Top Money Market Funds in Kenya, Based on September 2024 Returns

Investing in Money Market Funds (MMFs) remains one of the most popular options for Kenyans looking for stable, short-term returns. 

With interest rates responding to shifting economic conditions, MMFs have become an attractive choice for investors seeking both security and liquidity. 

As of September 2024, MMFs are particularly appealing given the recent trends in interest rates and inflation, which are highlighted in a recent report by Vasili Africa. 

Read also: Money Markets Funds in Kenya: Features and Key Considerations

The report points out that although the economy has faced inflationary pressures, MMFs have consistently provided competitive returns, driven by strategic asset allocations and efficient management practices.

Here is a list of the top 15 performing MMFs in Kenya based on their daily average return in September 2024. 

1. Lofty Carbon Money Market Fund – 16.80%
2. Cytonn Money Market Fund – 16.72%
3. Etica Money Market Fund – 16.21%
4. Arvocap Money Market Fund – 16.04%
5. Kuza Money Market Fund (KES) – 15.73%
6. GenAfrica Money Market Fund – 15.36%
7. Apollo Money Market Fund – 15.11%
8. Jubilee Money Market Fund – 14.98%
9. Nabo Africa Money Market Fund – 14.86%
10. Absa Shilling Fund MMF – 14.84%
11. KCB Money Market Fund – 14.56%
12. Madison Money Market Fund – 14.50%
13. Co-op Money Market Fund – 14.41%
14. Genghis Money Market Fund – 14.37%
15. Sanlam Money Market Fund – 14.20%

Read also: What to Consider When Choosing an MMF

Returns from MMFs rival government securities where most MMF fund managers invest their money. As at the close of September the returns on T-bills stood at 15.74% for the 91-day bill, 16.60 for the 182-day bill, and 16.81% for the 364-bill. 

In September, the CBK re-opened two fixed coupon bonds: FXD1/2024/010, which has a remaining maturity of 9.5 years, and FXD1/2016/020, which has a remaining maturity of 12 years. The fixed coupon rates for these re-opened bonds stood at 16.00% and 14.00%, respectively.

Sacco dividends are also a popular choice among Kenyans looking for long-term passive income. Recent data from Money254 reveals that top Saccos have announced dividend rates as high as 13% on member deposits. The average return on Sacco deposits in 2024 stood at 9.6%.

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