The highest-paying USD money market fund in Kenya on November 1, 2026 was Etica Money Market Fund (USD) at 6.45% a year gross, or about 5.48% after 15% withholding tax, followed by Cytonn (6.30%) and Lofty Corban (6.19%), based on the rates each manager publishes as compiled by Fructa. Here is how USD money market funds compare. The median of 17 dollar funds tracked was 4.80%, and the lowest were Orient and Absa at 3.35%. All are unit trust funds approved by the Capital Markets Authority (CMA).
Updated November 1, 2026. Yields change daily; check the fund manager’s own fact sheet before investing. This is information, not investment advice.
Official source: Fructa USD money market fund rates.
Contents
USD money market fund rates in Kenya today
| # | Fund | Gross yield | After 15% WHT |
|---|---|---|---|
| 1 | Etica Money Market Fund (USD) | 6.45% | 5.48% |
| 2 | Cytonn Money Market Fund (USD) | 6.30% | 5.35% |
| 3 | Lofty Corban Money Market Fund (USD) | 6.19% | 5.26% |
| 4 | Nabo USD Money Market Fund | 6.04% | 5.13% |
| 5 | Dry Associates Money Market Fund (USD) | 5.43% | 4.62% |
| 6 | Old Mutual Dollar Money Market Fund | 5.10% | 4.33% |
| 7 | Kuza Money Market Fund (USD) | 5.05% | 4.29% |
| 8 | Jubilee Money Market Fund (USD) | 4.90% | 4.17% |
| 9 | Sanlam USD Money Market Fund | 4.80% | 4.08% |
| 10 | KCB Money Market Fund (USD) | 4.71% | 4.00% |
| 11 | CPF USD Money Market Fund | 4.50% | 3.82% |
| 12 | Britam USD Money Market Fund | 4.25% | 3.61% |
| 13 | CIC Dollar Money Market Fund | 4.21% | 3.58% |
| 14 | Orient Dollar Money Market Fund | 3.35% | 2.85% |
| 15 | Absa Dollar Money Market Fund | 3.35% | 2.85% |
Source: managers’ published rates compiled by Fructa (fructa.africa), November 1, 2026. Two further funds in its tracker were not shown in the public table that day.
Worked example: USD 10,000 for a year
If the yield stayed flat for a year (it will not, but it shows the gap between funds), USD 10,000 would earn roughly:
| Fund yield (gross) | Gross interest | After 15% WHT |
|---|---|---|
| 6.45% (top fund) | USD 645 | USD 548 |
| 4.80% (median) | USD 480 | USD 408 |
| 3.35% (lowest) | USD 335 | USD 285 |
The difference between the best and worst fund on USD 10,000 is about USD 263 a year after tax, which is why comparing yields every few months is worth the effort. Daily compounding adds slightly to these figures.
What a USD money market fund is
A dollar money market fund pools investors’ US dollars and puts them in short-term, low-risk dollar instruments such as bank deposits and short-dated government and corporate debt. You earn interest daily, usually credited monthly, and can withdraw in a few working days. The yield quoted is an annualised effective rate, so it moves as the fund’s investments mature and are replaced.
Gross vs net: the 15% withholding tax
Interest from money market funds is subject to 15% withholding tax in Kenya, deducted before you are paid. That is why 6.45% gross becomes about 5.48% net. Compare funds on the net figure, then check each fund’s fact sheet to see whether the quoted yield is before or after the management fee.
Should you hold dollars or shillings?
Shilling funds and Treasury bills pay much more: the 91-day Treasury bill rate was 8.71% on the same date, and shilling money market funds generally yield more than dollar funds. You choose a dollar fund when you:
- earn or will spend in dollars (school fees abroad, travel, imports, a property deposit priced in USD);
- want to protect savings against a weaker shilling;
- live abroad and send dollars home without converting them.
If the shilling weakens, dollar savings gain in shilling terms; if it strengthens, they lose. Track the dollar to shilling rate before deciding.
Who uses dollar funds
Typical investors include Kenyans in the diaspora saving towards a home, parents setting aside dollars for university fees overseas, exporters and consultants paid in dollars, and executives keeping an emergency fund in a hard currency. Companies also use them to park dollar receipts between supplier payments.
How to invest in a USD money market fund
- Pick two or three funds and download their latest fact sheets and the scheme’s terms.
- Check the minimum initial investment and top-up amount on the manager’s site; these differ widely.
- Open an account online or at the manager’s office with your ID or passport and KRA PIN.
- Deposit dollars by bank transfer from a US dollar account. Many Kenyan banks offer USD accounts, and some managers accept international transfers.
- Monitor monthly statements and compare yields every quarter.
Risks to understand
- Yields are not guaranteed and change daily.
- Money market funds are not bank deposits and are not covered by deposit insurance.
- Very high yields can mean riskier holdings; read what the fund owns.
- Withdrawals usually take two to three working days, sometimes longer for dollar transfers.
Use only CMA-approved schemes; the CMA publishes licensed fund managers on its licensees portal. For more, read money market fund vs unit trust in Kenya, Treasury bonds vs unit trusts and investing in Kenya from abroad. Setting up long-term family wealth? See what Kenya’s new Trust Administration Act 2026 means for family trusts.
Usd money market funds: summary
USD money market funds in Kenya paid between 3.35% and 6.45% gross on November 1, 2026. Compare USD money market funds on the after-tax yield and check each fact sheet.
Frequently asked questions
Which USD money market fund pays the most in Kenya?
On November 1, 2026, Etica Money Market Fund (USD) at 6.45% gross, about 5.48% after withholding tax.
Is interest from a dollar money market fund taxed in Kenya?
Yes. 15% withholding tax is deducted from the interest.
Are USD money market funds safe?
They are low-risk and regulated by the CMA, but not risk-free or guaranteed, and not covered by deposit insurance.
Do dollar funds pay more than Treasury bills?
No. The 91-day shilling Treasury bill paid 8.71% on November 1, 2026, above every dollar fund, but it carries shilling currency risk.
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