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 | Arvocap 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.
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