Money market funds (MMFs) delivered an average net return of 7.62 per cent during the first half of 2026, with Nabo Africa Money Market Fund emerging as the best performer among the 28 shilling-denominated funds reviewed.
Nabo Africa posted a 9.60 per cent net return between January and June, followed by Cytonn Money Market Fund at 9.40 per cent.
Lofty-Corban Money Market Fund, Etica Money Market Fund and Jubilee Money Market Fund completed the top five, recording 8.71 per cent, 8.60 per cent and 8.35 per cent, respectively.
At the bottom of the ranking were Equity Money Market Fund at 4.90 per cent, African Alliance Kenya Money Market Fund at 4.91 per cent and ICEA Lion Money Market Fund at 6.63 per cent.
Nabo Africa leads shilling MMFs
The first-half performance shows a significant gap between the best- and lowest-performing funds, giving investors a clearer picture of how different MMFs performed during the period.
The 28 funds recorded the following net returns:
- Nabo Africa Money Market Fund — 9.60%
- Cytonn Money Market Fund — 9.40%
- Lofty-Corban Money Market Fund — 8.71%
- Etica Money Market Fund — 8.60%
- Jubilee Money Market Fund — 8.35%
- Arvocap Money Market Fund — 8.30%
- Old Mutual Money Market Fund — 8.28%
- Madison Money Market Fund — 8.23%
- Orient Kasha Money Market Fund — 8.16%
- Faulu Money Market Fund — 8.05%
- Gulfcap Money Market Fund — 7.97%
- Britam Money Market Fund — 7.90%
- Enwealth Money Market Fund — 7.90%
- GenAfrica Money Market Fund — 7.78%
- Dry Associates Money Market Fund — 7.76%
- CPF Money Market Fund — 7.55%
- Sanlam Money Market Fund — 7.55%
- CIC Money Market Fund — 7.48%
- KCB Money Market Fund — 7.46%
- Apollo Money Market Fund — 7.34%
- Genghis Money Market Fund — 7.21%
- Kuza Money Market Fund (Ksh) — 6.94%
- Absa Shilling Fund MMF — 6.86%
- Mayfair Money Market Fund — 6.84%
- Co-op Money Market Fund — 6.72%
- ICEA Lion Money Market Fund — 6.63%
- African Alliance Kenya Money Market Fund — 4.91%
- Equity Money Market Fund — 4.90%
The results show that only the five leading funds recorded returns above 8.35 per cent, while the majority remained within the 7 per cent range.
Dollar MMFs post lower returns
Dollar-denominated money market funds recorded lower average returns during the same period, with the category posting an average net return of 4.28 per cent.
Nabo Africa Money Market Fund USD also led this category with a 5.39 per cent net return.
Etica Money Market Fund USD followed with 4.79 per cent, while Dry Associates Money Market Fund USD recorded 4.64 per cent.
The 11 dollar MMFs recorded the following returns:
- Nabo Africa Money Market Fund USD — 5.39%
- Etica Money Market Fund USD — 4.79%
- Dry Associates Money Market Fund USD — 4.64%
- Sanlam Money Market Fund USD — 4.55%
- Old Mutual Money Market Fund USD — 4.50%
- Kuza Money Market Fund USD — 4.34%
- Jubilee Money Market Fund USD — 4.25%
- CIC Money Market Fund USD — 3.92%
- Britam Money Market Fund USD — 3.67%
- KCB Money Market Fund USD — 3.55%
- Absa Dollar Fund MMF — 3.48%
The difference between shilling and dollar MMF returns means investors looking at the two categories need to consider more than the headline interest rate, including currency movements, investment objectives and the risks associated with each option.
MMFs dominate Kenya’s investment market
Money market funds continue to play a major role in Kenya’s collective investment schemes.
As of March 2026, MMFs held Ksh442 billion in assets under management, representing about 52 per cent of the Ksh851 billion held across the collective investment scheme industry.
The strong position of MMFs has been driven by their appeal to investors looking for relatively liquid investment products while earning returns on money that might otherwise remain in ordinary savings accounts.
However, the first-half figures also demonstrate that returns can vary considerably between fund managers.
Nabo Africa’s 9.60 per cent net return was nearly twice the 4.90 per cent recorded by Equity Money Market Fund during the same period, highlighting the importance of comparing fund performance before investing.
Investors should also remember that past performance does not guarantee future returns. MMF rates can change depending on interest rates, market conditions and the underlying assets held by individual funds.
The first-half rankings therefore provide a snapshot of how Kenya’s MMFs performed between January and June 2026, rather than a guarantee of what investors will earn during the remainder of the year.
 delivered an average net return of 7.62 per cent during the first half of 2026, with Nabo Africa Money Market Fund emerging as the best performer among the 28 shilling-denominated funds reviewed.){kind=link}