In Kenya today, every other financial institution is launching a Money Market Fund (MMF) and inviting Kenyans to invest with them. One of the famous entrants into this field is Zidii, which is heavily associated with Kenya’s leading telco, Safaricom.
Money Marke Funds are a type of unit trust that pools resources from multiple investors into a professionally managed portfolio focused on low-risk, high-liquidity investments like treasury bills, bank deposits, and corporate debt.
How much cash do Money Market Funds hold in Kenya?
According to the Capital Markets Authority (CMA), as of December 2024, the total assets under management by Collective Investment Schemes (CIS) amounted to KSh 389.15 billion, up from KSh 316.37 billion in September of the same year.
Below is the full list of Kenya’s 37 registered money market funds, their assets under management, and market share:
| No | Fund Name | 24-Dec | 24-Sep | % holding |
| 1 | CIC Unit Trust Scheme | 82.50b | 70.32b | 21% |
| 2 | Sanlam Unit Trust Scheme | 62.75b | 46.85b | 16% |
| 3 | Mansa X Trust Scheme | 41.70b | 43.23b | 11% |
| 4 | NCBA Unit Trust Scheme | 39.33b | 33.06b | 10% |
| 5 | Britam Unit Trust Scheme | 29.28b | 27.76b | 8% |
| 6 | ICEA Unit Trust Scheme | 19.28b | 16.99b | 5% |
| 7 | ABSA Unit Trust Scheme | 14.89b | 12.60b | 4% |
| 8 | Old Mutual Unit Trust Scheme | 14.10b | 13.32b | 4% |
| 9 | Coop Unit Trust Scheme | 13.53b | 10.04b | 3% |
| 10 | KCB Unit Trust Scheme | 9.32b | 5.54b | 2% |
| 11 | Jubilee Unit Trust Scheme | 8.94b | 5.07b | 2% |
| 12 | Madison Unit Trust Scheme | 8.36b | 7.37b | 2% |
| 13 | Nabo Africa Funds | 6.90b | 5.95b | 2% |
| 14 | Etica Capital Limited | 6.61b | 4.60b | 2% |
| 15 | Dry Associates Unit Trust | 5.15b | 4.45b | 1% |
| 16 | Zimele Unit Trust Scheme | 3.24b | 2.90b | 1% |
| 17 | Lofty Corban Unit Trust Scheme | 2.88b | 2.16b | 1% |
| 18 | Mali Unit Trust Scheme | 2.79b | 2.76b | 1% |
| 19 | Stanbic Unit Trust Scheme | 2.43b | 338.1m | 1% |
| 20 | Apollo Unit Trust Scheme | 2.42b | 2.02b | 1% |
| 21 | Gen Africa | 2.38b | 1.72b | 1% |
| 22 | Zidii Money Market Fund | 1.72b | 0.40% | |
| 23 | Cytonn Unit Trust Fund | 1.70b | 1.54b | 0.40% |
| 24 | African Alliance Kenya Unit Trust | 1.61b | 1.52b | 0.40% |
| 25 | Kuza Asset Management Ltd | 1.26b | 803.7m | 0.30% |
| 26 | Faida Unit Trust Scheme | 927.7m | 0.20% | |
| 27 | Enwealth Capital Unit Trust Scheme | 866.7m | 690.1m | 0.20% |
| 28 | Genghis Unit Trust Funds | 776.2m | 767.8m | 0.20% |
| 29 | Arvocap Unit Trust Funds | 537.67m | 170.32m | 0.20% |
| 30 | Orient Collective Investment Scheme | 296.87m | 266.69m | 0.20% |
| 31 | Faulu Unit Trust Scheme | 253.17m | 239.51m | 0.10% |
| 32 | Equity Investment Bank | 119.45m | 138.89m | 0.10% |
| 33 | Mayfair Unit Trust Scheme | 117.7m | 62.46m | 0.03% |
| 34 | Taifa Unit Trust Scheme | 53.33m | 11.83m | 0.03% |
| 35 | Amana Unit Trust Funds | 27.62m | 27.08m | 0.02% |
| 36 | MyXeno Unit Trust Scheme | 14.89m | 13.01m | 0.003 |
| 37 | Wanafunzi Unit Trust Scheme | 906,738 | 885,386 | 0.0002 |
| Total | 389,152, 818,812 | 316,378,602,240 | 100% |
How Money Market Funds operate in Kenya
As earlier reported, MMFs are designed for stability and liquidity, and they cater to risk-averse individuals or those seeking short-term investment options. MMFs operate under a well-defined framework to ensure security and transparency.
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At the core of the management of MMFs is the fund manager. This is a licensed entity responsible for investing pooled funds into low-risk, short-term securities. Examples of popular fund managers are Britam, Jubilee, and CIC. It is the work of the manager to ensure their decisions align with investor objectives, prioritizing capital preservation and modest returns.
To safeguard investor interests, a custodian—typically a tier-1 bank like KCB or Equity Bank—holds the fund’s assets. This ensures they remain separate from the fund manager’s accounts.
Apart from the custodian, we have a trustee, often another reputable institution, whose work is to monitor compliance with regulatory guidelines and prevent risky investments. This layered oversight is enforced by Kenya’s Capital Markets Authority (CMA), which guarantees accountability and adherence to legal standards.
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Factors to consider before investing in a Money Market Fund
- Interest rates: Compare different Money Market Funds to identify the most competitive interest rates.
- Liquidity needs: MMFs offer easy access to funds, making them ideal for short-term savings.
- Fund management fees: Check the management fees, as they impact overall returns.
- Fund stability: Choose Money Market Funds that are backed by reputable fund managers and strong investment portfolios.
- Regulatory compliance: Ensure the fund is registered and regulated by the Capital Markets Authority (CMA). If not, then run, run my sister and brother, it could be the first red flag.
