Which currently pays more in Kenya: an MMF or Treasury Bill?

In the dated snapshot checked on 29 October 2026, a secondary MMF comparison listed a leading gross yield of 11.11%. The latest completed CBK auction result available to AMKA was dated 26 October 2026, with accepted-bid rates of 8.7478%, 8.8591% and 9.0267% for 91, 182 and 364 days. These figures are not directly identical: MMF yields vary, while Treasury Bills are bought at a discount for a fixed maturity.

What is the minimum Treasury Bill investment in Kenya?

CBK states a KSh50,000 minimum face value for a non-competitive Treasury Bill bid, in KSh50,000 denominations.

Is an MMF more liquid than a Treasury Bill?

An MMF is open-ended, but redemption timing depends on the provider. Treasury Bills have fixed 91, 182 or 364-day maturities, so cash needed before maturity should not be locked away without a plan.

MMF vs Treasury Bills Kenya: Current Rates & KSh100,000 Example

AMKA comparison of money market funds and Treasury Bills in Kenya

Quick answer: choose by when you need the money, not by the biggest percentage alone. In our dated snapshot, a secondary MMF comparison listed a leading 11.11% gross yield on 29 October 2026. The latest completed CBK auction result available to AMKA was dated 26 October 2026: 8.7478% for 91 days, 8.8591% for 182 days and 9.0267% for 364 days. MMF yields can change; a T-Bill is bought at a discount for a defined maturity.

Current snapshot: MMF vs Treasury Bill

Feature	Money Market Fund	Treasury Bill
Dated benchmark	Leading gross yield 11.11% in the secondary comparison checked 29 Oct 2026	Accepted-bid rates: 8.7478% / 8.8591% / 9.0267% in the CBK result dated 26 Oct 2026
Minimum	Varies by fund; check the provider's current terms	KSh50,000 face value for a non-competitive bid
Time structure	Open-ended	91, 182 or 364 days
Rate behaviour	Published yield varies with the portfolio and market	Auction pricing determines the discount and maturity proceeds
Access	Provider-specific redemption timeline	Designed to be held to a fixed maturity
Structure	CMA-regulated collective investment scheme when properly licensed	Government of Kenya security issued through CBK

Rates are dated, not promises. The MMF figure is a secondary comparison benchmark and should be checked against the fund manager's own current factsheet. CBK auction results are the primary source for Treasury Bills.

Why the percentages are not apples to apples

An MMF reports a variable annual yield. CMA explains that collective investment scheme performance fluctuates and that MMF yield is calculated daily. A Treasury Bill is sold below face value and redeemed at face value on its maturity date. The auction rate helps determine the price you pay; it is not a monthly interest credit.

KSh100,000 worked example

MMF illustration: KSh100,000 × 11.11% = KSh11,110 gross annual mathematical growth if that yield stayed unchanged for a full year. It is an illustration, not a forecast.

Treasury Bill illustration: CBK's 26 October result published prices per KSh100 of face value. A KSh100,000 face-value bid therefore implies:

Tenor	CBK price per KSh100	Illustrative settlement	Gross discount to face value
91 days	97.8656	KSh97,865.60	KSh2,134.40
182 days	95.7695	KSh95,769.50	KSh4,230.50
364 days	91.7415	KSh91,741.50	KSh8,258.50

Calculated from CBK's published price per KSh100. Figures are before tax, fees or rounding differences. Your DhowCSD payment instruction is the controlling amount.

Choose by the job the money must do

An MMF may fit better when…

you want to add smaller amounts regularly;
your starting amount is below the T-Bill minimum;
you need an open-ended structure and have checked the provider's actual withdrawal timeline.

A Treasury Bill may fit better when…

you can match the money to a 91, 182 or 364-day maturity;
you meet the KSh50,000 face-value minimum;
you want direct access to a short-term Government of Kenya security through DhowCSD.

For an emergency fund

Access comes first. Do not lock away money you may need before maturity. An MMF can be more flexible, but “open-ended” does not mean every provider pays instantly. Keep the first layer of emergency cash genuinely accessible and read our Kenya emergency-fund guide.

Check these before deciding

MMF: current factsheet date, gross or net yield, management fees, withholding tax treatment, minimums and withdrawal time.
T-Bill: current auction notice, face value, settlement price, maturity date, payment deadline and tax treatment.
Both: whether the time horizon matches the goal and whether you have enough liquid cash outside the investment.

Compare MMFs →See T-Bill rates →DhowCSD guide →

Related AMKA guides

Sources and as-of notes

Important: Educational comparison only, not personalised financial advice. Rates, fees, tax and access terms change. Verify the latest provider factsheet and CBK auction instructions before acting.