1. Gulfcap Money Market Fund
Gulfcap Money Market Fund has consistently been one of Kenya’s top-performing MMFs, delivering an impressive effective annual yield of 16.25% in early 2025, positioning it at the forefront of short-term investment options. While such high yields are eye-catching, investors should note that net (after-tax) returns are lower—around 13.81% per annum.
Beyond yield performance, Gulfcap is appreciated for its daily interest accrual and liquidity, making it ideal for emergency savings or short-term cash allocation. That said, like all MMFs, returns are tied to prevailing Treasury Bill rates, which may fluctuate with monetary policy shifts. Before investing, it’s wise to assess your risk appetite, consider potential rate volatility, and compare management fees across funds.
2. Cytonn Money Market Fund
Cytonn MMF has been a standout performer, frequently topping rankings. In early 2025, it matched Gulfcap at an effective annual rate (EAR) of around 16.3–16.4%. Its net yield, after tax, hovers near 11.42–11.71%, making it an especially compelling option.
Cytonn’s ability to deliver strong returns relies on its active portfolio management and aggressive reinvestment in high-quality short-term assets. However, past performance isn’t always indicative of future results, so investors should monitor trends in yields and fund strategy. Cytonn’s reputation for transparency and solid management further garners investor confidence.
3. Kuza Money Market Fund
Kuza MMF stands out for combining solid performance with accessibility. As of April 2025, it posted an annual rate of 13.83% with net returns of about 11.76%. In June, its net return was reported at 10.35%, maintaining a top-three position.
This fund’s appeal lies in its consistent yields, digital ease of use, and relatively low minimum investment—often starting around Ksh 1,000. For moderate-risk investors and those seeking reliable growth, Kuza offers a balanced choice—transparent, steadily performing, and accessible even for beginners.
4. Etica Money Market Fund
Etica has earned a reputation for affordability and steady returns. As of April 2025, it offered an annual rate of 13.81% and a net return of 11.74%. In other assessments, net returns reached as high as 15.90%, though methodology may vary.
Notably, Etica’s low minimum—sometimes as little as Ksh 100—makes it attractive for first-time or small-scale investors. Its simplistic onboarding, daily yields, and user-friendliness are often cited as major advantages. Still, those prioritizing maximal returns may explore more aggressive funds. Etica is best for emerging investors prioritizing practicality and consistency.
5. Lofty-Corban Money Market Fund
This fund has delivered strong returns in early 2025, with yields of around 15.20–15.30% EAR. April 2025 figures put its annual rate at roughly 13.68% and net return around 11.63%.
Lofty-Corban balances high returns with moderate risk, making it attractive for investors seeking exceptional performance. Its withdrawal times are generally fast (1–3 days), offering flexibility. That said, investors should monitor trends in its yield trajectory as overall rate environments shift.
6. Arvocap Money Market Fund
Arvocap consistently shows solid performance: in early 2025, yields were placed around 14.40% (January) or 15.78% (late 2024). April 2025 data indicates net return of ~10.71% on a 12.60% annual rate.
Well-managed and steadily performing, Arvocap suits investors looking for dependable mid-range returns. Onboarding is relatively smooth, and it remains competitive in Kenya’s crowded MMF landscape.
7. Ndovu Money Market Fund
As of early 2025, Ndovu MMF was a top-performer, ranking 3rd with an EAR of about 15.50%. April data puts its annual rate around 13.10%, with net return near 11.14%.
Ndovu stands out for strong performance and growing popularity. Investors seeking high yield and management stability often include it in portfolios. Liquidity is competitive, though investors should confirm current minimums and redemption timelines before committing.
8. Enwealth Money Market Fund
Enwealth entered the top ranks by early 2025, showing annual rates of about 12.72% and net returns around 10.81% in April. June 2025 figures still place it in the top 10, with a net return of 9.41%.
This fund is particularly appealing to professionals and SACCOs due to its digital integration and user-friendly tools. With low competition for access and practical features, Enwealth suits tech-savvy, institutional, or semi-institutional investors.
9. Orient (Kasha) Money Market Fund
Orient Kasha MMF consistently offers reliable yields: April 2025 rates stand at 13.31% annual and ~11.31% net. June net returns were around 10.11%, positioning it in the top 10 by mid-2025.
Known for transparent operations and constancy, Orient Kasha may appeal to conservative investors who value predictability and digital platform access. Its excellent risk management makes it a go-to for preserving capital with modest yield.
10. Old Mutual Money Market Fund
Though sometimes just outside the top yield league, Old Mutual MMF earns recognition for its robust infrastructure: April 2025 annual rate was 12.49%, net return ~10.62%.
Its strength lies in its well-established brand, regulated structure, and wide access (low entry amount, digital and collateral options). It’s ideal for new or risk-averse investors seeking flexible and secure short-term investments.
Conclusion
Kenya’s MMF landscape in mid-2025 is robust—featuring high-yield, liquid, and flexible options. Gulfcap, Cytonn, and Lofty-Corban are among the top performers in terms of raw yield. But accessibility, management strength, and net returns are equally important. Etica, Kuza, and Old Mutual provide great entry points for beginners or moderate-risk investors, while Enwealth and Orient Kasha offer stability and tech convenience.
Before investing:
- Compare net yields after tax, not just headline rates.
- Check minimum investments and withdrawal timelines.
- Evaluate fund manager reputation, digital features, and transparency.
- Monitor market trends, especially Treasury Bill rates influencing MMF returns.
Money market funds can be a smart way to grow capital safely. Choose the one that aligns with your goals—whether that’s maximizing return, retaining liquidity, or prioritizing ease of use. As always, if in doubt, consult a licensed financial advisor.
