Top Money Market Funds in Kenya – April 2025

Money Market Funds (MMFs) have long been a reliable investment option for Kenyans seeking liquidity, capital preservation, and above-average returns compared to traditional savings accounts. But the economic landscape continues to shift — and so do MMF yields.

In April 2025, the steady decline in MMF returns persisted, largely driven by falling Treasury Bill (T-bill) rates. With inflation easing and economic conditions stabilising, returns on short-term government securities — a key component of MMF portfolios — have continued to fall. As a result, average fund yields are adjusting downward across the market.

Despite the general drop, several MMFs have continued to outperform others.

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Here are the best-performing funds in April, based on their gross average annualized daily return:

1. Gulfcap Money Market Fund – 13.94%
2. Cytonn Money Market Fund –13.67%
3. Kuza Money Market Fund (KES) –12.90%
4. Etica Money Market Fund – 12.58%
5. Orient Kasha Money Market Fund - 12.54%
6. Lofty-Corban Money Market Fund –12.53%
7. Enwealth Money Market Fund – 11.98%
8. Arvocap Money Market Fund – 11.84%
9. Nabo Africa Money Market Fund - 11.79%
10. GenAfrica Money Market Fund – 11.74%
11. Old Mutual Money Market Fund – 11.73%
12. Britam Money Market Fund – 11.69%
13. Madison Money Market Fund – 11.36%
14. Jubilee Money Market Fund - 11.20%
15. Apollo Money Market Fund – 11.14%
    

Here are top 15 funds in April 2025, based on their net returns (after 15% withholding tax):

1. Gulfcap Money Market Fund –11.84 %
2. Cytonn Money Market Fund –11.62%
3. Kuza Money Market Fund (KES) –10.97%
4. Etica Money Market Fund – 10.69%
5. Orient Kasha Money Market Fund - 10.66%
6. Lofty-Corban Money Market Fund –10.65%
7. Enwealth Money Market Fund – 10.18%
8. Arvocap Money Market Fund – 10.06%
9. Nabo Africa Money Market Fund - 10.03%
10. GenAfrica Money Market Fund – 9.98%
11. Old Mutual Money Market Fund – 9.97%
12. Britam Money Market Fund – 9.94%
13. Madison Money Market Fund – 9.65%
14. Jubilee Money Market Fund - 9.52%
15. Apollo Money Market Fund – 9.47%

These funds stood out for their resilience and ability to maintain relatively higher yields even as the market traded downward.

 Why MMF Rates Are Falling

The continued drop in MMF returns is closely linked to:

• Falling Inflation: Reduced inflation has eased pressure on interest rates.
  
• Stabilizing Economic Conditions: The Central Bank’s policy stance has led to lower short-term interest rates.
  
• Declining T-bill Yields: MMFs heavily invest in T-bills, and their falling returns directly pull down MMF performance.
  

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What Investors Should Keep in Mind

While MMFs remain a compelling option for short-term savings and emergency funds, investors should recalibrate their expectations in light of the current economic cycle. Here’s what to consider:

• Liquidity: MMFs still offer quick and flexible access to your money.
  
• Stability: Compared to stocks or unit trusts with equity exposure, MMFs are low-risk.
  
• Returns Are Trending Down: This may require investors to explore complementary vehicles like bonds or fixed deposits for diversification.
  

Also remember:

• Confirm that your MMF is managed by a CMA-licensed fund manager under the oversight of a trustee and custodian bank.
  
• Income from MMFs is subject to a 15% withholding tax, remitted to KRA.
  
• Past performance is not a guarantee of future returns — always review updated rates and fund fact sheets before investing.
  

April’s MMF results show that while returns are softening, MMFs still offer a safe and liquid way to park your money. Investors may not see the past highs, but consistent investing and strategic diversification remain key to building financial resilience.