Lending to your government through a Treasury bill or savings bond is one of the safest ways to earn interest in your own currency (see what a Treasury bill is). Here is what each government’s own official source says about how an individual can do it. Only the official channels below are listed; if anyone else asks you for money “to buy government bonds”, check first.
Kenya: Treasury bills and bonds
From the Central Bank of Kenya’s “Kenya securities” page:
- Minimum: “If you’d like to purchase a Treasury bill, you must invest a minimum of Kshs. 50,000.” The same minimum applies to Treasury bonds.
- Who: “Individuals can invest directly through the Central Bank.”
- How: you need a bank account and a CDS account with the Central Bank, opened through its DhowCSD portal, which also has a mobile app.
- Tax: 15% withholding tax on Treasury bill returns for residents.
- Rates: set at weekly auctions: every Kenyan result since 2011.
Nigeria: FGN Savings Bond
From the Debt Management Office’s offer for October 2026:
| October 2026 offer | Terms |
|---|---|
| 2-year bond, due 14 October 2028 | 13.071% a year |
| 3-year bond, due 14 October 2029 | 14.071% a year |
| Offer open | 5 to 9 October 2026; settlement 14 October 2026 |
| Units | ₦1,000 each; minimum ₦5,000, then multiples of ₦1,000, up to ₦50,000,000 |
| Interest | paid every quarter: 14 January, April, July and October |
The offer states that the bond is listed on the Nigerian Exchange and qualifies as a government security within the meaning of the Company Income Tax Act and the Personal Income Tax Act “for Tax Exemption for Pension Funds, amongst other investors”. EXAMPLE: ₦5,000 in the 2-year bond at 13.071% pays about ₦163.39 each quarter (₦653.55 a year).
A new offer is published every month on the DMO’s Savings Bond page, with the rates and how to apply; read the current one before you buy.
South Africa: RSA Retail Savings Bonds
From the National Treasury’s RSA Retail Savings Bonds site: “There are three easy steps to follow to invest in a Retail Bond”:
- Register your details with the National Treasury: online at rsaretailbonds.gov.za, or at the National Treasury, 240 Madiba Street. You receive a unique reference number.
- Apply: select a bond and maturity.
- Pay by internet banking or direct deposit at a bank, using your reference number.
Applicants under 18 need their parents’ or guardians’ written authority. Helpline: 012 315 5888, Monday to Friday, 08h00 to 16h00. Current rates are on the site’s Rates page.
Tanzania: Treasury bills
From the Bank of Tanzania’s Treasury bills investment calculator: bills are sold at a weighted average price below face value, and the calculator applies 10% withholding tax on the gain.
From the calculator on 5 October 2026: the 364-day bill’s weighted average price was 94.1017 per 100. For example, a TZS 100,000 bill cost about TZS 94,101.70 and returned TZS 5,898.30, or about TZS 5,308.50 after the 10% tax: roughly 6.27% a year before tax.
The Bank of Tanzania publishes auction calls, results and an issuance calendar on its Treasury bills page.
Other countries
We have not yet found official guidance for individuals that we can quote for Ghana, Uganda, Egypt, Zambia, Malawi or Mozambique. Each sells bills at weekly auctions (see the T-bill monitor); ask your central bank or a licensed bank how individuals take part, and add the guide here when it is confirmed.
Information, not advice.