Articles
Kenya Money Market Funds (MMFs) Weekly Performance Update – 28th February 2025
The Kenyan Money Market Fund (MMF) market remained stable this week, with Gulfcap MMF maintaining the top position at 16.3%, while some funds experienced slight ranking shifts.
💰 Top 10 Money Market Funds – 28th February 2025
| Rank | Money Market Fund | Effective Annual Rate (EAR) |
|---|---|---|
| 1️⃣ | Gulfcap Money Market Fund | 16.3% |
| 2️⃣ | Cytonn Money Market Fund | 16.1% |
| 3️⃣ | Ndovu Money Market Fund | 15.5% |
| 4️⃣ | Mali Money Market Fund | 15.2% |
| 5️⃣ | Lofty-Corban Money Market Fund | 14.9% |
| 6️⃣ | Etica Money Market Fund | 14.9% |
| 7️⃣ | Kuza Money Market Fund | 14.9% |
| 8️⃣ | Arvocap Money Market Fund | 13.8% |
| 9️⃣ | Orient Kasha Money Market Fund | 13.4% |
| 🔟 | Genghis Money Market Fund | 13.3% |
➡️ Average yield of the top 10 MMFs: 14.8%, slightly higher than the previous week’s 14.7%.
🔎 Key Observations & Market Trends
📌 Gulfcap MMF retains the top spot at 16.3%, with no change in yield.
📌 Cytonn MMF follows closely at 16.1%, a slight drop from last week’s 16.2%.
📌 Lofty-Corban MMF climbs from 7th to 5th place, aligning with Etica and Kuza MMFs at 14.9%.
📌 Arvocap MMF rises from 10th to 8th place, while Genghis MMF moves to 10th place.
📉 General Trend: MMFs continue to provide higher returns than traditional savings options and T-bill yields, maintaining their appeal for short-term investors.
📈 MMFs vs Treasury Bill (T-Bill) Rates Comparison
For context, let’s compare the top MMF yields against Kenya’s latest Treasury Bill (T-Bill) rates as of 28th February 2025:
✅ 91-day T-Bill Yield: 8.9% (⬇️ 1.1 bps)
✅ 182-day T-Bill Yield: 9.2% (⬇️ 7.2 bps)
✅ 364-day T-Bill Yield: 10.5% (⬇️ 2.6 bps)
✅ Top 10 MMFs Average Yield: 14.89%
💡 Insight: MMFs continue to outperform T-bills by a significant margin, making them a better option for liquidity-focused investors who seek higher returns with short-term accessibility.
🧐 Spotlight on Market Movements
🔸 Absa Money Market Fund, which some of our followers have inquired about, remains outside the top 10 with an effective yield of 11.0%, trailing significantly behind leading MMFs.
🔸 Ziidi Money Market Fund, which entered the market with high expectations, remains one of the lowest-yielding MMFs at 9.5%, raising concerns over its competitive positioning.
🔸 Despite being relatively newer, top-performing MMFs such as Gulfcap, Mali, and Ndovu continue to outperform more established funds.
📢 What This Means for Investors
✔️ MMFs continue to provide strong returns, far above T-bill rates and traditional savings accounts.
✔️ Investors should compare MMFs not only by yield but also by liquidity, risk management, and fund stability.
✔️ Newer MMFs are outperforming many well-established funds—highlighting the need for deeper due diligence before choosing where to invest.
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