Afronomics comparison · Kenya
Where your shilling earns most
Every place to put Kenya shillings, on one scale, after withholding tax. Government paper from the Central Bank’s auction results, fund yields from each manager’s own published figure, and the Central Bank’s averages for what banks pay. Right now the gap between the best option and a bank savings account is 11.9 points a year.
Highest after tax today
14.92%
Etica Money Market Fund (KES)
17.55% before 15% withholding tax · 2 Oct 2026
Is my rate fair?
Against the published benchmarks · information, not advice
Type the rate you were offered and the amount. Benchmarks: 364-day bill 9.04%, best published fund 14.92% after tax, bank deposit average 6.91%, bank lending average 14.34% (2026-08).
Compared
Annual return, before and after tax
Sorted by what you keep. Bars show the published rate; the darker part is what remains after withholding tax.
| Option | Published | After tax | Money tied up | As of | |
|---|---|---|---|---|---|
| Government | |||||
| Treasury bond FXD1/2022/025Central Bank of Kenya | 14.44% | 13.00% | 21.2 years to maturity | 27 Jul 2026 | |
| Treasury bond FXD1/2021/020Central Bank of Kenya | 14.34% | 12.91% | 15.0 years to maturity | 13 Jul 2026 | |
| Infrastructure bond IFB1/2019/016Central Bank of Kenya | 12.20% | 12.20% | 9.1 years to maturity | 17 Aug 2026 | |
| Treasury bond FXD1/2022/010Central Bank of Kenya | 12.78% | 10.86% | 5.8 years to maturity | 13 Jul 2026 | |
| Treasury bond FXD1/2012/020Central Bank of Kenya | 12.46% | 10.59% | 6.5 years to maturity | 11 May 2026 | |
| 364-day Treasury billCentral Bank of Kenya | 9.04% | 7.68% | 364 days | 5 Oct 2026 | |
| 182-day Treasury billCentral Bank of Kenya | 8.89% | 7.55% | 182 days | 5 Oct 2026 | |
| 91-day Treasury billCentral Bank of Kenya | 8.77% | 7.45% | 91 days | 5 Oct 2026 | |
| Money market funds | |||||
| Etica Money Market Fund (KES)Etica Capital | 17.55% | 14.92% | none; usually 2 to 3 days to withdraw | 2 Oct 2026 | |
| Zimele Fixed Income Fund (Savings Plan)Zimele Asset Management | 13.41% | 11.40% | none; usually 2 to 3 days to withdraw | 2 Oct 2026 | |
| Madison Money Market FundMadison Investment Managers | 10.64% | 9.04% | none; usually 2 to 3 days to withdraw | 2 Oct 2026 | |
| Kasha Money Market FundOrient Asset Managers | 10.41% | 8.85% | none; usually 2 to 3 days to withdraw | 2 Oct 2026 | |
| Banks | |||||
| Bank fixed deposit, industry averageCentral Bank of Kenya | 6.91% | 5.87% | by agreement, typically 3 to 12 months | Aug 2026 | |
| Bank savings account, industry averageCentral Bank of Kenya | 3.54% | 3.01% | none | Aug 2026 | |
After-tax figures apply Kenya’s withholding tax on interest for residents: 15% on bills, deposits and fund returns, 10% on bonds of ten years or more, none on infrastructure bonds. Bonds shown are the latest auction nearest each point on the curve; every issue is on the bond page. Fund yields are the managers’ effective annual yields before fees shown as published; past yield is not a promise of future yield. Bank figures are industry averages from the Central Bank; individual banks pay more or less. This is information, not advice.
KES 7454
KES 100,000 in the 91-day bill, one year, after tax
KES 3009
The same in a bank savings account
KES 4445
Difference over a year
Banks
What banks pay and charge, last six years
Weighted averages across all commercial banks, monthly, from the Central Bank of Kenya.
Source: Central Bank of Kenya · monthly weighted averages · read 2026-10-02
Compare government borrowing costs across Africa on the T-bill monitor.
Cite or reuse this data
Free to quote, chart and republish with the credit “Source: Afronomics, compiled from the Central Bank of Kenya and fund managers’ published yields” and a link to this page.
Afronomics (2026). Where your shilling earns most: Kenya rates compared, compiled from the Central Bank of Kenya and fund managers’ published yields. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/rates/kenya
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