How to Buy Treasury Bills in Kenya (2026 Guide)
Step-by-step: DhowCSD account setup, CBK auction dates, minimum bids, and what rates to expect right now.
📌 Key Takeaways
- T-Bills are sovereign-backed — safest investment in Kenya
- Currently yielding 15.8–16.4% (April 2026)
- Minimum bid: KES 50,000 per application
- 100% liquid at maturity (91, 182, or 364 days)
- Subject to 15% WHT — net yield ≈ 13.4–13.9%
What Are Treasury Bills?
Treasury Bills (T-Bills) are short-term government debt instruments issued by the Central Bank of Kenya (CBK) on behalf of the National Treasury. When you buy a T-Bill, you're lending money to the Kenyan government for 91, 182, or 364 days. At maturity, you receive your principal back plus interest — guaranteed by the sovereign.
T-Bills are sold at a discount to face value. This means if you buy a KES 100,000 T-Bill, you pay roughly KES 96,000 today and receive the full KES 100,000 at maturity. The KES 4,000 difference is your return.
Current T-Bill Rates (April 2026)
| Tenor | Rate | Net Yield (after WHT) | Min. Bid | Auction Day |
|---|---|---|---|---|
| 91-Day T-Bill | 15.8% | 13.4% | KES 50,000 | Weekly (Monday) |
| 182-Day T-Bill | 16.1% | 13.7% | KES 50,000 | Weekly (Monday) |
| 364-Day T-Bill | 16.4% | 13.9% | KES 50,000 | Weekly (Monday) |
Step-by-Step: How to Buy T-Bills in Kenya
1. Open a DhowCSD Account
Go to dhowcsd.ke and register for a Central Securities Depository (CSD) account. You'll need your National ID, KRA PIN, and a bank account. Account opening is free and takes 1–3 business days to approve.
2. Fund Your CSD Account
Deposit funds into your linked bank account. Most banks (KCB, Equity, Co-op, NCBA) support direct T-Bill applications. The minimum competitive bid is KES 50,000.
3. Submit Your Bid on Auction Day
CBK holds T-Bill auctions every Monday. Log in to DhowCSD, navigate to Auction Bids, select your preferred tenor (91, 182, or 364 days), enter your amount, and submit. Non-competitive bids are accepted at the weighted average rate.
4. Wait for Allotment Results
Results are published Tuesday. If your bid is accepted, funds are debited from your account on the settlement date (Thursday). You'll receive an allotment confirmation via email.
5. Hold to Maturity or Roll Over
At maturity, your principal and net interest are credited back to your bank account. You can opt for automatic rollover at the current market rate — ideal for passive income.
Important: Non-Competitive vs Competitive Bids
First-time investors should always submit non-competitive bids. This guarantees allotment at the weighted average market rate. Competitive bids risk rejection if your rate bid is too high.
T-Bills vs MMFs: Which Should You Choose?
| Feature | T-Bills | MMFs |
|---|---|---|
| Minimum Investment | KES 50,000 | KES 100–5,000 |
| Liquidity | At maturity only | T+1 (daily) |
| Yield (Gross) | 15.8–16.4% | 14–18% |
| Tax | 15% WHT | 15% WHT |
| Risk | Sovereign (Zero) | Very Low |
| Who manages it | You (via DhowCSD) | Fund Manager |
Check live T-Bill rates on Sentill
We track every CBK auction result and update T-Bill yields every Monday after results are announced.
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