The best performing money market funds in Kenya kept paying well above the market average through Q2 2026. As of the latest figures (June 2026), the Nabo Africa Money Market Fund leads with a gross return of 12.37%, netting about 10.51% after tax, followed by Cytonn (11.33% gross / 9.63% net) and Etica (10.40% / 8.84%). With the market average sitting near 8.92% gross, this ranking of the best performing money market funds in Kenya shows exactly where the extra return is hiding.
The backdrop matters. The Central Bank of Kenya has held its policy rate at 8.75% for four straight months, so yields have stopped falling as fast as they did through 2025. That plateau makes fund selection the main lever now, and the gap between the top and bottom funds is more than seven percentage points. This update ranks the best performing money market funds in Kenya and shows what the numbers mean for your savings.
Table of Contents
Key takeaways
- As of June 2026, the best performing money market funds in Kenya are Nabo Africa (10.51% net), Cytonn (9.63% net) and Etica (8.84% net), all well above the market average.
- The KES money market fund average is about 8.92% gross (7.58% net), so the top funds pay roughly two percentage points more than the middle of the pack.
- Six funds cleared the 10% gross mark in June 2026: Nabo, Cytonn, Etica, Lofty-Corban, Enwealth and Arvocap.
- Returns are quoted net of the 15% withholding tax, which the fund deducts before paying you.
- Money market funds keep your capital stable and let you withdraw within days, which is why they suit emergency and short-term money.
Best performing money market funds in Kenya: the Q2 2026 leaderboard
The table below ranks the funds by net return, which is what actually lands in your account after tax, as of June 2026. These are annualised figures based on daily performance, so confirm the current number on each fund fact sheet before you invest.
| Rank | Money market fund | Gross (% p.a.) | Net (% p.a.) |
|---|---|---|---|
| 1 | Nabo Africa MMF | 12.37 | 10.51 |
| 2 | Cytonn MMF | 11.33 | 9.63 |
| 3 | Etica MMF | 10.40 | 8.84 |
| 4 | Lofty-Corban MMF | 10.15 | 8.63 |
| 5 | Enwealth MMF | 10.04 | 8.53 |
| 6 | Arvocap MMF | 10.03 | 8.52 |
| 7 | Madison MMF | 9.91 | 8.43 |
| 8 | Kuza MMF | 9.88 | 8.39 |
| 9 | Old Mutual MMF | 9.70 | 8.25 |
| 10 | Gulfcap MMF | 9.67 | 8.22 |
| Market average | 8.92 | 7.58 |
Who is leading, and why
Nabo Africa has topped the table for a second straight month, and the reason is active positioning: the best performing money market funds in Kenya reach for higher-yield instruments like commercial paper and negotiated placements that the average fund does not. Cytonn has long punched above its weight, and Etica has been a steady presence near the top. What links the leaders is deliberate portfolio management, not luck.
At the other end, the biggest bank-run funds sit well below the leaders, some paying half of what the top funds do. This is the single most important lesson from any list of the best performing money market funds in Kenya: the fund you choose matters far more than the fact that you are in a money market fund at all. For the full buying guide, see our roundup of the best money market funds in Kenya.
How money market funds work, in one minute
A money market fund pools money from many investors and lends it out short term, buying Treasury bills, fixed deposits and high-quality corporate paper. The interest those instruments pay flows back to you, minus a small management fee. Because the holdings are short-dated, the value barely moves, so your capital stays stable and you can usually withdraw within two to four working days.
That stability is the whole point. Even the best performing money market funds in Kenya are not trying to shoot the lights out; they aim to pay a steady, above-inflation return while keeping your money safe and available. That makes them the natural home for an emergency fund or any cash you might need soon.
Returns, tax and a worked example
The net figures above already account for the 15% withholding tax, which the fund deducts before crediting your account, so what you see is close to what you keep. Here is what the difference between a top and an average fund looks like in shillings.
- KSh 500,000 in the top fund at 10.51% net would earn about KSh 52,550 in a year.
- The same KSh 500,000 in an average fund at 7.58% net would earn about KSh 37,900.
- That is a gap of roughly KSh 14,650 a year, for the same low risk, just by choosing a better fund.
Multiply that over several years and larger balances, and fund selection becomes one of the easiest wins in personal finance. If you want a higher return and can accept a little more risk, compare the best fixed income funds and the best performing special funds in Kenya.
The risks to keep in mind
Returns drift with rates. Money market fund yields follow interest rates. As the CBK held at 8.75%, yields plateaued, and a future rate cut would pull them lower.
Real returns can be thin. With inflation around 6.4%, an average fund netting 7.58% leaves barely more than one percentage point in real terms. The best performing money market funds in Kenya protect that real return better than the laggards.
Not all risk-free. Money market funds are low risk, not no risk. A fund holding weaker corporate paper takes on some credit risk to lift its yield, so check what a fund holds, not just its headline number.
Withdrawal timing. Access takes a few days, so a money market fund is for near-term cash, not money you need the same hour.
How to choose among the best performing money market funds in Kenya
Look past a single strong month. Favour funds that stay in the top tier consistently, like Nabo, Cytonn and Etica have this year, rather than a fund that spikes once. Check the fund manager’s track record and size, read the fact sheet to see what the fund holds, and note the minimum investment and any withdrawal terms. Then keep an eye on the monthly rankings, because leadership can rotate as managers adjust their portfolios.
For most people the sensible move is simple: pick one of the consistent top performers, set up an automatic monthly contribution, and let it compound. The best performing money market funds in Kenya reward that quiet discipline more than any clever timing.
Money market fund versus a bank savings account
Many Kenyans still leave spare cash in a bank savings account earning almost nothing, often one or two percent a year. That is the real comparison to make. Even a mid-table money market fund pays several times more, and the best performing money market funds in Kenya pay close to ten percent net. On KSh 500,000, that is the difference between a few thousand shillings of interest a year and over fifty thousand.
The trade-off is small. A savings account gives you instant access at an ATM, while a money market fund takes a couple of days to pay out. For your day-to-day spending money, keep a bank account. For your emergency fund and any savings you are building, a money market fund does far more work for you, with the same peace of mind that the money is safe and available within days.
Where the best performing money market funds invest your cash
Understanding what sits inside a fund explains the rankings. A money market fund spreads your cash across short-term instruments: government Treasury bills, fixed and call deposits with banks, and short-dated corporate paper. The mix each manager chooses is what separates the leaders from the laggards. The best performing money market funds in Kenya lean into higher-yield placements and negotiate hard on deposit rates, squeezing out extra return without taking on long-term risk.
That is also why you should glance at what a fund holds, not just its headline yield. A fund leaning heavily on corporate paper may pay a little more but carries slightly more credit risk than one dominated by Treasury bills. For most savers the top consistent performers strike a sensible balance, which is why names like Nabo, Cytonn and Etica keep appearing near the top of the table. Pair a strong money market fund with our NSE dividend calendar and a fixed income fund, and you have a simple, resilient income base.
Frequently asked questions
What are the best performing money market funds in Kenya right now?
As of June 2026, the best performing money market funds in Kenya by net return are Nabo Africa (10.51%), Cytonn (9.63%) and Etica (8.84%), all comfortably above the market average of about 7.58% net. Rankings change monthly, so confirm the current figure on each fund fact sheet before investing.
How much more do the top funds pay?
The top funds pay roughly two to three percentage points more than the market average. On KSh 500,000, that is about KSh 14,650 a year of extra return for the same low risk, simply by choosing a better fund.
Are money market fund returns taxed?
Yes. Interest is subject to a 15% withholding tax, which the fund deducts before paying you. The net returns quoted here already account for that, so the figure you see is close to what you keep.
Are money market funds safe?
They are low risk but not risk-free. Your capital stays stable and you can withdraw within days, but funds that chase higher yields with weaker corporate paper take on some credit risk. Check what a fund holds before choosing it on yield alone.
How often does the ranking change?
Monthly. Fund returns move with interest rates and each manager’s positioning, so the order shifts. That is why it pays to check an updated ranking of the best performing money market funds in Kenya rather than relying on last year’s winner.
For a deep dive on the second-placed fund, see our Cytonn Money Market Fund review.
For a full breakdown of the top-ranked fund, see our Nabo Africa Money Market Fund review.
For the higher-yield alternative, read our fixed income fund vs money market fund breakdown.
Wondering how a trusted name compares on yield? See our Sanlam Money Market Fund review.
Disclaimer: The content on Sarafu is for educational and informational purposes only. It does not constitute financial, investment, or professional advice. Returns mentioned are approximate and were sourced at the time of writing (June 2026 data), and they fluctuate constantly and can change daily. Past performance is not a promise of future results. All investments carry risk; the value of your investment can go down as well as up. Always do your own research, verify current figures on a live source such as the fund fact sheet or the latest market wrap-up, and consider consulting a licensed financial advisor before making any decision.
