Here is a fact that should make you uncomfortable: if your savings are sitting in a regular bank account in Kenya right now, you are earning roughly 3–7% interest per year. Meanwhile, money market funds are delivering returns of 14–17% per annum—almost three times more—with the same level of safety and the ability to withdraw your money at any time.
The number of Kenyans investing in unit trusts and money market funds has more than doubled in the past year, jumping from 1.29 million to nearly 2.96 million investors, according to the Capital Markets Authority (CMA). This is not a trend for the wealthy—most of these funds accept deposits starting from Ksh 100 to Ksh 5,000. This guide tells you exactly which funds are best and how to start.
What Is a Money Market Fund?
A money market fund (MMF) is a type of unit trust that pools money from many investors and puts it into short-term, low-risk investments—mainly Treasury bills, bank fixed deposits, and commercial paper. These are the same instruments that banks use to earn money on your deposits, but because you invest directly, you earn the returns that the bank would otherwise keep.
The key advantages over a savings account:
- Higher returns: 14–17% per annum in 2026 vs 3–7% in a savings account
- Liquidity: You can withdraw within 2–5 business days, unlike a fixed deposit
- Low minimum: most funds accept from Ksh 100 (M-PESA-linked) to Ksh 5,000
- Regulated: CMA-licensed fund managers—your money is protected by law
- Compounding: interest accumulates daily and compounds automatically
1. Sanlam Unit Trust Scheme—Kenya’s Largest MMF
Sanlam Money Market Fund is the largest in Kenya by assets, holding KSh 130.5 billion and commanding a 19.2% market share as of December 2025. Its size makes it highly stable, and it is the default choice for first-time investors who want a proven, trusted fund.
Market share: 19.2%—largest MMF in Kenya
Assets: Ksh 130.5 billion
Minimum investment: Ksh 2,500
Withdrawal time: 2–3 business days
How to invest: Via the Sanlam website, app, or agent
Best for: First-time investors who want a big, established fund
2. Standard Investment Trust Fund—Fastest Growing
Standard Investment Trust Fund holds the number two position with a 15.03% market share and grew an impressive 32.6% in 2025 alone—the fastest growth rate among the top funds. This growth suggests strong investor satisfaction and performance consistency.
Market share: 15.03%—second largest in Kenya
Growth rate: 32.6% growth in 2025—the fastest among top funds
Best for: Investors who want momentum and growth in a fund
3. CIC Unit Trust Scheme—Best for CIC Insurance Clients
CIC Unit Trust holds Ksh 97.8 billion in assets and 14.38% market share. As part of the CIC Group—which also covers insurance and general banking—their ecosystem makes it easy for existing CIC customers to invest, insure, and save in one place.
Market share: 14.38%—third largest in Kenya
Assets: Ksh 97.8 billion
Minimum investment: Ksh 1,000
Best for: Existing CIC insurance customers, cooperative society members
4. Zimele Money Market Fund—Best for M-Pesa Investors
Zimele Asset Management offers one of the most accessible entry points into money market investing. Their M-PESA integration means you can invest and withdraw directly from your phone—no bank account, no branch visit required. This makes Zimele the top choice for Kenyans who manage most of their money through M-PESA.
Minimum investment: Ksh 100 via M-PESA
How to invest: Lipa na M-PESA > Paybill or via MySavings app
Withdrawal: Directly back to M-PESA within 2–3 days
Best for: Mobile-first investors, people who do not have a bank account, casual savers
5. Ziidi Money Market Fund (Safaricom)—Best for Ease of Access
Ziidi is Safaricom’s own money market fund, accessible directly through the M-PESA app. Because it is built into M-PESA, there is virtually zero friction to start—you invest from M-PESA and withdraw back to M-PESA. The fund is managed by NCBA Group.
Minimum investment: Ksh 1—effectively no minimum
Access: Directly via the M-PESA app under “Grow” or “Save.”
Managed by: NCBA Group in partnership with Safaricom
Best for: Complete beginners, people who want the simplest possible start
6. Dry Associates Money Market Fund—Best Yields
While not the largest, Dry Associates has consistently delivered some of the highest yields among Kenyan MMFs. If maximising your return is the priority and you are comfortable with a less well-known brand, Dry Associates is worth serious consideration.
Known for: Consistently high yield performance
Best for: Investors who prioritise maximum returns over brand recognition
Minimum investment: Ksh 5,000
How to Start Investing Today—Step by Step
Starting is much simpler than most people think:
- Step 1: Decide on a fund from the list above. If you are a beginner, start with Ziidi (via M-PESA app) or Sanlam
- Step 2: Gather your documents—National ID, KRA PIN, and a passport photo
- Step 3: Visit the fund’s website or app and complete the online application form (15–20 minutes)
- Step 4: Make your first deposit via M-PESA, bank transfer, or EFT
- Step 5: Your money starts earning interest from day one of the deposit
- Step 6: Check your balance monthly and reinvest returns for compounding
Tax note: Returns from money market funds are subject to 15% withholding tax, which is deducted automatically before you receive your returns. The rates quoted by funds are usually before this deduction. Net returns after tax are still significantly higher than bank savings accounts.
How Much Could You Earn? Real Numbers
If you invest Ksh 10,000 per month consistently into a money market fund returning 15% per annum, here is what your balance looks like over time:
- After 1 year: approximately Ksh 130,000 (Ksh 120,000 deposited + Ksh 10,000 interest)
- After 3 years: approximately Ksh 430,000
- After 5 years: approximately Ksh 840,000
The same Ksh 10,000 per month in a bank savings account at 5% per annum would give you about Ksh 680,000 after 5 years, Ksh 160,000 less. That is the cost of leaving your money in the wrong place.
The Bottom Line
Money market funds are the single most underutilised financial tool among Kenya’s middle class. They are not risky. They are not complex. And they are not for the wealthy only—Ksh 100 on M-PESA is enough to start. The only thing standing between you and better returns is the 10 minutes it takes to open an account.
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