Serrari Kenya Treasury Bills Dashboard
Latest weighted average rates from CBK T-Bill auctions. 91-day and 182-day bills are auctioned weekly (Wednesday). 364-day bills are auctioned monthly.
91-Day T-Bill
Issue #2674 · Weekly auction182-Day T-Bill
Issue #2648 · Weekly auction364-Day T-Bill
Issue #2603 · Monthly auctionBuy via DhowCSD (CBK)
DhowCSD is the CBK app for buying Treasury Bills directly. Minimum: KES 100,000. See how to get started below.
T-Bill rates have been declining since mid-2024, tracking the CBK policy rate cuts (from 13% to 10%). The spread between 91-day and 364-day T-Bills has narrowed from ~0.55pp to ~0.92pp, meaning longer tenors still reward patience but the premium is compressing.
Subscription rate = total bids received / amount offered. Above 100% means oversubscription — more investors want T-Bills than CBK is selling. High demand generally pushes rates down as investors accept lower yields to secure allocation.
Latest CBK T-Bill auction data. Subscription rates above 100% indicate oversubscription.
| Auction Date | Tenor | Issue # | Avg Rate | Offered | Received | Accepted | Subscription |
|---|
T-Bills are sold at a discount. You pay less than KES 100,000 and receive the full face value at maturity. The difference is your tax-free return.
How much will I earn?
Select a tenor and enter your investment amount
How do T-Bills compare? Lower headline yield, but tax-free and sovereign-backed. The after-tax effective yield is often closer than it looks.
91-Day T-Bill
Min: KSh 100K
Risk: Sovereign
364-Day T-Bill
Min: KSh 100K
Risk: Sovereign
MMF Average
Min: KSh 100
Risk: Low
Top MMF (Nabo)
Min: KSh 10K
Risk: Low
Best FD 12-Month
Min: KSh 50K
Risk: Low
Gov Bond (avg YTM)
Min: KSh 50K
Risk: Sovereign
T-Bills are short-term government IOUs. You lend money to the government and they pay you back with interest — all tax-free.
You buy at a discount
T-Bills don't pay coupons like bonds. Instead, you buy them below face value. If the 91-day rate is 7.56%, you pay ~KSh 98,114 for a KSh 100,000 bill. At maturity (91 days later), you get the full KSh 100,000 back.
Sovereign-backed, zero credit risk
T-Bills are direct obligations of the Government of Kenya. They carry the same sovereign risk as treasury bonds — the safest domestic investment. No default has ever occurred on Kenyan government securities.
Tax-exempt for individuals
Interest on T-Bills is exempt from withholding tax for individual investors (as of March 2026). This makes the effective yield significantly higher than bank deposits or MMFs where 15% WHT applies. A 7.56% T-Bill yield equals ~8.9% pre-tax elsewhere.
Three tenors, weekly auctions
91-day and 182-day T-Bills auction every Wednesday. 364-day T-Bills auction monthly. Results are published same-day by CBK. Non-competitive bids (recommended for retail investors) guarantee allocation at the market rate.
Buy via DhowCSD mobile app
Download DhowCSD, open a CDS account (free, takes 1-3 days), and bid from your phone. Minimum investment: KSh 100,000 in multiples of KSh 50,000. Pay via M-Pesa Paybill 200222.
Rollover strategy
Many investors "ladder" T-Bills: invest in 91-day bills every month so one matures every month. This gives you regular liquidity while maintaining exposure. You can auto-rollover via DhowCSD.
DhowCSD is the CBK app for buying government securities directly. Treasury Bills (3–12 months) and Treasury Bonds (1–30 years).
Download the DhowCSD App
Search "DhowCSD" on Google Play or the App Store and install it.
Create Your CDS Account
CDS (Central Depository System) is your government securities wallet.
- Upload your ID photo and selfie
- Add your KRA PIN and bank details
- Set your M-Pesa number
Choose a T-Bill Auction
Weekly auctions for 91-day and 182-day bills. Monthly for 364-day. Choose an offer and tap "Invest".
Bid & Pay via M-Pesa
Minimum KSh 100,000, multiples of 50K. Select Non-competitive bid (recommended). Pay via M-Pesa Paybill 200222.
What you need: Kenyan ID or Passport, Kenyan phone number, M-Pesa account, KRA PIN.
Tip: Start with a 91-day T-bill — shortest lock-in, quickest feedback loop. Then move to 182-day or 364-day for higher rates, or graduate to bonds for even higher yields.
A Treasury Bill (T-Bill) is a short-term government security issued by the Central Bank of Kenya (CBK). You buy it at a discount and receive the full face value at maturity. The difference is your return. T-Bills come in 91-day (3 months), 182-day (6 months), and 364-day (12 months) tenors.
Yes. Interest on Treasury Bills is exempt from withholding tax for individual investors (as of March 2026). This makes the effective yield higher than comparable instruments. A 7.56% T-Bill yield is equivalent to ~8.9% pre-tax on a bank deposit or MMF that charges 15% WHT.
KES 100,000, in multiples of KES 50,000 thereafter. You can invest through DhowCSD (CBK's mobile app), your bank, or directly through CBK.
A non-competitive bid means you accept whatever rate the auction determines. You're guaranteed allocation (up to your bid amount). This is recommended for retail investors. Competitive bids specify a rate — you might not get allocated if your rate is too high.
T-Bills are sold at a discount. For a 91-day T-Bill at 7.56%, you pay approximately KSh 98,114 for a KSh 100,000 bill. After 91 days, CBK pays you the full KSh 100,000. The KSh 1,886 difference is your tax-free profit.
They serve different purposes. T-Bills: sovereign-backed, tax-free, but locked for 91–364 days with KSh 100K minimum. MMFs: daily liquidity, low minimums (KSh 100+), but 15% WHT applies. Current T-Bill rates (~7.5-8.5%) are lower than top MMFs (~11%), but T-Bills are risk-free and tax-free. Many investors use both: MMFs for accessible cash, T-Bills for short-term parking of larger sums.
T-Bills can technically be traded on the secondary market, but liquidity is limited. Most investors hold to maturity (the tenors are short enough). If you need regular liquidity, consider laddering: buy 91-day T-Bills monthly so one matures every month.
T-Bill rates track the CBK policy rate (currently 10.00%, down from 13% in mid-2024). As CBK cuts rates to stimulate the economy, yields on government securities fall. Rates dropped ~8 percentage points over 12 months. They may stabilise if CBK pauses cuts.
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