Samwel GathiaInvestment is one of the most important personal finance skills, regardless of your profession. It is through investments that individuals grow their wealth and earn better returns.
In Kenya, awareness of investment options like unit trusts and money market funds has grown significantly, driven by mainstream media, social media, and initiatives like the CMA Investor Week.
In this 2026 updated guide, we explain what collective investment schemes (CIS) are in Kenya, the types available, how money market funds in Kenya work, the latest CMA performance data, and how you can start investing with as little as Ksh 1,000
What is a Collective Investment Scheme (CIS) in Kenya?
Collective Investment Scheme (CIS) is an investment vehicle that pools funds from different investors and is managed by a professional fund manager on behalf of investors.
The pooled funds form a large, diversified portfolio invested according to a shared objective – for example, to generate income, capital growth, or profits.
CIS offer diversification, liquidity, and professional management. They allow low-income, middle-income, and high-income earners to invest in markets they couldn’t access individually.
Under CMA Regulations 2017, First Schedule 2(a), a CIS may be constituted as:
- A Mutual Fund
- A Unit Trust
- An Investment Company
Most CIS in Kenya are formed through a Trust Deed – a legal document that governs the establishment of the fund and defines the powers of all parties.
When you invest in a unit trust or mutual fund, you get a more diversified holding than with an individual security, with most funds allowing you to start with Ksh 1,000.
Types of Collective Investment Schemes in Kenya
- Equity Fund: Invests mainly in publicly traded stocks on the NSE. The aim is capital appreciation and dividends over the medium to long term.
- Bond / Fixed Income Fund: Invests in Treasury Bonds, Treasury Bills, and Corporate Bonds. Returns are interest income and capital growth.
- Balanced Fund: Invests in both equities and fixed-income securities to hedge against market volatility.
- Money Market Fund (MMF): Invests in short-term, low-risk instruments like bank deposits, Treasury Bills, and commercial paper. This is the most popular fund type in Kenya.
- Special Fund: Established for special groups with a common interest, e.g., Shariah-compliant or high-yield funds like Mansa-X. This category is now driving major growth.
Governance Structure of a Collective Investment Scheme
A collective Investment Scheme should have the following independent parties, as per the CMA regulations, for it to be approved:
a) Fund Manager: A CMA-licensed company that formulates the investment policy and invests the scheme’s assets. Sec 17(2) CMA Regulations.
b) Custodian: A bank or financial institution approved by CMA to keep safe custody of all securities. Sec 34(1) CMA Regulations. The fund manager never holds your cash directly.
c) Trustee: A commercial bank or financial institution licensed by CMA that ensures the custodian safeguards assets and the fund manager follows the trust deed.
This separation guarantees investor security.
Money Market Funds in Kenya - Latest CMA Performance 2026
According to the latest CMA Collective Investment Schemes Quarterly Report for the period ended June 30, 2026 (Q2 2026), the industry has hit a record high:
Total AUM amounted to Kshs. 948.7 billion, being an 11% increase from Kshs. 851.7 billion reported in Q1 2026.
In Q1 2026, total AUM was Ksh 851.7B, a 13% increase from Ksh 756.3B in Q4 2025. The growth is attributed to overall growth of existing funds, new funds registered under existing umbrella schemes, and intensified marketing by fund managers.
Major Shift in Q2 2026: For the first time, Standard Investment Bank has overtaken Sanlam to become Kenya’s largest fund manager.
Standard Investment Trust Fund reported the highest AUM of Kshs. 188.6 billion, representing 20% market share, closely followed by Sanlam Unit Trust Scheme at Kshs. 171.4 billion
Top 5 Collective Investment Schemes in Q2 2026:
- Standard Investment Trust Fund (Mansa-X): Ksh 188.6B – 19.9% [Grew 23% from Q1]
- Sanlam Unit Trust Scheme: Ksh 171.4B – 18.1%. Learn more about SanlamAllianz MMF here
- CIC Unit Trust Scheme: Ksh 105.2B – 11.1%.
- Learn more about CIC MMF here
- Britam Unit Trust Scheme: Ksh 71.3B – 7.5%
- NCBA Unit Trust Scheme: Ksh 50.5B – 5.3%
This growth was powered by Special Funds. As of June 2026, there are 66 approved CIS comprising 320 funds, up from 62 schemes and 285 funds in March 2026.
Note: Q3 2026 report (Sept 30, 2026) is pending publication as of October 2026. We will update this article once released.
Sources:
- CMA Q2 2026 Report PDF: https://www.cmarcp.or.ke/images/Docs/cisreports/2026/CISReportQ2-2026.pdf
- CMA Q1 2026 Report: https://www.cmarcp.or.ke/images/Docs/cisreports/2026/CISReportQ1-2026.pdf
Licensed Collective Investment Schemes in Kenya
The full, up-to-date list is accessible on the CMA website: https://licensees.cma.or.ke/licenses/15/
Always confirm licensing before investing. Below are some of the active schemes as per the Q2 2026 report.
Fund Provider | Latest Return | Minimum Investment |
|---|---|---|
8.41% p.a. | Ksh 5,000 | |
9.53% p.a. | Ksh 2,500 | |
9.84% p.a. | Ksh 1,000 | |
Jubilee Money Market Fund | 9.74% p.a. | Ksh 5,000 |
Benefits of Investing in Money Market Funds in Kenya
1. Professional Management: Managed by CMA-licensed experts.
2. Low Cost: Starts from KSh 1,000.
3. Diversification: Spread across bank deposits, T-bills, and commercial paper.
4. Liquidity: Easy entry and exit; most MMFs offer 24- 48-hour withdrawals.
5. Security: Assets are held by an independent custodian and trustee.
What to Consider When Choosing a Money Market Fund in Kenya
- Historical Return: Check monthly fact sheets on fund managers’ websites. Compare net return after fees.
- Credibility: Has the manager been penalised by the CMA? Check CMA enforcement actions.
- Fees: The management fee is typically 1-2% p.a. of AUM. Compare net yield.
- Minimums: Check initial minimum and top-up amounts (KES vs USD funds).
- Investment Goal: MMFs are best for short-term and emergency funds. For long-term (5+ years), consider equity or balanced funds.
Start Your Collective Investment Journey Today with Anziano Team
You’ve learned what collective investment schemes are, how money market funds in Kenya. The hardest part is getting started. That’s where we come in.
Anziano is an authorised intermediary for CMA-licensed unit trusts and money market funds in Kenya. We make it simple for you to invest, whether it’s an individual account, a group account, a company, or even foreigners.
We will:
- Pick the right fund for you – KES or USD
- Do all the paperwork / online onboarding
- Follow up with the fund manager until your account is active
- Help you with M-Pesa, bank transfer, or USD wire top-ups
Get in touch with Anziano today:
Send us a WhatsApp with: “INVEST AS [Individual / Group / Company / Foreigner]”, and we will send you the specific checklist + application form.
📞 WhatsApp / Call: +254706600875 | 0208400605
We open accounts the same day.
FAQ on Collective Investment Schemes and Money Market Funds in Kenya.
What is a collective investment scheme in Kenya?
A collective investment scheme (CIS) is a pooled investment vehicle where funds from many investors are managed by a CMA-licensed fund manager. In Kenya, CIS are mostly structured as Unit Trusts under a Trust Deed, with an independent trustee and custodian safeguarding your money. Common types are Money Market Funds, Equity Funds, Balanced Funds, Bond Funds, and Special Funds.
What is the latest performance of collective investment schemes in Kenya according to CMA?
According to the CMA Collective Investment Schemes Quarterly Report Q2 2026 (Period Ended June 30, 2026), total Assets Under Management (AUM) hit a record Ksh 948.7 billion, an 11% growth from Ksh 851.7 billion in Q1 2026. The industry now has 66 approved schemes with 320 funds. Q3 2026 report is still pending as of October 2026.
Which is the largest collective investment scheme in Kenya in 2026?
As of Q2 2026, Standard Investment Trust Fund (Mansa-X by Standard Investment Bank) is now Kenya’s largest at Ksh 188.6 Billion (19.9% market share), overtaking Sanlam Unit Trust Scheme which is now second at Ksh 171.4 Billion (18.1%). This is the first time Standard has overtaken Sanlam. The shift was driven by 23% growth in Mansa-X special funds.
What is the minimum amount to invest in money market funds in Kenya?
Most CMA-licensed money market funds in Kenya allow you to start with Ksh 1,000 to Ksh 5,000. Subsequent top-ups start at Ksh 1,000. For USD Money Market Funds, the minimum is typically $100 – $1,000.
Can a chama, group, or SACCO invest in money market funds in Kenya?
Yes. Groups, chamas, welfare groups, and SACCOs can invest. Requirements are: a Group Registration Certificate or Constitution, Minutes to invest, a KRA PIN for the group, and IDs + KRA PINs of 3 officials. The Anziano team helps chamas open accounts daily.
Can a company, NGO, church, or school invest?
Yes. Companies, SMEs, NGOs, churches, schools, and businesses can invest in it as a treasury management solution. You need a Certificate of Incorporation, Company KRA PIN, CR12, Board Resolution, and IDs of directors. It earns more than a bank current account with 24-48hr liquidity.
Can a foreigner or Kenyan in diaspora invest in money market funds in Kenya?
Yes. Foreigners and the diaspora are allowed. You need a passport copy, proof of address, and a source of funds. You can invest in KES Money Market Funds or USD Money Market Funds (7-8% p.a.). No need to be in Kenya – Anziano does online onboarding via WhatsApp.
Are money market funds safe in Kenya?
Money market funds are low-risk but not risk-free. They are regulated by the CMA and have a strict governance structure with an independent trustee and custodian, so the fund manager never holds your cash directly. They are however, not insured by KDIC like bank deposits.
Is tax charged on money market funds in Kenya?
Yes. A withholding tax of 15% on interest income is charged, as per Kenyan tax laws. Some funds declare gross vs net returns – always confirm net return after withholding tax and management fees (typically 2% p.a.).
How do I start investing with Anziano?
Contact the Anziano team on WhatsApp/Call. Tell us if you are investing as an Individual, Group/Chama, Company, or Foreigner/Diaspora. We will send you the correct application form, help you with free account setup with CMA-licensed fund managers like CIC, Britam, NCBA, Sanlam, and Standard Investment Bank, and guide you on M-Pesa or bank top-up.
Samwel Mwangi Gathia is a Certified Public Accountant (CPA), Certified Secretary (CS), an MBA graduate, and a member of the Institute of Certified Public Accountants of Kenya (ICPAK) and the Institute of Human Resource Management (IHRM). He is the Lead Consultant at Anziano Consultants.
A practising accountant and business consultant based in Nairobi, Kenya, Samwel brings extensive expertise in accounting, taxation, investment, insurance, corporate governance, and human resource management. He holds an MBA (Corporate Management) from KCA University, a Bachelor of Arts from the University of Nairobi and a Certificate of Proficiency in Insurance (COP) from the College of Insurance.
As a seasoned trainer and consultant, he is passionate about financial literacy, corporate compliance, strategic management, and FinTech-driven digital transformation. Through his articles, he simplifies complex finance and governance topics to help individuals and businesses make smarter financial and business decisions.
Credentials: MBA |BA | CPA | CS | ICPAK | IHRM | COP (Insurance)
