You can lend money to the Kenyan government directly, without a bank or broker, through the Central Bank of Kenya’s DhowCSD platform. It works on the web and as a phone app.

Bills and bonds

  • Treasury bills last 91, 182 or 364 days. They are sold at a discount: you pay less than the face value and get the full face value at the end.
  • Treasury bonds last two years or more and pay interest every six months, then return your money at the end.
  • Infrastructure bonds are bonds whose interest is tax-free.

At the auction dated 28 September 2026, the average rate was 8.78% for the 91-day bill and 9.04% for the 364-day bill. The Central Bank publishes new results every week.

Opening a DhowCSD account

  1. Go to the DhowCSD portal (linked from centralbank.go.ke) or download the DhowCSD app.
  2. Register with your ID or passport, KRA PIN, phone number and email.
  3. Add a bank account in your name - this is where your money is paid back.
  4. Wait for approval, usually a few days.

Kenyans abroad can open an account too.

Buying a Treasury bill

  1. In DhowCSD, open Transactions and choose to buy a Treasury bill.
  2. Choose the term (91, 182 or 364 days).
  3. Choose a non-competitive bid - you get the average rate of the auction and are almost always allocated. The minimum is KES 50,000 face value.
  4. Enter the amount and submit before the deadline, which is usually 2pm on Thursday for that week’s auction.
  5. After the results, DhowCSD shows the amount to pay and a payment key. Pay from your bank by the settlement deadline, normally the following Monday. Some banks and M-Pesa options are shown in the app.

Because bills are sold at a discount, you pay less than the face value you bid for.

Buying a bond

Bonds are sold at monthly auctions announced by the Central Bank, and sometimes on tap after. The steps are the same, and you can also buy and sell bonds after issue on the Nairobi Securities Exchange through a stockbroker.

Tax

Interest on Treasury bills and most bonds has 15% withholding tax deducted, and that is final. Infrastructure bond interest is exempt. Tax rules are sometimes changed in the annual Finance Act, so check the terms of each issue.

What happens at maturity

When a bill matures, the money is paid to your bank account, or you can ask for it to be rolled over into a new bill. Bond interest is paid every six months to your bank.

Bills, bonds or a money market fund?

  • Bills suit money you will not need for three months to a year.
  • Bonds lock in a rate for years, but selling early may mean a loss if rates have risen.
  • Money market funds suit small amounts and money you might need quickly. See Money market funds.

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