ranges from KSh 100 (Etica, Ziidi and a few others) to KSh 5,000 or more for some established funds. Nabo Africa’s direct minimum is KSh 100,000. A handful of institutional-style funds start much higher. Check the specific fund and confirm the current minimum at account opening.
Are MMFs safe?
They are regulated by the CMA and invest in short-term, high-quality instruments. They are lower risk than equities but not risk-free. Capital is not guaranteed and yields fluctuate.
How is interest taxed?
Interest from MMFs is subject to 15% withholding tax, which is deducted automatically before the net amount is credited. For resident individual investors, this withholding tax on qualifying interest is generally treated as a final tax under KRA rules, meaning no further declaration is required on that income.
Tax treatment can differ for companies and non-residents. Confirm your position with KRA or a tax adviser if you are uncertain.
How long does it take to withdraw?
Most funds process withdrawals in one to three business days. A few digital options are faster. Confirm the exact timeline with the manager.
Can I invest via M-Pesa?
Yes. Most retail MMFs accept M-Pesa top-ups through a Paybill number. Some also have dedicated USSD codes.
Bottom Line
MMFs are a practical tool for emergency funds, short-term goals or cash you do not want sitting in a low-interest savings account. The market is large and competitive, with dozens of CMA-licensed options. The right choice depends on the minimum you can meet, how easily you can access the fund, and the latest published yield after fees and tax. Rates move with market conditions, so always verify the current factsheet and terms on the fund manager’s official site before putting money in.
Sources:
- Capital Markets Authority Quarterly Statistical Bulletin Q3 2026 (data as at 30 June 2026) — CMA
- Cytonn Money Market Fund Fact Sheet – June 2026 — Cytonn
- Nabo Money Market Fund (KES) Fact Sheet – August 2026 — Nabo Capital
- CIC Money Market Fund Fact Sheet – September 2026 — CIC Asset Management
- SanlamAllianz Money Market Fund Fact Sheet – September 2026 — Sanlam Allianz Investments
- KRA – Everything About Withholding Tax — Kenya Revenue Authority
Independent rate trackers (cross-checked October 2026). This guide is for information only and is not investment advice. Yields, minimums and access methods can change. Confirm all details directly with the CMA and the relevant fund manager.
