Money Market Fund Calculator
Kenya MMF returns · July 2026 yields · net of 15% WHT · monthly top-ups 🇰🇪
Yields are annualised from funds’ published daily rates (net of fees, before tax) and move weekly, confirm with the manager before investing.
| Fund | Gross p.a. | Net effective |
|---|---|---|
| Nabo Africa | 13.80% | ~12.38% |
| Cytonn | 11.87% | ~10.57% |
| Etica | 10.64% | ~9.43% |
| Lofty-Corban | 10.62% | ~9.41% |
| Madison | 10.35% | ~9.16% |
| Arvocap | 10.33% | ~9.14% |
Net effective = gross compounded monthly after 15% WHT, the same math as this calculator. Yields move weekly. See all funds ranked →
End balance with identical deposits, all net of 15% WHT. Bank savings assumed 3.5% gross; fixed deposit 8%, model yours in the FD calculator or T-Bill calculator.
Money market fund rates in Kenya, July 2026, ranked
Top funds from the latest published daily yields (1 July 2026), annualised and net of management fees, before 15% withholding tax. Yields move weekly; treat this as a snapshot, not a promise:
| Fund | Gross yield | ≈ Net of 15% WHT | Typical minimum |
|---|---|---|---|
| Nabo Africa MMF | 13.80% | 11.73% | KES 100,000 |
| Cytonn MMF | 11.87% | 10.09% | KES 1,000 |
| Etica MMF | 10.64% | 9.04% | KES 100 |
| Lofty-Corban MMF | 10.62% | 9.03% | KES 1,000 |
| Madison MMF | 10.35% | 8.80% | KES 5,000 |
| Arvocap MMF | 10.33% | 8.78% | KES 3,000 |
| Britam MMF | 9.82% | 8.35% | KES 1,000 |
| SanlamAllianz MMF | 8.74% | 7.43% | KES 2,500 |
| CIC MMF | 8.43% | 7.17% | KES 5,000 |
| Ziidi MMF | 6.37% | 5.41% | KES 100 |
See the full ranking of all 32 Kenyan money market funds →
For context, the market average sat around 9% gross at the turn of July 2026, comfortably above the 6.4% June inflation rate and most bank fixed deposits. Larger managers (CIC, Britam, Sanlam, ICEA, Old Mutual) control most of the market’s assets, while several newer funds top the yield table.
How MMF returns actually work
Your money buys units in a fund that holds short-term instruments: bank deposits, Treasury Bills and commercial paper. Interest accrues daily and is credited monthly. Three numbers matter:
- Daily/effective yield, what the fund publishes; already net of the manager’s fee (typically 1–2% p.a.).
- 15% withholding tax, deducted on every interest distribution; a final tax. 11% gross → ~9.35% net.
- Compounding, reinvested net interest earns interest. This calculator compounds monthly, matching how most funds credit.
Are MMFs safe? (CMA regulation, honestly explained)
Kenyan unit trusts are licensed and supervised by the Capital Markets Authority. Your cash is held by an independent custodian bank under a trustee, the fund manager cannot touch it for their own business. Risks that remain: yields float (no lock-in rate), funds are not capital-guaranteed, and they are not covered by KDIC deposit insurance. The practical mitigations: prefer established managers for core savings, and split large balances across 2–3 funds.
Choosing a fund (not just by yield)
- Yield consistency beats one hot month, compare 6–12-month averages, not a single week.
- Withdrawal speed, 1–3 business days is standard; some funds pay small M-Pesa withdrawals same-day.
- Minimums and top-ups, from KES 100 (Etica) to KES 1M (Nabo); most are KES 1,000–5,000.
- Manager scale, the big insurers’ funds yield a little less but offer deep liquidity and long track records.
Run your plan above with monthly top-ups, then sanity-check the real (after-inflation) return with the inflation calculator and your long-term plan with the investment calculator.
Frequently Asked Questions
Which money market fund pays the highest interest in Kenya?
As of early July 2026 (published daily yields, annualised): Nabo ~13.8%, Cytonn ~11.9%, Etica ~10.6%, Lofty-Corban ~10.6%, Madison ~10.4%, Arvocap ~10.3%, Britam ~9.8%, CIC ~8.4% (all gross, before 15% tax). Yields move weekly, the highest yield is not automatically the best fund: also weigh the manager’s size, how fast withdrawals are paid, and consistency.
How does a money market fund pay interest?
The fund pools investors’ cash into short-term instruments (bank deposits, T-Bills, commercial paper). Interest accrues daily on your balance and is typically credited monthly, after the fund deducts 15% withholding tax. The published “daily yield” is already net of the manager’s fee but before tax, this calculator applies the tax for you and compounds the net interest monthly.
What is the Britam Money Market Fund yield and minimum?
The Britam MMF (KES) has recently yielded around 9.8% gross (≈8.35% net of 15% WHT), with a low entry of about KES 1,000 and same-week withdrawals. Select the Britam preset above to model it with your own amounts, or use the dedicated Britam MMF calculator, and compare it against Etica, Cytonn or CIC with one tap.
Are money market funds safe in Kenya?
MMFs are regulated by the Capital Markets Authority (CMA): client money sits with an independent custodian bank under a trustee, separate from the manager’s own funds. They are low-risk but not capital-guaranteed and not covered by KDIC deposit insurance (which covers bank deposits to KES 500,000). Spreading large amounts across 2–3 funds is sensible.
How fast can I withdraw from an MMF?
Most funds pay out in 1–3 business days (some same-day to M-Pesa for small amounts). That liquidity is the big advantage over fixed deposits and T-Bills, which lock your cash to maturity, it is why MMFs are the standard home for emergency funds in Kenya.
Is MMF interest taxed in Kenya?
Yes, 15% withholding tax is deducted by the fund on every interest distribution, as a final tax. A fund quoting 11% gross effectively pays ~9.35% net. All figures in this calculator are shown both gross and net so there are no surprises.
MMF vs SACCO vs bank, where should savings go?
For liquid savings (emergency fund, short-term goals) the MMF generally wins in 2026: ~8.5–9.7% net with 1–3 day access, versus 3–4% on bank savings accounts. SACCOs can pay comparable dividends but lock deposits and require membership. For money you can lock 6–12 months, compare a negotiated fixed deposit or a T-Bill. Long-horizon money belongs in growth assets, see the investment calculator.