Money market fund rates in Kenya
How to read MMF yields, what you keep after tax, and how they compare with Treasury bills.
Quick answer
Kenyan money market funds quote an effective annual yield after fees but before 15% withholding tax. A fund quoting 11% pays about 9.35% after tax. For comparison, this week’s 91-day Treasury bill pays 8.77% before tax.
Fund yields change daily, so we only publish a ranking when we have at least five funds verified in the last two weeks. Check your fund manager’s app for today’s yield, then enter it in the money market fund calculator.
Reading an MMF yield
Funds quote a daily yield and an effective annual rate (EAR). The EAR assumes daily interest is reinvested for a year, so it is the better number to compare. Both are after management fees but before 15% withholding tax.
Yields move with Treasury bill rates. When T-bill rates fall, MMF yields follow a few weeks later.
Choosing a fund
Check that the fund is licensed by the Capital Markets Authority, look at the yield over several months rather than one day, and compare withdrawal times and minimum top-ups.