Top 15 Money Market Funds by Their Net Returns for June 2025

In June, net returns for Money Market Funds (MMFs) continued to decline influenced by several market factors including the continued decline of interest rates for Treasury Bills.

Gulfcap Money Market Fund had the highest net return at 11.07% for the month, a decline from the May net return of 11.1%.

Coming in second was Cytonn Money Market Fund at 10.77%, also a decline from 10.91% which was recorded in May.

The Kuza Money Market Fund (KES) was third with a net return of 10.35%, a decline from 10.69% recorded in May 2025.

Here is the list of the major Money Market Funds and their net returns for June 2025.

1 Gulfcap Money Market Fund - 11.07%

2 Cytonn Money Market Fund - 10.77%

3 Kuza Money Market Fund - 10.35%

4 GenAfrica Money Market Fund - 10.34%

5 Etica Money Market Fund - 10.26%

6 Lofty-Corban Money Market Fund - 10.19%

7 Orient Kasha Money Market Fund - 10.11%

8 Arvocap Money Market Fund - 9.93%

9 Enwealth Money Market Fund - 9.41%

10 Nabo Africa Money Market Fund - 9.27%

11 Old Mutual Money Market Fund - 9.24%

12 Madison Money Market Fund - 9.08%

13 Jubilee Money Market Fund - 9.06%

14 Britam Money Market Fund - 9.04%

15 Faulu Money Market Fund - 8.56%

16 Apollo Money Market Fund - 8.51%

17 Sanlam Money Market Fund - 8.47%

18 Dry Associates Money Market Fund - 8.45%

19 KCB Money Market Fund - 8.25%

20 Absa Shilling Fund MMF - 8.17%

21 Genghis Money Market Fund - 8.11%

22 CIC Money Market Fund - 8.06%

23 Co-op Money Market Fund - 7.93%

24 ICEA Lion Money Market Fund - 7.88%

25 Mayfair Money Market Fund - 6.93%

26 African Alliance Kenya Money Market Fund - 6.48%

27 Equity Money Market Fund - 4.66%

Likewise, here is how the dollar MMFs performed in terms of June 2025 net returns

1 Etica MMF USD - 5.11%

2 Kuza Money Market Fund USD - 4.75%

3 Nabo Africa Money Market Fund USD - 4.67%

4 Jubilee MMF USD - 4.44%

5 Lofty-Corban Money Market Fund USD - 4.40%

6 Dry Associates Money Market Fund USD - 4.38%

7 KCB Money Market Fund USD - 4.33%

8 Old Mutual Money Market Fund USD - 4.27%

9 Sanlam Money Market Fund USD - 4.21%

10 CIC Money Market Fund USD - 4.05%

11 Absa Dollar Fund MMF - 3.64%

‍Why Net Returns for MMFs Are Falling

In May this year, Treasury Cabinet Secretary John Mbadi noted that the net returns for MMF would be falling during the year owing to the decline in the interest rates for Treasury Bills.

Being low-risk investments,  most fund managers invest the money put by Kenyans in the funds in T-Bills.

“Interest rates have been going down, especially the rate at which the government borrows (T-Bills). When I came into office, the rate was 15 per cent. Right now, it is going below 9%, going to 8% for 91-day T-Bills,” the CS explained.

“So money market (funds) is not as lucrative as it used to be. I know some of you who have been into MMFs are wondering what the government is going to do. It is better for the economy as a whole, but it may not be good for an individual investor.

Consequently, MMFs earn less on these instruments, leading to lower payouts for investors.

The Kenya Kwanza administration, since coming into office,  has signaled fiscal consolidation and more reliance on external financing.

According to President William Ruto, ledd domestic borrowing is a move aimed at allowing banks to led to private citizens and businesses.

Less aggressive borrowing locally means less competition for funds, and therefore, lower yields on instruments MMFs invest in.