Top Money Market Funds in Kenya Based on March 2025 Returns

For many Kenyan investors seeking stability, liquidity, and above-average interest rates, Money Market Funds (MMFs) have remained the most preferred option. In March 2025, however, the MMF landscape was shaped by continued declines in Treasury Bill (T-bill) rates, which heavily influenced MMF yields due to their dominant role in fund portfolios.

The average gross daily yield for MMFs in March stood at 11.03%, reflecting ongoing economic adjustments and falling short-term interest rates. This is a drop compared to February 2025, when the average gross yield was 11.93%.

Despite the broader downward trend, several MMFs outperformed the market average, highlighting the importance of active fund management. Here’s a list of Top 15 Money Market Funds (MMFs) in Kenya for February 2025, ranked by their gross daily average return.

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1. Gulfcap Money Market Fund – 15.06%
   
   
2. Cytonn Money Market Fund – 14.60%
   
   
3. Etica Money Market Fund – 13.37%
   
   
4. Lofty-Corban Money Market Fund – 13.30%
   
   
5. Kuza Money Market Fund (KES) – 13.28%
   
   
6. Arvocap Money Market Fund – 13.19%
   
   
7. Orient Kasha Money Market Fund – 12.40%
   
   
8. Enwealth Money Market Fund – 12.10%
   
   
9. Britam Money Market Fund – 11.90%
   
   
10. Old Mutual Money Market Fund – 11.84%
    
    
11. Madison Money Market Fund – 11.73%
    
    
12. Dry Associates Money Market Fund – 11.70%
    
    
13. GenAfrica Money Market Fund – 11.60%
    
    
14. Apollo Money Market Fund – 11.57%
    
    
15. Genghis Money Market Fund – 11.46%
    
    

These gross yields represent the total returns before fund fees and the standard 15% withholding tax.

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Top 15 MMFs Based on Net Returns (After Tax)

1. Gulfcap Money Market Fund – 12.80%
   
   
2. Cytonn Money Market Fund – 12.41%
   
   
3. Etica Money Market Fund – 11.36%
   
   
4. Lofty-Corban Money Market Fund – 11.31%
   
   
5. Kuza Money Market Fund (KES) – 11.29%
   
   
6. Arvocap Money Market Fund – 11.21%
   
   
7. Orient Kasha Money Market Fund – 10.54%
   
   
8. Enwealth Money Market Fund – 10.29%
   
   
9. Britam Money Market Fund – 10.11%
   
   
10. Old Mutual Money Market Fund – 10.06%
    
    
11. Madison Money Market Fund – 9.97%
    
    
12. Dry Associates Money Market Fund – 9.94%
    
    
13. GenAfrica Money Market Fund – 9.86%
    
    
14. Apollo Money Market Fund – 9.84%
    
    
15. Genghis Money Market Fund – 9.74%
    
    

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While returns are important, selecting the right Money Market Fund (MMF) involves more than just pursuing high rates. It’s essential to verify that your fund manager is licensed by the Capital Markets Authority (CMA) and operates under the supervision of a trustee and a custodian bank.

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