Money market funds in Kenya
A money market fund (MMF) pools savers' money and lends it short term to the government and banks, through Treasury bills, fixed deposits and similar instruments. Interest is worked out daily. Kenyan MMFs averaged 9.3% a year after fees as of 15 October 2026, down from 9.9% a year earlier. Minimums run from KES 100 to KES 5,000 depending on the fund.
Not financial advice. Returns change daily and past returns don't guarantee future ones.
How an MMF works
You buy units in a fund registered by the Capital Markets Authority (CMA). The fund manager invests the pool. A separate custodian, usually a bank, holds the assets, so the manager can't spend your money as its own. Interest builds daily, and most funds add it to your balance monthly.
The rate a fund quotes is usually the effective annual yield after the management fee but before tax. So 10% quoted becomes about 8.5% in your pocket once the 15% withholding tax comes off. See MMF tax.
Rates, read off each manager's page
Read on 15 October 2026. Each figure carries the manager's own date. Full table, fees and notes on the MMF rates page.
| Fund | Published yield | After 15% tax | Dated |
|---|---|---|---|
| Cytonn Money Market Fund | 11.1%average annualised yield for the month, not an effective annual yield | 9.43% | 30 September 2026 |
| Madison Money Market Fund | 10.37%effective annual yield | 8.81% | No date shown |
| Etica Money Market Fund | 10.33%average effective annual yield for the month | 8.78% | 30 September 2026 |
| Kuza Money Market Fund | 10.27%effective annual yield | 8.73% | 30 September 2026 |
| SanlamAllianz Money Market Fund | 9.53%effective annual yield | 8.1% | 14 October 2026 |
| CIC Money Market Fund | 8.43%effective annual yield | 7.17% | No date shown |
Rates have been falling for a year. The average MMF return dropped from 9.9% to 9.3%, and the 1-year T-bill from 9.39% to 9.03%. 20 of 26 funds tracked pay less than a year ago (TechTrendsKE, 19 October 2026). A fund at the top of the table this month may not be there next month.
How to invest, in 4 steps
- Pick a fund. Compare yield, minimum, withdrawal time and the manager's size. Check the fund is on the CMA's list of approved collective investment schemes.
- Open an account. Use the manager's app, USSD code or web portal. You need your ID, your KRA PIN and, for most funds, a bank or M-PESA number for withdrawals. You get a member number or client code.
- Deposit with M-PESA. Lipa na M-PESA, then Pay Bill. Enter the fund's paybill and your member number in the exact format the fund uses. The formats differ by fund.
- Check the confirmation. You get an M-PESA SMS, then a confirmation from the fund. If the fund's confirmation hasn't arrived within 24 to 48 hours, call the fund with your M-PESA code.
Paybills, from the managers' own sites
Read on 19 October 2026. Not yet keyed by us, so check the business name on the M-PESA confirmation screen before you enter your PIN.
Where to go next
MMF paybill numbers
Per fund, from the manager's own site, with the account format
Withdraw to M-PESA
Each fund's channel and stated payout time
MMF vs T-bills vs SACCO vs fixed deposit
Access, risk and the October 2026 figures
Dollar money market funds
Paying in from M-PESA or a bank, and the exchange cost
Is my MMF safe?
Six checks before you invest
MMF tax in Kenya
The 15% withholding tax, worked through
MMF rates, dated
Every yield read off the manager's own page
MMF calculator
Project what a deposit grows to
Ziidi explained
Safaricom's MMF inside the M-PESA app
Hisa vs Ndovu vs Etika
Investing apps compared
Frequently asked
What is the minimum to start an MMF in Kenya?
It depends on the fund. Ziidi and Etica start at KES 100, Old Mutual at KES 1,000, and CIC and Madison at KES 5,000.
How fast can I get my money out?
It depends on the fund. Madison says one working day. Etica says M-PESA withdrawals are instant up to KES 250,000 a day. Weekends and public holidays add time.
Is MMF interest taxed?
Yes. 15% withholding tax comes off the interest, and the fund deducts it for you.
Can an MMF lose money?
It is rare, but it can happen. A borrower in the portfolio could default, or redemptions could be suspended. MMFs are not covered by the Kenya Deposit Insurance Corporation.
Market averages from TechTrendsKE, 19 October 2026. Fund yields from each manager's own page, dated in the table. Paybills read on the managers' sites on 19 October 2026. paybillke is an independent directory, not a fund manager or adviser, and nothing here is financial advice.