How to buy Treasury bills in Kenya: a step-by-step guide
Treasury bills are one of the safest places to grow money in Kenya. Here is how to buy them yourself on the Central Bank's DhowCSD platform, what they cost, and what you actually earn after tax.
Treasury bills (T-bills) are short-term loans you make to the Government of Kenya. They come in three terms: 91 days, 182 days and 364 days. Because the government stands behind them, they are among the lowest-risk investments available to Kenyans, and you can buy them directly from the Central Bank of Kenya (CBK) without a broker.
How a T-bill pays you
T-bills are sold at a discount. You pay less than the face value today and receive the full face value on the maturity date. The difference is your interest. The CBK works out the price per KES 100 of face value with this formula:
Price = 100 ÷ (1 + rate × days ÷ 365)
Interest on T-bills is taxed at 15% withholding tax, which is deducted for you.
Latest rates
At the auction of 22 October 2026, the average accepted rates were 8.748% for the 91-day bill, 8.859% for the 182-day bill and 9.027% for the 364-day bill. Rates change every week; see the current figures on our Treasury bill rates page.
Worked example
Say you buy a 364-day bill with a face value of KES 100,000 at 9.0267%:
- Price per KES 100 = 100 ÷ (1 + 0.090267 × 364 ÷ 365) = 91.741
- You pay today: KES 91,741
- You receive in 364 days: KES 100,000
- Interest: KES 8,259, less 15% tax of KES 1,239 = KES 7,020 net
Try your own figures with our T-bill return calculator.
What you need
- Your national ID (or passport)
- Your KRA PIN
- A bank account in your own name
- At least KES 100,000. The CBK's minimum face value is KES 100,000, and larger amounts go up in multiples of KES 50,000.
Step by step
- Open a DhowCSD account. DhowCSD is the CBK's online platform for buying government securities. Register on the DhowCSD portal or app with your ID, KRA PIN and bank details, and wait for your account to be approved.
- Pick a bill. The CBK auctions 91, 182 and 364-day bills every week. Each week's auction notice on the CBK website gives the closing day and time for bids, and successful bills are issued on the following Monday (the "value date").
- Choose how to bid. A non-competitive bid accepts the average rate of the auction; it is the simplest choice for most individuals. A competitive bid names the rate you want; if it is higher than the rate the CBK accepts, your bid is rejected.
- Pay by the value date. If your bid is successful, pay the discounted price by the value date using the payment details in your DhowCSD account.
- Get paid at maturity. On the maturity date the face value is paid to your bank account. You can then reinvest in a new auction.
T-bills or a money market fund?
T-bills lock your money until maturity and need KES 100,000 to start. Money market funds invest in similar assets, accept much smaller amounts and let you withdraw within a few days, but their yields move every day. Read our guide to money market funds to compare.
Sources
This article is general information, not financial advice.