List of All Money Market Funds (MMFs) in Kenya & Their Market Share

As of the first quarter of 2025, Kenya had a total of 49 licensed Money Market Funds (MMFs) managing a combined Ksh319.7 billion in Assets Under Management (AUM).

According to a report released by the Capital Markets Authority (CMA), MMFs dominated the Collective Investment Schemes (CIS) landscape, accounting for 64% of the total industry assets. Their popularity stems from being relatively low-risk and highly liquid investment vehicles.

The CIC Money Market Fund led the market with a 25.6% share, followed by the Sanlam Money Market Fund at 22.6%.

Below is the complete list of all MMFs in Kenya, their total assets under management, and market share:

1. CIC Money Market Fund – Ksh81,849,994,600 (25.6%)
   
   
2. Sanlam Money Market Fund – Ksh72,259,460,686 (22.6%)
   
   
3. ICEA Lion Money Market Fund – Ksh20,146,448,140 (6.3%)
   
   
4. ABSA Shilling Money Market Fund – Ksh19,278,705,567 (6.0%)
   
   
5. Co-op Money Market Fund – Ksh16,377,676,450 (5.1%)
   
   
6. Old Mutual Money Market Fund – Ksh14,719,599,059 (4.6%)
   
   
7. KCB Money Market Fund KES – Ksh12,765,286,980 (4.0%)
   
   
8. Britam Money Market Fund – Ksh10,715,053,211 (3.4%)
   
   
9. Etica Money Market Fund – Ksh9,183,744,998 (2.9%)
   
   
10. Jubilee Money Market Fund KES – Ksh7,582,556,184 (2.4%)
    
    
11. Ziidi Money Market Fund – Ksh7,376,380,440 (2.3%)
    
    
12. Madison Money Market Fund – Ksh5,679,820,488 (1.8%)
    
    
13. Nabo KES Money Market Fund – Ksh4,354,238,993 (1.4%)
    
    
14. CIC Dollar Money Market Fund – Ksh4,034,690,926 (1.3%)
    
    
15. Lofty-Corban KES Money Market Fund – Ksh3,248,202,843 (1.0%)
    
    
16. Dry Associates Money Market Fund KES – Ksh3,192,542,053 (1.0%)
    
    
17. GenAfrica Money Market Fund – Ksh2,756,779,525 (0.9%)
    
    
18. Stanbic Money Market Fund – Ksh2,666,420,775 (0.8%)
    
    
19. Dry Associates Money Market Fund USD – Ksh2,496,825,062 (0.8%)
    
    
20. Apollo Money Market Fund – Ksh2,330,527,486 (0.7%)
    
    
21. Mali Money Market Fund – Ksh2,317,121,351 (0.7%)
    
    
22. ABSA Dollar Money Market Fund – Ksh2,207,254,156 (0.7%)
    
    
23. Jubilee Money Market Fund USD – Ksh1,825,550,786 (0.6%)
    
    
24. Cytonn Money Market Fund – Ksh1,471,008,071 (0.5%)
    
    
25. Kuza Money Market Fund KES – Ksh1,362,977,130 (0.4%)
    
    
26. Old Mutual Dollar Money Market Fund – Ksh1,285,832,495 (0.4%)
    
    
27. Enwealth Money Market Fund – Ksh958,769,236 (0.3%)
    
    
28. Genghis Money Market Fund – Ksh612,950,468 (0.2%)
    
    
29. Nabo Africa Money Market Fund – Ksh587,445,537 (0.2%)
    
    
30. KCB Money Market Fund USD – Ksh558,277,479 (0.2%)
    
    
31. GulfCap Money Market Fund – Ksh520,721,614 (0.2%)
    
    
32. Etica Money Market Fund USD – Ksh459,485,683 (0.1%)
    
    
33. Orient Kasha Money Market Fund – Ksh441,119,670 (0.1%)
    
    
34. AA Kenya Money Market Fund – Ksh361,692,470 (0.1%)
    
    
35. CPF Money Market Fund – Ksh315,116,607 (0.1%)
    
    
36. Faulu Money Market Fund – Ksh276,638,189 (0.1%)
    
    
37. Mayfair Money Market Fund – Ksh244,477,761 (0.1%)
    
    
38. Lofty-Corban USD Money Market Fund – Ksh213,611,112 (0.1%)
    
    
39. Kuza Money Market Fund USD – Ksh213,174,548 (0.1%)
    
    
40. Arvocap Money Market Fund – Ksh134,510,631 (0.0%)
    
    
41. EIB Money Market Fund – Ksh101,849,036 (0.0%)
    
    
42. Taifa Money Market Fund – Ksh86,024,339 (0.0%)
    
    
43. Cytonn Money Market Fund USD – Ksh52,288,827 (0.0%)
    
    
44. Enwealth Dollar Money Market Fund – Ksh48,091,901 (0.0%)
    
    
45. Britam USD Money Market Fund – Ksh39,891,721 (0.0%)
    
    
46. Amana Shilling Fund – Ksh17,364,793 (0.0%)
    
    
47. GenCap Hela Money Market Fund – Ksh12,089,563 (0.0%)
    
    
48. XENO Kenya Money Market Fund – Ksh4,175,622 (0.0%)
    
    
49. CPF USD Money Market Fund – Ksh2,590,844 (0.0%)

List of All Special Funds in Kenya and Their Market Share

According to the Capital Markets Authority (CMA) report for Q1 2025, Kenya had 29 Special Funds managing a combined Ksh86.68 billion in assets. These funds are categorized separately from mainstream money market funds due to their unique investment strategies and mandates.

The Mansa-X Special Fund (KES) was the largest, accounting for 54.6% of the total Special Funds’ assets, followed by the NCBA KES Basket Note Fund at 12.3%.

Here is the full list of all Special Funds and their market share:

1. Mansa-X Special Fund KES (under Standard Investment Trust Fund) – Ksh47,290,097,935 (54.6%)
   
   • Invests in government securities (26%), offshore listed investments (31%), and cash/demand deposits (21%).
     
2. NCBA KES Basket Note (under NCBA Unit Trust Scheme) – Ksh10,667,540,783 (12.3%)
   
   • Primarily invested in fixed deposits (55%) and government securities (41%).
     
3. Mansa-X Special Fund USD (under Standard Investment Trust Fund) – Ksh8,202,105,360 (9.5%)
   
   • A foreign currency denominated fund investing in offshore listed investments (36%) and government securities (29%).
     
4. Britam Special Fixed Income Fund (under Britam Unit Trust Scheme) – Ksh6,428,297,431 (7.4%)
   
   • Invests in government securities (49%) and unlisted securities (47%).
     
5. NCBA Dollar Basket Note (under NCBA Unit Trust Scheme) – Ksh3,702,487,863 (4.3%)
   
   • A foreign currency denominated fund.
     
6. Oak Multi Asset Special KES Fund (under Faida Unit Trust Funds) – Ksh2,715,036,823 (3.1%)
   
   • Invests in government securities (68%) and alternative investments (14%).
     
7. Madison Wealth Fund (under Madison Unit Trust Funds) – Ksh2,528,221,921 (2.9%)
   
   • Focuses on government securities (52%) and unlisted securities (23%).
     
8. Mansa-X Shariah Special Fund KES (under Standard Investment Trust Fund) – Ksh984,807,363 (1.1%)
   
   • High allocation in alternative investments (80%).
     
9. CIC Wealth Fund (under CIC Unit Trust Scheme) – Ksh936,041,395 (1.1%
   
   • Notably shows an unusual 231% allocation in fixed deposits.
     
10. AA Kenya Managed Fund (under African Alliance Kenya Unit Trust Scheme) – Ksh562,001,611 (0.6%)
    
    • Invests in other collective investment schemes (54%) and government securities (37%).
      
11. Cytonn High Yield Special Fund (under Cytonn Unit Trust Fund) – Ksh539,448,884 (0.6%)
    
    • Heavy investment in alternative assets (81%).
      
12. Old Mutual Special Fixed Income Fund (under Old Mutual Unit Trust Scheme) – Ksh509,271,564 (0.6%)
    
    • Primarily allocated to government securities (95%).
      
13. Mansa-X Shariah Special Fund USD (under Standard Investment Trust Fund) – Ksh364,537,327 (0.4%)
    
    • A foreign currency fund, with 73% in alternative investments.
      
14. NCBA Global Fixed Income Fund (under NCBA Unit Trust Scheme) – Ksh291,950,895 (0.3%)
    
    • Almost entirely offshore investments (99%).
      
15. Etica Special Wealth Fund (under Etica Unit Trust Fund) – Ksh226,914,289 (0.3%)
    
    • Diversified in government securities (45%) and unlisted securities (24%).
      
16. Lofty-Corban Special Money Market Fund (under Lofty Corban Unit Trust Scheme) – Ksh171,098,365 (0.2%)
    
    • Predominantly in fixed deposits (78%).
      
17. AA Kenya Enhanced Yield Fund (under African Alliance Kenya Unit Trust Scheme) – Ksh141,704,348 (0.2%)
    
    • Invests in fixed deposits (52%) and government securities (39%).
      
18. Etica Shariah Fund (under Etica Unit Trust Fund) – Ksh115,592,776 (0.1%)
    
    • Focused on fixed deposits (73%).
      
19. Kuza Momentum Fund (under Kuza Unit Trust Scheme) – Ksh94,616,836 (0.1%)
    
    • Invests in listed securities (53%) and collective investment schemes (18%).
      
20. NCBA Global Equity Fund (under NCBA Unit Trust Scheme) – Ksh72,043,045 (0.1%)
    
    • 100% invested in offshore listed equities.
      
21. Dry Associates Special High Yield Fund KES (under Dry Associates Unit Trust) – Ksh40,133,292 (0.05%)
    
    • Focuses on unlisted securities (59%) and government securities (26%).
      
22. Arvocap Eurofix Fixed Income Special Fund (under Arvocap Unit Trust Funds) – Ksh30,023,676 (0.03%)
    
    • Major holding in government securities (89%).
      
23. Arvocap Multi-Asset Strategy Special Fund (under Arvocap Unit Trust Funds) – Ksh27,905,283 (0.03%)
    
    • Holds cash (52%), offshore listed investments (26%), and alternative investments (4%).
      
24. Arvocap Africa Equity Special Fund (under Arvocap Unit Trust Funds) – Ksh20,236,090 (0.02%)
    
    • Invests in cash (49%) and listed equities (48%).
      
25. Etica Shariah Fund USD (under Etica Unit Trust Fund) – Ksh11,766,985 (0.014%)
    
    • A foreign currency fund with 82% in fixed deposits.
      
26. Arvocap Global Equity Special Fund (under Arvocap Unit Trust Funds) – Ksh4,291,271 (0.005%)
    
    • Holds 59% in offshore listed investments.
      
27. Kuza Shariah Momentum Fund (under Kuza Unit Trust Scheme) – Ksh1,926,984 (0.002%)
    
    • Entirely invested in cash and demand deposits.
      
28. Enwealth Special Fixed Income Fund (under Enwealth Unit Trust) – Ksh143,842 (0.0002%)
    
    • Primarily allocated to government securities (95%).
      
29. Cytonn Africa Financial Services Fund (under Cytonn Unit Trust Fund) – Ksh1,249 (0.000001%)
    
    • Invests in cash and listed securities.