Top Money Market Funds in Kenya to Watch in 2026

Kenya’s money market funds entered 2026 with returns that continue to exceed short-term government securities, even as Treasury bill rates stabilize and policy conditions remain steady.

Data from 31 licensed fund managers as of Jan. 6, 2026 shows gross annual yields ranging from 4.9% to 12.12%, with the market average at 9.17%, slightly lower than the 9.22% recorded in mid-December 2025. After the statutory 15% withholding tax, the average net return stands at 7.79%.

ArvoCap Money Market Fund posted the highest yield at 12.12%, up from 11.84% on Dec. 19. After tax, the fund delivers a net return of 10.30%, well above the 91-day Treasury bill return of about 7.7% gross and 6.6% net.

Cytonn Money Market Fund followed with an 11.84% yield, marginally higher than its December level, translating to a 10.06% net return. Nabo Money Market Fund ranked third, easing to 11.67% from 12.15%, but still offering an after-tax yield of about 9.92%.

Several other private managers maintained double-digit returns. Etica Money Market Fund recorded an 11.29% yield, while Enwealth MMF and Lofty Corban MMF delivered 11.08% and 11.02%, respectively. Each of these funds generated net returns above 9%, preserving a wide spread over Treasury bills across short tenors.

Mid-tier performers included GulfCap MMF at 10.79%, Old Mutual MMF at 10.53%, Kuza MMF at 10.38%, and Jubilee MMF at 10.34%. These funds continue to attract investors seeking a balance between institutional scale and yields that remain above consumer price growth.

Macro conditions have remained supportive. Kenya’s inflation rate stood at 4.5% in December 2025, while the Central Bank Rate was held at 9.0%. This environment has favored funds with higher allocations to commercial paper and fixed deposits, compared with portfolios concentrated in Treasury bills.

At the lower end of the yield table, Equity Money Market Fund returned 4.90%, Stanbic MMF 5.23%, and Ziidi MMF 6.16%. These levels sit closer to the 182-day Treasury bill yield of about 7.8% gross and the 364-day rate of roughly 9.2%, reducing the gap between fund-based and direct government investments.

Across all 31 managers, combined gross yields totaled 284.22%, slightly lower than the 285.67% recorded in December

Jefferson Wachira is a writer at Africa Digest News, specializing in banking and finance trends, and their impact on African economies.