Updated 1 November 2026
To check CMA approved money market funds in Kenya, open the Capital Markets Authority’s licensee register (licensees.cma.or.ke), choose the collective investment schemes list, and confirm that both the fund’s name and its umbrella unit trust scheme appear there; then confirm the fund manager holds a CMA fund manager licence. If the “fund” you have been offered is not on CMA’s list, it is not a regulated money market fund, whatever returns it promises.
Updated November 2026. Based on CMA’s online list of approved collective investment schemes, checked 1 November 2026, and the Capital Markets (Collective Investment Schemes) Regulations, 2023.
Why CMA approval matters
Regulation 20 of the 2023 CIS Regulations says no collective investment scheme may pool money from the public without CMA approval, and regulation 50 says no one may act as a fund manager without a CMA licence. Approved funds must keep your money with a separate custodian and be overseen by an independent trustee. An unapproved scheme has none of these protections.
Step by step: checking CMA approved money market funds
- Go to CMA’s licensee register at licensees.cma.or.ke and open the list of collective investment schemes. CMA’s register lists each approved unit trust scheme with the individual funds under it.
- Search for the scheme name, not just the brand. Money market funds sit inside an umbrella scheme. For example, CMA lists the “British-American Unit Trust Scheme” with the Britam Money Market Fund under it, and the “NCBA Unit Trust Funds” with the NCBA Money Market Fund (KES) and (USD).
- Match the exact fund. A manager may be approved for some funds but not others. Make sure the specific money market fund you are buying is listed.
- Check the fund manager’s licence in the fund managers section of the same register, and confirm the trustee and custodian named in the fund’s information memorandum.
- Pay only into the fund’s official collection account or paybill, as listed on the manager’s own website or documents, never into a personal account or an agent’s phone number.
How many schemes are on CMA’s list?
When we checked on 1 November 2026, CMA’s online list contained about 40 unit trust schemes, from long-established names such as Old Mutual, CIC, Sanlam, ICEA, Britam and Madison to newer ones such as Kuza, Etica, Arvocap, MyXENO and Capital A. Not every scheme on the list runs a money market fund, and some entries are approvals for schemes still being set up. CMA’s quarterly report, which lists every money market fund’s assets, showed 59 money market funds as at 30 June 2026.
Red flags that a “fund” is not a real MMF
- Guaranteed returns. Approved money market funds publish yields that move daily; none can guarantee a fixed rate.
- Returns far above the market. Shilling MMFs were yielding around 10% a year in late October 2026 on managers’ own figures (for example 10.29% at Old Mutual and 10.46% at Madison). Offers of 5% a month are not MMFs.
- Payment to individuals. Real funds collect through bank accounts or paybills in the fund’s or trustee’s name.
- Celebrity endorsements on social media. Banks and regulators have warned about fake investment ads using executives’ names; see the Equity Bank “Quantum AI” warning.
- No information memorandum. Approved funds must make their scheme documents and latest annual report available before selling you units.
Next steps once a fund checks out
Compare yields, minimums and withdrawal times. Our fund profiles cover many approved funds, including the CIC Money Market Fund, Old Mutual Money Market Fund and Ziidi Money Market Fund. Use the MMF calculator to project returns. The same register check works for other CMA licensees: see checking a forex broker’s licence.
Frequently asked questions
Where can I find the list of CMA approved money market funds?
On CMA’s licensee register at licensees.cma.or.ke, under collective investment schemes, which lists each approved scheme and its funds. CMA’s quarterly CIS report also lists every money market fund with its assets.
Is a Sacco savings product a money market fund?
No. Saccos are regulated by SASRA, not CMA. Their deposits and dividends work differently from money market funds.
What if my fund is not on the CMA list?
Do not invest. Report the offer to CMA. Only approved schemes may pool money from the public.
Are CMA approved money market funds risk-free?
No. They are regulated and diversified, but yields fall with interest rates and losses are possible. They are not insured like bank deposits.
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