How to buy Treasury bills and bonds in Kenya (via DhowCSD) — 2026

Lending money to the government is one of the safest ways to earn interest in Kenya — and since the Central Bank opened its DhowCSD portal, you can do it yourself from your phone, with no broker in the middle. This guide explains what Treasury bills and bonds are, what they pay, the tax, and exactly how to buy them.

Treasury bills vs bonds — the difference

Treasury bills (T-bills) are short-term. The Central Bank of Kenya (CBK) auctions them every week in three tenors: 91 days, 182 days and 364 days. You buy them at a discount and are paid the full face value at maturity — the difference is your interest.
Treasury bonds (T-bonds) are longer-term, from 1 to 30 years. They usually pay interest twice a year (a "coupon") and return your capital at maturity. You can also sell them before maturity on the secondary market.

Both are backed by the government, which is why they're treated as the lowest-risk shilling investment available to ordinary Kenyans.

What you need to start

A CSD account with the CBK. This is the account that holds your securities. You open it — free — through DhowCSD at dhowcsd.centralbank.go.ke or the DhowCSD mobile app. No intermediary needed.
The minimum. For an ordinary (non-competitive) bid, the minimum face value is KSh 50,000, in multiples of KSh 50,000. (Very large investors can place "competitive" bids from KSh 2,000,000, but most people use the non-competitive route, where you simply accept the auction's average rate.)

How to buy, step by step

Register for a CSD account on DhowCSD (you'll link your bank account and verify your identity).
Open the Auctions menu — the T-bills or bonds currently on offer are listed with their tenor and auction date.
Place a bid for the amount you want (in KSh 50,000 multiples). For a non-competitive bid you accept the market's average rate, so you don't have to guess a yield.
Confirm and submit — you'll get a confirmation that your bid is in.
Pay by the settlement deadline. For T-bills, payment is due by 2pm on the settlement date (the Monday after the auction; the next business day if that's a holiday). If your bid succeeds, the security lands in your CSD account.

What you actually earn — and the tax

The yield moves with each auction, so we don't quote a rate here — check the latest auction results on the CBK site (or compare against money market fund yields on our savings comparison).

Interest is subject to withholding tax, deducted at source:

T-bills and most T-bonds: 15% withholding tax on the interest.
Longer-dated bonds (broadly, tenors of 10 years or more) are taxed at a lower rate, and infrastructure bonds are tax-exempt — one reason they're so popular with Kenyan investors.

Use our compound interest calculator to see how reinvesting the interest builds up over several tenors.

Who they're for (and what to weigh)

T-bills suit money you want to keep safe and near-term — an emergency buffer beyond your bank float, or savings you'll need within a year. They're often compared directly with money market funds: T-bills can pay more, but an MMF gives you daily access, while a T-bill locks your money until maturity.
T-bonds suit longer goals — you lock in a rate for years and collect regular coupons, accepting that selling early means taking the market price on the day.

The main trade-offs: your money is committed for the tenor (T-bills can't be broken like an MMF), and while default risk is minimal, inflation can eat into a fixed return over a long bond.

Frequently asked questions

Do I need a broker? No. DhowCSD lets individuals buy directly from the CBK — that's the whole point of the platform. Some banks and investment firms will still do it for you for a fee.

T-bills or a money market fund? Different tools. A T-bill can offer a higher fixed return but locks your money for the tenor; an MMF gives daily access at a variable yield. Many people use both — see our MMF vs SACCO vs bank comparison.

What happens at maturity? The face value is paid into your linked account. You can also choose to roll over into a new issue when you bid.

Is my money safe? Government securities carry the lowest credit risk of any shilling investment. That's not the same as risk-free — you still face inflation and, for bonds sold early, price movements.