Despite the rise of alternative investment vehicles, the Money Market Fund (MMF) remains the undisputed lead of the Kenyan Collective Investment Scheme landscape. As of December 31, 2025, MMFs managed KES. 423.7 billion, representing 56.0% of the total industry AUM. While its overall dominance has dipped from the 90%+ levels seen in 2021, the MMF sector grew by 5.6% during the final quarter of 2025, proving its continued appeal to liquidity-seeking investors.
The MMF market has a few massive players control the lion’s share of assets. Two schemes stand head and shoulders above the rest. Sanlam Money Market Fund holds the top spot and manages KES. 114.2 billion, commanding a massive 27.1% market share of all assets. CIC Money Market Fund is in second place, CIC manages KES. 78.9 billion, representing an 18.7% share.
Together, these two giants control nearly 46% of the entire Money Market Fund market. Their dominance is bolstered by established brand presence and extensive distribution networks.
MMFs by Market Share
Beyond the top two, the competition for the remaining assets is fierce. While the top 10 funds control roughly 82% of Money Market Fund assets, the report reveals a “long tail” of smaller funds struggling to gain significant traction. The market features a steep concentration curve, after which market share flattens significantly.
There are dozens of MMFs with market shares of 0.1% or less. For instance, newer or niche entrants like the Orient Kasha Money Market Fund (0.1%), Mayfair Money Market Fund (0.1%), and Faulu Money Market Fund (0.1%) manage relatively small pools of capital. At the very bottom of the ladder are funds like the XENO Kenya Money Market Fund and the Jaza Money Market Fund, the latter of which reports an AUM of just KES. 31,550.
The barrier to entry for starting a fund may be low, but the barrier to scaling is incredibly high. Smaller fund managers face the challenge of competing with the marketing budgets and historical performance records of the top and the mid-tier bank-backed funds. For investors, this long tail offers variety, but the data clearly shows that trust and capital continue to flow toward the market leaders.
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