A Treasury bill is a short loan you make to the Government of Kenya. The National Treasury borrows; the Central Bank of Kenya runs the sale every week. Bills last 91, 182 or 364 days.
How you earn
You do not receive interest every month. You pay less than the bill’s face value today, and you receive the full face value when it matures. The difference is your return.
From the Central Bank’s auction of 5 October 2026 (one-year, 364-day bill):
- The average price was KSh 91.7306 for every KSh 100 of face value.
- A KSh 100,000 bill therefore cost KSh 91,730.60.
- A year later you receive KSh 100,000: a return of KSh 8,269.40 before tax.
- The Central Bank expresses that as a rate of 9.04% a year.
Tax
Treasury bill returns carry 15% withholding tax for residents, so the KSh 8,269.40 becomes about KSh 7,029 in your pocket. Compare after-tax figures on where your shilling earns most.
How to buy one
From the Central Bank’s own guidance:
- Minimum: “If you’d like to purchase a Treasury bill, you must invest a minimum of Kshs. 50,000.”
- You need a bank account and a CDS account with the Central Bank, opened through its DhowCSD portal, which also has a mobile app.
- Bid at the weekly auction for the tenor you want. Rates are set at the auction.
“Individuals can invest directly through the Central Bank”: you do not have to go through a bank or broker.
Across Africa
Most African governments sell bills the same way: below face value, repaid in full at maturity, through an auction run by the central bank. Minimums, taxes and how individuals buy differ by country: see buying in Kenya, Nigeria, South Africa and Tanzania. On 5 October 2026 one-year bills ranged from 6.29% in Tanzania to 25.67% in Egypt: why the gap is so wide.
Where to follow the rates
- Every Kenyan auction since 2011, with the notice each comes from: Kenya T-bills.
- Ten African markets side by side: T-bill monitor.
- Get a browser alert the moment a new result lands: alerts.
Information, not advice.