Saving & investing
How to buy Treasury bills in Kenya with DhowCSD (including from abroad)
Step-by-step guide to buying T-bills on the CBK's DhowCSD platform: the KES 50,000 minimum, current yields, tax, and how diaspora Kenyans can invest.
Register on the Central Bank of Kenya's DhowCSD app or website, place a non-competitive bid from KES 50,000, and pay by the settlement date. At the 28 September 2026 auction, 91-day bills yielded 8.78%, 182-day 8.90% and 364-day 9.04%.
What you'd earn
| Invest | Tenor | Yield | Interest before tax | After 15% tax |
|---|---|---|---|---|
| KES 100,000 | 91 days | 8.778% | KES 2,195 | KES 1,865 |
| KES 100,000 | 364 days | 9.043% | KES 9,043 | KES 7,687 |
| KES 500,000 | 364 days | 9.043% | KES 45,215 | KES 38,433 |
Approximate. T-bills are sold at a discount and pay the full amount at maturity.
Step by step
- Download the DhowCSD app or go to the DhowCSD website.
- Register with your ID or passport, KRA PIN and a Kenyan bank account in your name.
- Wait for approval, then pick the T-bill (91, 182 or 364 days) in the weekly auction.
- Place a non-competitive bid, from KES 50,000 in KES 50,000 steps. You'll get the average rate.
- Pay through your bank before the deadline on the settlement day, usually Monday.
- At maturity, the full face value goes to your bank account, or you can roll it over.
From the diaspora
Kenyans abroad can invest too. The CBK asks for an ID or passport, a KRA PIN, a photo and an active account with a CBK-licensed Kenyan bank. Your bank may need to certify documents. Many diaspora investors combine T-bills with a money market fund for easier access. See our diaspora investing guide.
T-bills vs bonds
Bonds lock money up for 2 to 25 years and pay interest twice a year. Infrastructure bonds are tax-free, which can make them attractive, but prices can fall if you sell early.
Competitive vs non-competitive bids
A non-competitive bid accepts the average rate from the auction and is the simplest option for most individuals. A competitive bid lets you name your rate, starts at KES 2 million and may be rejected if your rate is too high.
Rolling over and planning cash flow
When a T-bill matures you can reinvest it in the next auction. Many savers "ladder" T-bills, buying a new 91-day or 182-day bill every few weeks so that some money becomes available regularly. This balances returns with access.
T-bills vs money market funds
| T-bills | Money market fund | |
|---|---|---|
| Return (2026) | About 8.8–9.0% | Top funds about 10–11% |
| Minimum | KES 50,000 | Often KES 100–1,000 |
| Access | At maturity | Usually 2–3 days |
| Issuer | Government of Kenya | Fund invests in T-bills, bonds and deposits |
Frequently asked questions
What is the minimum amount for T-bills in Kenya?
KES 50,000 face value for a non-competitive bid on DhowCSD.
What are current T-bill rates in Kenya?
At the 28 September 2026 auction: 8.778% for 91 days, 8.895% for 182 days and 9.043% for 364 days.
Is T-bill interest taxed?
Yes, at 15% withholding tax. Infrastructure bonds are tax-exempt.
Can I buy T-bills from outside Kenya?
Kenyans abroad can, with a KRA PIN and a Kenyan bank account.
Sources
- Central Bank of Kenya — Treasury bills
- Central Bank of Kenya — Investing in government securities from abroad
- Central Bank of Kenya — Interest rate statistics (lending, savings and T-bill rates)
- Kenya Revenue Authority — Withholding tax rates
Links are for reference only. METRIKA is independent and not affiliated with or endorsed by these organisations.
Last reviewed 1 Oct 2026. METRIKA gives estimates and general information, not financial, tax, legal or immigration advice.