How to buy Treasury bills and bonds on DhowCSD
Updated 1 October 2026 · 6 min read
You can lend money to the Government of Kenya directly, with no broker and no fees, through the Central Bank's DhowCSD app or website. This guide walks you through it, from opening an account to getting paid.
What you need
- Your national ID, passport or alien card
- Your KRA PIN
- An email address and a Kenyan mobile number
- A Kenyan bank account, where your money will be paid back
Kenyans abroad can invest too, as long as they have a Kenyan bank account.
Step by step
- Open an account. Download the DhowCSD app or go to the DhowCSD web portal. Fill in your details and upload your documents. Finish the profile in one go: incomplete profiles are deleted after 7 days.
- Pick a T-bill. The Central Bank sells 91-day, 182-day and 364-day bills every week. Bids close at 2 pm on Thursday.
- Choose non-competitive. You accept the average rate set at that auction. The minimum is KSh 50,000 face value, in steps of KSh 50,000. (Competitive bids, where you name your own rate, start at KSh 2 million.)
- Pay by 2 pm on Monday. Pay by bank transfer (RTGS), or by M-Pesa in the app for amounts up to KSh 250,000 per payment.
- Check your results. Your successful bid shows in the app's Transactions tab.
- Get paid at maturity. The full face value lands in your bank account on the maturity date. You can also choose to roll it into a new bill.
How much you pay and earn
A T-bill is sold at a discount: you pay less now and get the full face value back later. The difference is your interest, and 15% withholding tax is taken off it upfront.
| Face value (paid back to you) | KSh 100,000 |
| 364-day rate (issue dated 28 Sep 2026) | 9.0431% |
| Price of the bill | KSh 91,728 |
| 15% tax on the KSh 8,272 discount | KSh 1,241 |
| You pay in total | KSh 92,969 |
| Your net return | 7.58% a year |
Work out any amount with the T-bill calculator.
Treasury bonds
Bonds work the same way on DhowCSD, but they last 2 to 30 years and pay interest (a coupon) every six months, then your money back at the end. Bond auctions are monthly, so check the Central Bank's prospectus for each one's closing date. The minimum is KSh 50,000, or KSh 100,000 for infrastructure bonds.
Tax on coupons is 15% for bonds under 10 years, 10% for 10 years or more, and nothing for infrastructure bonds. See your coupon dates with the bond calculator.
You can also buy existing bonds on the Nairobi Securities Exchange through a licensed stockbroker. That needs a separate CDS account and the broker charges fees.
Frequently asked questions
Are there any fees? No. The Central Bank charges nothing to open or keep a DhowCSD account.
Can I get my money before maturity? Not easily for T-bills. If you may need the money soon, a money market fund lets you withdraw in 1 to 3 days.
Is it safe? T-bills and bonds are backed by the Government of Kenya, the safest borrower in the country's own currency.
For education only, not financial advice. Auction days, minimums and payment options can change: check the Central Bank of Kenya's current prospectus and the DhowCSD app before you invest.