The Central Bank of Kenya (CBK) has reopened bids for two long-term fixed-coupon Treasury bonds, giving Kenyans an opportunity to invest in government securities from as low as Ksh50,000.
According to the prospectus issued by the CBK on Thursday, January 22, the reopened bonds include a 15-year Treasury bond and a 25-year Treasury bond, both aimed at raising a total of Ksh50 billion for budgetary support.
The 15-year bond, issued under number FXD3/2019/015, has a remaining maturity of 8.4 years and carries a coupon rate of 12.34 per cent. It will mature on July 10, 2034. The 25-year bond, issued under FXD1/2018/025, has a remaining maturity of 17.3 years, offers a coupon rate of 13.4 per cent, and will mature on May 25, 2043.
CBK said the sale period for the bonds runs from January 22, 2026, to February 11, 2026, with the auction scheduled for February 11. Successful bidders will settle payments on February 16, 2026.
Investors placing non-competitive bids can participate with a minimum of Ksh50,000 and a maximum of Ksh50 million.
CBK reopens Ksh50 billion Treasury bonds
Competitive bidders, on the other hand, are required to invest a minimum of Ksh2 million per Central Securities Depository (CSD) account per tenor. A withholding tax of 10 per cent will be applied on the interest earned.
The Central Bank noted that all successful bidders will be required to obtain their payment keys and payable amounts through the DhowCSD Investor Portal or mobile application on February 13, 2026.
The bonds will be listed on the Nairobi Securities Exchange (NSE) and qualify for statutory liquidity ratio requirements for commercial banks and non-bank financial institutions.
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CBK added that secondary trading in multiples of Ksh50,000 will commence on February 16, 2026. The bonds may also be rediscounted by the Central Bank as a last resort at a rate three per cent above the prevailing market yield or coupon rate, whichever is higher.
“The bonds qualify for statutory liquidity ratio requirements for Commercial Banks and Non-Bank financial institutions as stipulated in the Banking Act CAP 488 of the laws of Kenya.
Investors can pledge Government Securities as collateral to access loans from regulated financial institutions. A pledge not cancelled at least five days before the securities mature will result in securities automatically settling to the lender’s account.”
The regulator further noted that the bonds may be reopened again at a future date, depending on government financing needs.
To invest, individuals must first have a DhowCSD account or register for one. Registration requires a valid email address, a mobile phone or computer, and an active, registered mobile number with a Kenyan mobile network operator.
How to invest in Govt bonds
Applicants must also provide their Kenya Revenue Authority (KRA) PIN, settlement bank details, and copies of required documents, including a clear passport-size photo and an identification document such as a national ID, passport, or alien card.
A tax exemption certificate may be included when applicable. CBK requires that the registration process be completed within seven days. If this does not happen, the system automatically deletes the incomplete profile.
Once the account has been created, the user receives an email with their assigned username. This username or email will be used for all future logins.
Joint accounts can be created, but only after each participant has an active individual profile. Any requests to change an email address or settlement details must be submitted to CBK for processing.
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After approval, which typically takes two to three days, investors may log in to the DhowCSD portal or application, available on Play Store and App Store, to view the available Treasury bills and bonds. They can place bids using the BUY/SELL option on the platform.
Investors may choose between competitive and non-competitive bidding. They may also select from several types of Treasury bonds.
Following a successful bid, investors can now make payments directly through the DhowCSD system using M-Pesa, thanks to a new CBK feature introduced in November 2025 that allows payments of up to Ksh250,000. This offers investors a simple, convenient way to complete the settlement process on their mobile phones.
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