Top Money Market Funds in Kenya, Based on July 2023 Returns 

EDITOR'S NOTE: For more information on the Top Money Market Funds in 2022, and month by month ranking, follow this link.

Money Market Funds (MMFs) have been gaining popularity in Kenya, both as a form of short-term investment and as an option for building an emergency fund. 

MMFs provide investors with a safe and low-risk investment option while offering competitive returns. These funds primarily invest in short-term, high-quality debt securities and cash equivalents, such as Treasury bills, commercial papers, and bank deposits, with maturities typically ranging from a few days to one year.

Their returns are calculated annually, although MMFs offer daily compounding, with the interest typically paid out on a monthly basis.  

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Some of the characteristics associated with MMFs in Kenya include:

1. Low Risk: Money Market Funds invest in short-term debt securities with high credit ratings, reducing the risk of default.
2. Liquidity: You can easily buy or sell their units which gives MMFs some relatively high liquidity. The turnaround time for liquidating MMFs in Kenya varies from hours to a maximum of two working days.
3. Professional Management: Money Market Funds are managed by licensed fund managers who are regulated by the Capital Markets Authority (CMA).
4. Diversification: Funds pool money from multiple investors, enabling diversification across various short-term securities.
5. Transparency: Most MMF fund managers in Kenya provide daily updates on the fund's performance and holdings to ensure transparency.
6. Minimum Investment: Most MMFs in Kenya allow you to invest with as low as Ksh1,000 - making them accessible to most Kenyans.

Also Read: Top Money Market Funds in Kenya and Their Average Annual Returns

The interest earned on a daily basis is referred to as the daily yield, it is made public and disclosed to the Capital Markets Authority (CMA) - which regulates all MMF fund managers in Kenya.

The daily yield typically fluctuates depending on how well or poorly the fund managers are able to invest and grow the invested money under their portfolio. 

For example, if you have invested Ksh1,000,000 with Fund Manager X and their annual rate of return today is 10%, your daily yield will translate to Ksh273 i.e (0.01*1,000,000) divided by 365 days. 

Here are the Top Money Market Funds in Kenya, based on July 2023 Returns 

1. Etica Money Market Fund - 12.10%
2. Cytonn Money Market Fund - 12.09%
3. Enwealth Money Market Fund - 12.03%
4. GenAfrica Money Market Fund - 11.30%
5. Madison Money Market Fund - 11.18%
6. Jubilee Money Market Fund - 11.09%
7. Apollo Money Market Fund - 11.03%
8. Kuza Money Market fund - 11.00%
9. Old Mutual Money Market Fund - 10.99%
10. Co-op Money Market Fund - 10.99%
11. Nabo Africa Money Market Fund - 10.82%
12. GenCap Hela Imara Money Market Fund - 10.61%
13. Sanlam Money Market Fund - 10.58%
14. Dry Associates Money Market Fund-  10.53%
15. KCB Money Market Fund - 10.32%
16. ICEA Lion Money Market Fund - 10.31%
17. NCBAMoney Market Fund - 10.30%
18. CICMoney Market Fund - 9.89%
19. Absa Shilling Money Market Fund - 9.79%
20. British-American Money Market Fund - 9.62%
21. Orient Kasha Money Market Fund - 9.45%
22. Mali Money Market Fund - 9.21%

Also Read: Absa Digital Savings Account Vs MMFs Vs Saccos: How to Choose

EDITOR'S NOTE: For more information on the Top Money Market Funds in 2022, and month by month ranking, follow this link.