News and Analysis
September 26, 2025
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Returns for Money Market Funds (MMFS) continued to decline in July 2025, a trend that has been witnessed for the most part of the year..
In July, the Gulfcap Money Market Fund maintained its spot at the top, registering the highest net return of 10.97%. However, this was a decline from 11.07% which was registered in June 2025.
Cytonn Money Market Fund was second with a net return of 10.69% - a decline from 10.77%, which was recorded in June.
Also in the top five were Kuza Money Market Fund (10.06%), Etica Money Market Fund (9.86%), and Nabo Africa Money Market Fund (9.55%).
Here is a list of the net returns for major MMFs in Kenya for July 2025
Dollar Money Market Fund Performance – July 2025
Equally, returns for the dollar MMFs also declined. For instance, the net returns for the Etica MMF USD fell from 5.11% to 4.99%. Below is the list for the USD MMFs and their performance in July.
MMFs have become investment options for many Kenyans looking for low-risk short-term investment vehicles.
A report by the Capital Markets Authority (CMA) shows that Kenyans have, in recent years, put billions in the Collective Investment Schemes (CIS).
In its quarterly report released in June, CMA revealed that the CIC Money Market Fund was the biggest MMF, with the total assets hitting Ksh81.8 billion.
Second on the list was Sanlam Money Market Fund at Ksh72.2 billion. The ICEA Lion Money Market Fund followed it at Ksh20.1 billion.
However, despite the interest in MMFs, the returns have been declining owing to lower yields from government securities, especially the T-bills.
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