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News and Analysis
October 16, 2025
In September, net returns for Money Market Funds (MMFs) continued to decline, with the average net returns dropping to 8.2% from 8.3%, which was recorded in August 2025.
The drop is attributed to several market factors, including the continued decline of interest rates for Treasury Bills, which are the primary investments for the MMFs.
In August, Kenyans who have invested in Cytonn Money Market Fund got the highest net returns at 10.40% followed by Nabo Africa Money Market Fund - 10.085%
Arvocap Money Market Fund has a net return of 9.79% while the net return for Lofty-Corban Money Market Fund was 9.77%.
Gulfcap Money Market Fund had the fifth-highest returns at - 9.76%.
The average net return for dollar MMFs was 4.25% as compared to 4.38% recorded in August 2025.
Money Market Funds (MMFs) have become one of the most popular investment options for Kenyans seeking low-risk, short-term returns.
According to data from the Capital Markets Authority (CMA), Kenyans have invested nearly Ksh372 billion in various MMFs across the country. Overall, as of June 2025, investors had placed a total of Ksh596.3 billion in different collective investment schemes — including MMFs, special funds, fixed income funds, equity funds, and balanced funds.
MMFs continue to dominate the market with a 62.5% share, showing strong investor preference for stability and quick liquidity over higher-risk investment options.
The CIC Money Market Fund remains the largest player in the segment, with total assets valued at Ksh81.8 billion. It is followed by the Sanlam Money Market Fund at Ksh72.2 billion, and the ICEA Lion Money Market Fund at Ksh20.1 billion.
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