Kenya · Central Bank of Kenya

Kenya Treasury Bills

Treasury bills are the Government of Kenya's short-term borrowing — a place to park money for a year or less at a known return. Here is what they pay, how to buy them, and how they're taxed.

Issuer: Central Bank of Kenya, for the National Treasury
Where to buy: DhowCSD, or any commercial bank
Minimum: KES 100,000, then multiples of KES 50,000
Tenors: 91, 182 and 364 days
Return: Bought at a discount — no coupon
Auctions: Weekly, every tenor

01What are Kenya treasury bills?

A treasury bill is a short-term loan to the Government of Kenya, issued by the Central Bank for 91, 182 or 364 days. You buy it for less than its face value and are repaid the full face value at maturity — that difference is your interest. There is no separate coupon.

Because the term is short and the borrower is the government, bills are about the lowest-risk way to earn a defined return on cash you don't need for a few months.

02Treasury bill rates in Kenya

Rates are set at each weekly auction by what investors bid, so the 91, 182 and 364-day bills each carry their own yield and it moves week to week. Always read the current figures rather than trust a number on any page (including this one): CBK treasury bills and DhowCSD.

03How to buy treasury bills in Kenya

1
Open a CDS account
Register on DhowCSD (the Central Bank's online platform) or open a Central Depository System account through your commercial bank. You need a Kenyan bank account and a KRA PIN.
Foreign or diaspora investor? See below ↓
2
Check the weekly offer
The CBK auctions 91, 182 and 364-day bills every week and publishes the offer amounts and auction date.
3
Place your bid
Submit a competitive bid (you name the rate you'll accept) or a non-competitive bid (you take the weighted average). Bids typically close Thursday at 2pm. Most individuals bid non-competitively.
4
Pay the discounted price
If your bid succeeds, settle by the following Monday. You pay less than the face value — that discount is your return.
5
Collect the face value at maturity
On the maturity date the full face value lands in your bank account. You can roll it straight into the next auction.

04Returns & tax

Your return is the discount: buy a bill below face value, collect the full face value at maturity. One deduction applies:

A 15% withholding tax on the interest (the discount), deducted at source — so the figure that reaches you is already net of tax.
No coupon and no price swings if you hold to maturity: the return you lock in at the auction is the return you get.

Often unclear — here's the answer

For foreign & diaspora investors

Yes — non-residents can buy. Open a Central Bank CDS account and choose the “Foreign Investor (FI)” category, with your passport.
The KRA PIN is the real hurdle. Every investor needs a KRA PIN (Kenya's tax ID). A non-resident registers on iTax but must appoint a Kenya-resident tax representative — a licensed local tax agent — to obtain and hold it; reckon on a few weeks. Diaspora Kenyans can usually register with their national ID instead.
You can open it from abroad. DhowCSD lets diaspora and foreign investors register and bid online — no need to be in Kenya.
A Kenyan-shilling account is required. Settlement, coupons and redemptions are paid in KES, so you (or a custodian) need a local bank account.
The withholding tax is your final tax. For non-residents without a permanent establishment in Kenya, the 15% deducted at source (10% on bonds of ten years or more) settles your Kenyan liability.
Your money isn’t trapped. Kenya has no exchange controls, so coupons and principal repatriate freely. You convert KES back to your currency — so exchange-rate moves affect your real return.

Rules and rates change — verify against the CBK, NSE and KRA before you commit. This is information, not tax or investment advice.

05Common questions

What is the minimum amount to buy a treasury bill in Kenya?

KES 100,000, and any amount above that in multiples of KES 50,000. (Treasury bonds start lower, at KES 50,000.)

How are treasury bills taxed in Kenya?

The discount — the gap between what you pay and the face value you receive — is treated as interest and is subject to a 15% withholding tax, deducted at source.

How often are treasury bills auctioned?

Every week. The Central Bank of Kenya offers all three tenors — 91, 182 and 364 days — at a weekly auction, with bids usually closing Thursday afternoon.

What is the difference between a treasury bill and a treasury bond?

Treasury bills are short-term (91, 182 or 364 days), sold at a discount with no coupon. Treasury bonds run 2 to 30 years and pay a fixed coupon every six months until maturity.

Rolling bills over? Never miss a maturity.

Tamias tracks every treasury bill, bond and stock you own across Kenya and East Africa, computes your true return after tax, and nudges you before each maturity — so matured money never sits idle.

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