Treasury Bills are short-term government securities. In simple terms, investors lend money to the Government of Kenya for a defined period and receive a return based on the auction and the instrument's pricing.
The three common Treasury Bill tenors are 91 days, 182 days and 364 days. The tenor tells you roughly how long your money is committed before maturity.
Why are there three tenors?
| Tenor | Approximate period | Typical use |
|---|---|---|
| 91 days | About 3 months | Shorter commitment |
| 182 days | About 6 months | Medium short-term horizon |
| 364 days | About 1 year | Longer T-Bill horizon |
The auction rate can differ from one week to the next. That means an old screenshot is not a reliable way to decide what the current market is offering.
Where do the rates come from?
The Central Bank of Kenya publishes auction information and results. Amka tracks the published figures so you can compare the tenors in one place, but CBK remains the primary source for the auction itself.
What should you think about before buying?
- When you need the money back: do not lock up cash you may need sooner.
- Minimum and bidding rules: confirm current CBK requirements.
- Tax treatment: understand how the return is taxed.
- Reinvestment: if the bill matures, what will you do next?
- Alternative products: compare the trade-off between a fixed maturity and more liquid options such as MMFs.
T-Bill versus MMF
A T-Bill has a defined maturity and is a government security. An MMF is a managed pooled fund whose rate can change and which may provide more flexible access. Neither is automatically “better”; the right comparison depends on timing, access, return assumptions and risk.
How Amka helps
The Treasury Bill page puts the 91, 182 and 364-day figures together and links back to source material. Use it to understand the market, then verify the current auction details with CBK before participating.