How to buy Kenyan Treasury bills and bonds on DhowCSD
Open a Central Bank of Kenya DhowCSD account, bid in the weekly auctions, and pay on time, from Kenya or abroad.
Quick answer
Open a free account on the Central Bank of Kenya's DhowCSD platform (web or app) with your ID or passport, KRA PIN, a Kenyan bank account and a Kenyan phone number. Then bid in the weekly auctions. Treasury bills start at KSh50,000 face value for non-competitive bids, and you must pay by 2pm on the Monday after the Thursday auction.
At a glance
| Platform | CBK DhowCSD: dhowcsd.centralbank.go.ke or the DhowCSD app |
|---|---|
| You need | ID or passport, KRA PIN, Kenyan bank account, Kenyan mobile number, email, passport photo |
| T-bill minimum | KSh50,000 face value (non-competitive); KSh2,000,000 for competitive bids |
| T-bill terms | 91, 182 and 364 days, auctioned every week |
| Bonds | Offered monthly; interest paid every six months; infrastructure bonds are tax-exempt |
| Payment deadline | 2pm on settlement day, the Monday after the Thursday auction |
Kenyan government securities are among the most popular ways for Kenyans at home and abroad to save. You lend money to the government for a fixed period and get a set return. Since the Central Bank of Kenya (CBK) launched its DhowCSD platform in 2023, you no longer need to fill in paper forms at a CBK branch. You can open an account, bid and track your holdings from a phone.
Bills or bonds: which is for you?
| Treasury bills | Treasury bonds | |
|---|---|---|
| Term | 91, 182 or 364 days | Several years, set in each prospectus |
| How you earn | Bought at a discount, repaid at full face value | Interest (coupon) paid every six months, capital repaid at maturity |
| Auctions | Every week, usually Thursday | Monthly, with prospectus for each issue |
| Minimum | KSh50,000 face value (non-competitive) | Set in each prospectus |
| Tax | Interest normally taxed | Infrastructure bonds are tax-exempt; others normally taxed |
Bills suit money you will need within a year, such as school fees or a deposit. Bonds suit longer-term savings and pay you an income twice a year.
What you could earn: the latest auction
At the auction the Central Bank of Kenya reported on 24 September 2026, the government borrowed KSh33.35 billion against KSh28 billion on offer. These were the average rates and prices on accepted bids:
| Bill | Average rate | Price per KSh100 | What KSh100,000 face value cost |
|---|---|---|---|
| 91-day | 8.7781% | 97.8584 | About KSh97,858 |
| 182-day | 8.8949% | 95.7531 | About KSh95,753 |
| 364-day | 9.0431% | 91.7277 | About KSh91,728 |
So on a 364-day bill, you paid about KSh91,728 and get KSh100,000 back after a year. The difference, about KSh8,272, is your return before tax. Non-competitive bids are capped at KSh50 million per investor account for each term, and they are issued at the average rate of accepted bids.
Before you start: requirements
- A national ID, passport or alien card. People in the diaspora can use a passport.
- A KRA PIN.
- A Kenyan bank account. This is where coupons and maturities are paid, so it must be a local account.
- An active mobile number on a Kenyan network, used for verification.
- An email address and a clear passport-size photo.
Step by step
Get your documents ready
You need a national ID, passport or alien card, your KRA PIN, a Kenyan bank account (your "settlement" account, where interest and maturities are paid), a mobile number on a Kenyan network, an email address and a clear passport-size photo.
Register on DhowCSD
Go to dhowcsd.centralbank.go.ke or download the DhowCSD app from Google Play or the App Store. Create your profile, upload your documents and link your bank account.
Wait for your account to be approved
Your application is checked, including your bank details. Once it is approved, you can log in and see the upcoming auctions.
Read the prospectus for the auction
Each bond auction has a prospectus. It gives the bond's term, coupon, minimum amount, auction date and whether it is tax-exempt. T-bill auctions for 91, 182 and 364 days run every week, usually on Thursday.
Place your bid
Choose a non-competitive bid to accept the average rate set at the auction, which is simplest for most individuals. A competitive bid lets you name your rate, but it may be rejected, and T-bill competitive bids start at KSh2,000,000.
Pay by 2pm on settlement day
If your bid succeeds, pay by 2pm on the Monday after the auction. Pay from your bank through the payment details in DhowCSD, or by M-Pesa for amounts up to KSh250,000 per transaction. If you pay late, your allocation can be cancelled.
Track your holdings
Your holdings, coupon payments and maturities appear in DhowCSD. Interest and repayments go to your linked bank account. You can switch on netting so a maturing security pays for a new bid.
Key dates and deadlines
| When | What happens |
|---|---|
| Thursday | Weekly T-bill auction (moved to the previous working day if Thursday is a public holiday); bond auctions follow their prospectus dates |
| After the auction | Results appear in DhowCSD |
| Monday, by 2pm | Payment deadline for successful bids (next working day if Monday is a holiday) |
| Every six months | Bond interest paid to your bank account |
| Maturity | Face value repaid to your bank account, or used for a new bid if netting is on |
Common mistakes and how to avoid them
- Bidding before the money is ready. The 2pm Monday deadline is strict, and bank transfers from abroad can take days. Move the money to your Kenyan account before you bid.
- Using a competitive bid by mistake. A competitive bid names your rate and can be rejected if it is too high. Most individuals should use non-competitive bids.
- Confusing face value and cost for bills. A KSh100,000 T-bill costs less than KSh100,000 today, because the return is the discount. The amount you pay is shown after the auction.
- Linking the wrong bank account. Interest and repayments go only to your linked settlement account, so check the details carefully when you register.
- Ignoring the prospectus. Bonds differ in term, coupon and tax treatment. The prospectus tells you all three.
If you live abroad
CBK allows Kenyans in the diaspora to invest if they hold a Kenyan bank account. Register with your passport, keep a Kenyan phone number active for verification codes, and send money home ahead of each auction. Interest arrives in your Kenyan account, so plan how you will move it if you need it abroad.
There are other routes too. Many Kenyan banks and investment firms can bid on your behalf. Money market funds invest in short-term securities and let you start with smaller amounts, but they charge management fees.
Official links
- CBK DhowCSD: register, bid and track holdings
- CBK: Treasury bills
- CBK: Treasury bonds and prospectuses
Frequently asked questions
What is the minimum amount to invest in Kenyan Treasury bills?
The Central Bank of Kenya lists a minimum face value of KSh50,000 for non-competitive bids, in multiples of KSh50,000. Competitive bids start at KSh2,000,000. Because bills are sold at a discount, you pay less than the face value and receive the full amount at maturity.
Can I invest in Kenyan bonds from abroad?
Yes. CBK allows Kenyans in the diaspora to invest if they have a Kenyan bank account to receive payments. You can use your passport for identification. DhowCSD also needs a Kenyan mobile number for verification.
Is the interest taxed?
CBK offers infrastructure bonds as tax-exempt. Interest on other bonds and on Treasury bills is normally subject to withholding tax. Check the prospectus for each issue, which states the tax treatment.
What happens if I don't pay on time?
Payment is due by 2pm on the Monday after the auction. If it doesn't arrive, your successful bid can be cancelled, so make sure the money is in your bank account before the auction.
Can I sell a bond before it matures?
Treasury bonds can be traded on the secondary market through a stockbroker or investment bank at the Nairobi Securities Exchange. The price may be higher or lower than what you paid, depending on interest rates at the time.
Sources
- Central Bank of Kenya: Treasury bonds
- Central Bank of Kenya: Treasury bills
- Central Bank of Kenya: Results of Treasury bill issues dated 28 September 2026
- CBK DhowCSD portal
- Central Bank of Kenya: Requirements for opening a CDS account (individuals)
- Mobile Money Africa: CBK enables mobile payments for Treasury bills and bonds through DhowCSD
Fees and rules change. We last checked these facts on 30 September 2026. Always confirm with the official office before you pay. This guide is general information, not legal, tax or financial advice. Spotted something out of date? Tell us.