The Central Bank of Kenya (CBK) has reopened bids for two fixed-coupon Treasury bonds, giving Kenyans an opportunity to invest in government securities starting from as low as KSh 50,000.
In a public notice released on March 23, 2026, the CBK announced that the sale aims to raise KSh 40 billion to support the government’s budgetary requirements. The two bonds, FXD1/2020/015 and FXD1/2018/025, have tenors of 15 years and 25 years, respectively.
“The Central Bank of Kenya, acting in its capacity as fiscal agent for the Republic of Kenya, invites bids for the above bonds whose terms and conditions are as follows,” the notice read in part.
CBK Bond Details and Coupon Rates
The first bond, FXD1/2020/015, has 8.9 years remaining to maturity and offers a 12.7560% coupon rate. The bond matures on February 5, 2035, and is subject to a 10% withholding tax on interest income.
For investors seeking longer-term returns, the second bond, FXD1/2018/025, has 17.3 years to maturity with a 13.4000% coupon rate. It will mature on May 25, 2043, and is subject to the same 10% withholding tax.
Both bonds will be settled on April 6, 2026, with the auction and bid submission deadline set for Wednesday, April 1, 2026, at 10:00 a.m.
Investment Options and Bid Categories
The CBK will accept both competitive and non-competitive bids.
For non-competitive bids, the minimum investment is KSh 50,000 and the maximum is KSh 50 million per Central Securities Depository (CSD) account per tenor.
For competitive bids, investors must place a minimum of KSh 2 million per CSD account per tenor.
Payments for successful bids must be made via the CBK DhowCSD Investor Portal or App under the “Transactions” tab by Friday, April 3, 2026.
“All successful bidders should obtain the payment key and amount payable from the CBK DhowCSD Investor Portal/App under the transactions tab,” CBK stated.
The Central Bank cautioned that defaulters may be barred from participating in future government securities investments.
Key Dates and Secondary Trading
- Period of Sale: March 23 – April 1, 2026
- Bid Submission Deadline: Wednesday, April 1, 2026 (10:00 a.m.)
- Auction Date: Wednesday, April 1, 2026
- Settlement Date: April 6, 2026
- Payment Information Access: Friday, April 3, 2026
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Secondary trading in multiples of KSh 50,000 will begin on Monday, April 6, 2026, for both bonds.
Additionally, CBK noted that rediscounting will be available as a last resort, at 3% above the prevailing market yield or coupon rate, whichever is higher. Requests should be sent via the CBK DhowCSD Investor Portal/App under the “Rediscount” option.
CBK stated that it reserves the right to accept or reject applications, in full or in part, without providing reasons, and that the bonds may be reopened at a future date.
How to Invest in Government Bonds in Kenya
According to CBK, applicants must provide their Kenya Revenue Authority (KRA) PIN, settlement bank details, and copies of required documents, including a clear passport-size photo and a valid identification document such as a national ID, passport, or alien card. A tax exemption certificate may also be included if applicable. The registration process must be completed within 7 days, or the system will automatically delete incomplete profiles.
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Once registration is complete, the user receives an email with their assigned username, which will be used for all future logins. Joint accounts can be created only after each participant has an active individual profile. Any changes to email addresses or settlement details must be submitted to CBK for processing.
After approval, typically within two to three days, investors can log in to the DhowCSD portal or mobile application (available on Play Store and App Store) to view available Treasury bills and bonds. Investors can place bids using the BUY/SELL option on the platform, choosing between competitive and non-competitive bidding and selecting from several types of Treasury bonds.
Following a successful bid, payments can be made directly through the DhowCSD system using M-Pesa, a feature introduced in November 2025 that allows payments of up to KSh250,000, providing a simple and convenient mobile settlement option.
