Retail Investment Products
Kenya Markets — Week ending 23 May 2026
Top MMFs hold double-digit yields (Nabo 12.02%, Cytonn 12.01%), market average sits at 9.10%, and CIS sector AUM is up 114.8% YoY to KES 756.2bn — a structural shift from bank deposits to market-rate products.
The Read
MMF yields hold: Nabo Africa leads at 12.02% EAR; Serrari Leaders Index at 11.39% (top 5, 3-month rolling).
Market average at 9.10%: KES 100K earns roughly KES 758 per month before tax.
Investor base growing: CIS accounts up 127.7% YoY to 3.0 million; AUM up 114.8% to KES 756.2 billion (Q4 2025).
Key Metrics
Top MMF (Nabo): 12.02% — Effective Annual Rate
Market Average: 9.10% — KES 100K = ~KES 758/mo
Leaders Index: 11.39% — Top 5, 3-month rolling
MMF Yield Rankings — Top 10
Source: CMA-licensed fund manager published yields. Gross EAR before fees (0.9–3.0%) and 15% WHT.
Rankings Table
| Rank | Fund | EAR (%) | Min. Invest | Serrari Score |
|---|---|---|---|---|
| 1 | Nabo Africa MMF | 12.02 | KES 100,000 | 92 |
| 2 | Cytonn MMF | 12.01 | KES 100 | 89 |
| 3 | Etica MMF | 11.32 | KES 500 | 87 |
| 4 | Avrocap MMF | 10.92 | KES 1,000 | 86 |
| 5 | Lofty-Corban MMF | 10.69 | KES 100 | 84 |
| 6 | Faulu MMF | 10.45 | KES 500 | 82 |
| 7 | Kuza MMF | 10.41 | KES 100 | 80 |
| 8 | Madison MMF | 10.20 | KES 1,000 | 78 |
| 9 | Orient Kasha MMF | 10.15 | KES 1,000 | 76 |
| 10 | Old Mutual MMF | 10.13 | KES 500 | 74 |
Source: Serrari Marketplace; CMA-licensed products only. Serrari Score methodology v2.1.
Analysis
With the CBR paused at 8.75% and T-bill yields stabilising around 8.2–8.6%, MMF yields remain attractive for short-term savers — the best funds (Nabo at 12.02%, Cytonn at 12.01%) offer 350+ basis points above the 91-day T-bill. The Serrari Leaders Index (top 5 average, 3-month rolling) stands at 11.39%. The collective investment scheme sector continues its explosive growth: AUM is up 114.8% year-on-year to KES 756.2 billion (Q4 2025), with investor accounts surging 127.7% to 3.0 million. This reflects both the maturation of mobile-first investment platforms and a structural shift by Kenyan savers from bank deposits to market-rate products.
For first-time investors, the low entry barriers (as low as KES 100) continue to make MMFs the most accessible fixed-income product. Note: always verify whether a fund is licensed by the CMA before investing — only licensed products appear in Serrari rankings.
The Week Ahead
MMF refresh: Weekly yield rankings updated every Monday on Serrari Markets.
CMA watch: New variable licensing fee structure for fund managers taking effect — may impact smaller funds.
Disclaimer
This content is produced by Serrari Group for information and educational purposes only. It is not investment, legal or tax advice and does not consider your individual circumstances. Figures are sourced as indicated and were accurate as at the stated date; markets move and past performance is not a guarantee of future results. Always do your own research and consider professional advice before investing.