The Capital Markets Authority (CMA) has released its latest Collective Investment Schemes (CIS) Quarterly Report, shedding light on the performance and size of Kenya’s leading Money Market Funds (MMFs) as of June 2025. These funds are ranked based on their total Assets Under Management (AUM).
A Money Market Fund (MMF) is a type of unit trust that pools funds from investors and is managed by a professional fund manager. These funds provide a safe and convenient place for people to park their money while earning interest.
Compared to regular savings accounts, MMFs generally offer higher returns, making them attractive to both individuals and institutions looking to grow idle cash with minimal risk.
Top 10 Largest MMFs by AUM in Kenya (June 2025)
According to the CMA report:
- CIC Money Market Fund – CIC remains the biggest player in the MMF space, managing assets worth Ksh81.8 billion. This represents a 25.6% share of the entire MMF market in Kenya.
- Sanlam Money Market Fund – Following closely is Sanlam with Ksh72.2 billion in AUM, holding a 22.6% market share.
- ICEA Lion Money Market Fund – This fund ranks third with Ksh20.1 billion under management, accounting for 6.3% of the market.
- ABSA Shilling Money Market Fund – ABSA comes in fourth place, with an AUM of Ksh19.2 billion, equivalent to 6% of the market share.
- Co-op Money Market Fund – The Co-operative Bank’s MMF closes out the top five with Ksh16.3 billion, giving it a 5.1% share of the market.
- Old Mutual Money Market Fund – In sixth position, Old Mutual manages Ksh14.7 billion, representing 4.6% of Kenya’s MMF market.
- KCB Money Market Fund (KES) – The Kenya Commercial Bank MMF holds seventh place with Ksh12.7 billion, capturing 4% of the market.
- Britam Money Market Fund – This fund ranks eighth with Ksh10.7 billion, which is 3.4% of the total MMF AUM.
- Etica Money Market Fund – With Ksh9.1 billion, Etica is in ninth place, accounting for 2.9% of the market.
- Jubilee Money Market Fund (KES) – Jubilee rounds off the top ten with Ksh7.5 billion, translating to a 2.4% market share.
Other Noteworthy MMFs
Just outside the top ten is the Ziidi Money Market Fund, ranked 11th with Ksh7.7 billion in AUM. The Lofty-Corban KES Money Market Fund is also notable with Ksh3.2 billion, while Stanbic Money Market Fund holds Ksh2.6 billion and the Apollo Money Market Fund manages Ksh2.3 billion.
Another player, the Genghis Money Market Fund, is ranked 28th with assets worth Ksh612.9 million.
At the bottom of the list, the smallest MMF is the CPF USD Money Market Fund, which holds only Ksh2.5 million. Other relatively small funds include the XENO Kenya Money Market Fund, GenCap Hela Money Market Fund, Amana Shilling Fund, Enwealth Dollar MMF, Cytonn Money Market Fund USD, and the Taifa Money Market Fund.
Industry Overview
The CMA report highlighted that Money Market Funds dominate Kenya’s collective investment schemes, controlling 64% of the entire CIS market. As of June 2025, there are 49 registered MMFs in Kenya.
However, it’s crucial to understand that a fund’s size does not necessarily reflect its performance. The actual return or yield is what determines an MMF’s effectiveness for investors, and this is typically measured as a percentage yield on invested funds.
The data also revealed where the bulk of MMF assets are invested. The majority—46%, which equals Ksh229.7 billion—is directed into government securities. These include Treasury bonds, Treasury bills, infrastructure bonds, and even Eurobonds. These instruments are considered relatively safe, which aligns with the low-risk profile of MMFs.
In contrast, the smallest investment portion—0.2%, or around Ksh1.3 billion—was put into offshore unlisted investments, showing a more cautious approach toward international private securities.
Other Forms of MMF Investments
Beyond government securities, MMFs also allocate capital into:
- Fixed deposits
- Cash and demand deposits
- Offshore listed securities
- Listed and unlisted equities
- Alternative investments
- Other collective investment schemes
These diversified investment categories help MMFs maintain liquidity and reduce risk, ensuring investors can withdraw funds easily while earning modest but reliable returns.
Conclusion
The latest CMA report provides valuable insight into the structure and size of the money market fund industry in Kenya. While CIC, Sanlam, and ICEA Lion continue to lead in terms of assets under management, investors should remember that bigger does not always mean better.
When choosing an MMF, it’s essential to consider not just size but also yield, risk level, fund manager reputation, and how the funds are invested. As of mid-2025, Kenya’s MMF landscape remains robust, with billions of shillings under professional management and strong investor interest across the board.
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