List of Biggest Money Market Funds in Kenya as of June 2025

Kenya's Money Market Funds (MMFs) continue to hold a commanding position within the country's collective investment schemes, according to the latest quarterly report from the Capital Markets Authority (CMA). 

The report, released this week, highlights the significant asset allocation trends and identifies the leading funds that dominate the sector. CIC Money Market Fund leads the pack, managing Ksh81.8 billion, which accounts for 25.6 percent of the total market share. Sanlam Money Market Fund follows closely behind with Ksh72.2 billion in assets, representing 22.6 percent of the market. ICEA Lion Money Market Fund secures the third position with Ksh20.1 billion in assets, holding a 6.3 percent market share.

Rounding out the top five are ABSA Shilling Money Market Fund with Ksh19.2 billion, capturing 6 percent of the market, and Co-op Money Market Fund, managing Ksh16.3 billion and a 5.1 percent market share. The next tier includes Old Mutual Money Market Fund at Ksh14.7 billion (4.6 percent), KCB Money Market Fund with Ksh12.7 billion (4 percent), and Britam Money Market Fund, Etica Money Market Fund, and Jubilee Money Market Fund, which collectively hold significant assets from institutional and individual investors.

The CMA report underscores the sustained appeal of MMFs within Kenya's broader investment landscape, accounting for 64 percent of all assets under management (AUM) in the collective investment schemes sector. This dominance is largely attributed to MMFs' ability to provide higher returns while maintaining liquidity, making them an attractive alternative to traditional bank deposits. However, the report cautions against using asset size as the sole criterion for evaluating fund performance. 

Yield values, which indicate actual returns to investors, are more accurate indicators. While larger funds may offer stability and investor confidence, smaller, emerging funds can sometimes outperform in terms of percentage yield. Therefore, investors are advised to consider return-on-investment metrics when making financial decisions.

An examination of the investment strategies employed by MMFs reveals that a substantial portion of their assets is allocated to government securities. Approximately 46 percent of total MMF assets, equivalent to Ksh229.7 billion, is invested in treasury bonds, treasury bills, infrastructure bonds, and Eurobonds. This allocation highlights the sector's reliance on government-backed instruments, which offer security and steady income. In contrast, offshore unlisted investments represent a mere 0.2 percent of AUM, totaling Ksh1.3 billion, indicating a conservative approach toward foreign market exposure.

Besides MMFs, Kenya's investment options include fixed income funds, equity funds, balanced funds, and specialized schemes, catering to a diverse range of risk appetites. The CPF USD Money Market Fund holds the smallest amount with Ksh2.5 million in assets, with other smaller funds including XENO Kenya Money Market Fund, GenCap Hela Money Market Fund, and Enwealth Dollar Money Market Fund, reflecting the diversity of market participation.