(NAIROBI, KENYA) – Kenyan investors increased their holdings in foreign currency denominated funds by KES 15 billion in three months, pushing the total to KES 110.5 billion by June 2026, according to data from the Capital Markets Authority (CMA). The figure amounts to approximately $856 million / £677 million / €777 million at current exchange rates.
The amount of money held in these funds rose 15% from KES 95.9 billion in March. Compared to March 2023, when the investments stood at KES 6.6 billion, the growth represents a more than sixteen fold increase over three years.
Foreign currency funds are investment products that allow people to put their money into assets held in currencies such as the US dollar, British pound or South African rand. They include money market funds, which generally invest in short term investments, as well as fixed income, equity and special funds.
The CMA said the growth suggests that more investors are looking for ways to spread their savings across different currencies rather than keeping all their money in Kenyan shillings. The number of investors in the various collective investment funds has continued to grow steadily over time, supported by increasing awareness in the market to save and invest, especially in the post Covid era.
In the last one year, the number of investors has grown by 68% from 2.5 million in June 2025 to 4.1 million in June 2026.
Dollar based funds are by far the most popular among the foreign currency products available in the market. According to the CMA, there were 47 foreign currency denominated funds by June, made up of 45 dollar funds, one British pound fund and one South African rand fund.
The increasing interest in these funds is also part of a wider expansion of Kenya’s investment industry. The total amount of money managed by collective investment schemes rose to KES 948.7 billion in June, from KES 851.7 billion in March, an increase of 11%. The total assets under management equal about $7.35 billion / £5.81 billion / €6.67 billion.
Collective investment schemes are investment pools where many people put their money together, with professional fund managers investing it on their behalf. They include money market funds, fixed income funds, equity funds and balanced funds.
The CMA said the wider growth in the sector has been supported by existing funds attracting more money, new funds coming into the market and increased efforts by fund managers to educate and attract investors.
Foreign currency funds have been growing steadily over the past year. Their total value stood at KES 70.6 billion in September 2025, rising to KES 79.1 billion in December, KES 95.9 billion in March 2026 and KES 110.5 billion in June.
Several funds recorded significant growth during the period. The Mansa X Special Fund increased from KES 17.4 billion in March to KES 20.6 billion in June. The SanlamAllianz Fixed Income USD Fund grew from KES 37 billion to KES 42.5 billion over the same period.
Money market funds denominated in dollars have also attracted substantial amounts. Jubilee Money Market Fund USD had about KES 5.7 billion in assets by June, up from KES 4.7 billion in March, while Dry Associates Money Market Fund USD rose from KES 3.6 billion to KES 4.6 billion.
The increase comes at a time when more Kenyans are turning to professionally managed investment products. The number of people investing through collective investment schemes reached 4.15 million in June 2026, up 68% from 2.5 million a year earlier. Local retail investors, ordinary Kenyan savers and individuals, accounted for 98% of investors.