You can buy a Kenyan Treasury bill yourself on the Central Bank's DhowCSD app or website, from KSh 50,000 face value, with no broker. Bills run for 91, 182 or 364 days and are auctioned every Thursday. At the last auction the 364-day bill averaged 9.0267%.
How a Treasury bill pays you
A bill is sold at a discount. You choose the face value, the amount you get back at maturity, and pay less than that today. The gap is your return. CBK prices it with this formula: price per KSh 100 = 100 divided by (1 + rate x days / 365).
What KSh 100,000 earns at the latest rates
| Bill | Average rate | You pay | Discount earned | After 15% tax |
|---|---|---|---|---|
| 91-day | 8.7478% | KSh 97,865.59 | KSh 2,134.41 | KSh 1,814.25 |
| 182-day | 8.8591% | KSh 95,769.47 | KSh 4,230.53 | KSh 3,595.95 |
| 364-day | 9.0267% | KSh 91,741.46 | KSh 8,258.54 | KSh 7,019.76 |
Our prices match CBK's published price per KSh 100 for each bill. Rates move every week; the next auction is on 29 October 2026. Check CBK's Treasury bills on offer before you bid.
How much you need
- Non-competitive bid: from KSh 50,000 face value, in steps of KSh 50,000, up to KSh 50 million per account per tenor. You get the average rate of the auction.
- Competitive bid: from KSh 2,000,000. You name your own rate and may not be accepted.
For most people a non-competitive bid is the one to use. You take the average rate, but your bid is not left out for pricing too low.
How to buy one, step by step
- Download the DhowCSD app (Google Play or App Store) or go to dhowcsd.centralbank.go.ke, and open a CSD account. You need a Kenyan bank account to receive the money at maturity.
- Log in, open Auctions, choose the bill and tap create bid.
- Choose Non-Competitive, type the face value in Amount, set your source of funds, accept the terms and tap Place Bid. You get a confirmation and an email.
- Bids close at 2pm on Thursday. On Friday, the Transactions tab shows whether your bid succeeded, how much to pay and your payment key.
- Pay by RTGS from your bank by 2pm on Monday, quoting your CSD account number, the amount payable and the payment key.
- At maturity CBK pays the face value into your bank account, or rolls it into a new bill if you set that up.
Tax
In CBK's own worked example, a taxable investor pays 15% withholding tax on the discount, collected when you pay for the bill, unless you hold a tax exemption certificate from KRA. On a 364-day bill of KSh 100,000 that is about KSh 1,238.78. The payment amount in DhowCSD is the figure to go by.
Getting out early
Plan to hold to maturity. The way out before then is to sell the bill back to CBK, which uses the going rate plus a 3% margin, so you get noticeably less. The 364-day bill can also be sold over the counter. If you may need the money soon, a money market fund is easier to get out of.
Frequently asked questions
What is the minimum amount for a Treasury bill in Kenya?
KSh 50,000 face value for a non-competitive bid and KSh 2,000,000 for a competitive bid, in steps of KSh 50,000, according to the Central Bank of Kenya.
How do I buy Treasury bills in Kenya?
Open a CSD account on CBK DhowCSD (web or app), place a bid under Auctions before 2pm on Thursday, check the Transactions tab for the result and amount, and pay by RTGS by 2pm on the Monday.
How much does KSh 100,000 earn in a 364-day Treasury bill?
At the last auction's average rate of 9.0267%, you pay about KSh 91,741.46 and receive KSh 100,000 at maturity, a discount of about KSh 8,258.54. After 15% withholding tax that is about KSh 7,019.76.
Is tax charged on Treasury bills?
CBK's own worked example charges 15% withholding tax on the discount, unless you hold a KRA tax exemption certificate. Your DhowCSD payment details show the exact amount.
Can I get my money out before the bill matures?
Only by selling the bill back to CBK, which CBK says is punitive by design: it uses the going rate plus a 3% margin. The 364-day bill can also be traded over the counter.