Money market funds have continued to strengthen their position in Kenya’s capital markets, becoming the top choice for most investors.
According to the latest Q3 2025 report by the Capital Markets Authority (CMA), Collective Investment Schemes (CIS) have experienced remarkable growth over the last seven years.
Their total assets under management (AUM) have expanded sharply, reaching KSh 679.6 billion by September 2025.
CMA explains that the growing popularity of money market funds is mainly because they are considered low-risk investment options, which makes them attractive to both retail and institutional investors.
Among all investment categories under CIS, money market funds have shown the strongest dominance in the Kenyan market.
Dominant Investment Funds in Kenya
The CMA report highlights the top-performing fund categories within Kenya’s registered Collective Investment Schemes. These include:
- Money Market Funds
- Equity Funds
- Fixed Income Funds
- Balanced Funds
- Special Funds
Out of these, Money Market Funds lead by a wide margin, holding KSh 400 billion, which is 58.9% of the total AUM. CMA notes that this strong lead is driven by investor confidence, stating that “money market funds are preferred because they offer a low-risk investment channel.”
Rising Interest in US-Dollar Money Market Funds
While Kenyan shilling-denominated funds remain the most common, foreign currency-denominated money market funds—particularly those in US dollars, euros, and South African rand—have continued to expand steadily. These options are becoming more appealing to investors seeking to diversify their portfolios or hedge against currency volatility.
Below is an updated list of foreign currency-denominated money market funds in Kenya, including their Assets Under Management (AUM):
| Foreign Currency Fund | AUM (KSh) |
|---|---|
| Sanlam Fixed Income Fund USD | 27,135,078,294 |
| Mansa X Special USD Fund | 12,691,478,372 |
| NCBA Dollar Fixed Income Fund | 6,994,212,800 |
| CIC Money Market Fund USD | 4,257,684,782 |
| NCBA Dollar Basket Note | 2,455,504,606 |
| Dry Money Market Fund (USD) | 2,996,953,564 |
| Absa Unit Trust – Dollar Fund | 2,472,784,814 |
| Jubilee Money Market Fund (USD) | 3,718,270,246 |
| Stanbic Fixed Income Fund USD | 83,293,816 |
| Old Mutual Money Market Fund – USD | 1,619,472,939 |
| Britam USD Fixed Income Fund | 1,621,286,484 |
| Nabo Money Market Fund (USD) | 678,541,111 |
| Nabo Fixed Income Fund (USD) | 704,463,048 |
| KCB Money Market Fund USD | 664,601,221 |
| Etica Money Market Fund – USD | 383,877,524 |
| Mansa X Shariah Special USD Fund | 439,455,711 |
| Lofty Corban USD MMF | 138,234,548 |
| Kuza Money Market Fund – USD | 219,973,478 |
| ICEA Lion USD Fixed Income Fund | 1,420,484,930 |
| Cytonn Money Market Fund USD | 52,951,058 |
Performance of Collective Investment Schemes in 2025
Earlier reports showed that CIS continued to perform strongly throughout 2025. In the third quarter alone, the industry’s total AUM rose by KSh 83.2 billion, driven by:
- increased investor contributions,
- gains recorded by existing funds, and
- aggressive marketing by fund managers.
Over the last seven years, the CIS industry has expanded by more than 1,100%, growing from KSh 56.6 billion in 2018 to nearly KSh 680 billion in 2025.
In November 2025, CMA approved eight additional CIS schemes and several sub-funds, bringing the total number of registered schemes in Kenya to 57.
This expansion reflects the growing role of Collective Investment Schemes in deepening Kenya’s financial markets, offering more investment choices and encouraging broader participation in the capital markets.
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