Kenya’s 91-day T-bill draws 628% subscription as money market funds pay 10.38%, Kenya Money Pulse finds

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NAIROBI, 25 October 2026 – Investors bid for more than six times the amount on offer in Kenya’s 91-day Treasury bill this month, while shilling money market funds kept paying well above the bill, according to the first Kenya Money Pulse report published today by Nairobi research and insights firm Ananke Digital.

The October issue is built entirely from public data: Central Bank of Kenya (CBK) auction results for Treasury bills and bonds, and the daily yields that fund managers publish for their money market funds.

Key findings

• The 91-day bill was 628% subscribed. Bids for the 12 October value date were more than six times the amount on offer, and 622% for 19 October, before cooling to 179% for 26 October.
• Money market funds out-yield short bills. Old Mutual and Madison KES money market funds showed 10.33% and 10.38% in the week to 23 October, against 8.748% on the 91-day bill, a gap of about 1.6 percentage points.
• Short rates are easing. The 91-day rate slipped from 8.825% to 8.748% and the 182-day rate from 8.971% to 8.859% between the 13 July and 26 October value dates.
• The one-year bill held up. The 364-day rate rose slightly over the same period, from 8.992% to 9.027%.
• Bonds still pay far more. FXD1/2026/030 was accepted at 14.183% for the 19 October value date.

The findings in detail

A rush for the 91-day bill

The subscription rate compares the value of bids CBK receives with the amount it offers. At 628% for the 12 October value date and 622% a week later, investors were competing hard for the shortest government paper. Demand fell back to 179% for 26 October. That is still well above the amount on offer, but it shows how quickly appetite for short bills can swing from one week to the next.

Short rates ease, the one-year bill holds

Heavy demand usually lets the government borrow more cheaply, and short rates did drift lower. Between the 13 July and 26 October value dates, the 91-day rate moved from 8.825% to 8.748% and the 182-day rate from 8.971% to 8.859%. The 364-day rate went the other way, rising from 8.992% to 9.027%, so savers willing to lock money away for a year were paid a little more than in July.

Money market funds stay ahead

Published yields from fund managers show KES money market funds paying above 10%, with Old Mutual at 10.33% and Madison at 10.38% in the week to 23 October. That is about 1.6 percentage points more than the 91-day bill. Money market fund yields are quoted before fees and withholding tax and change daily, while T-bill rates are fixed at each auction, so savers should compare net returns and how quickly they can get their money back.

Bonds for longer horizons

For investors with a longer horizon, the gap is wider still. The FXD1/2026/030 bond was accepted at 14.183% for the 19 October value date, well above any bill or money market fund yield in this report. Bonds tie money up for years and their prices can move, so they suit savers who will not need the cash soon.

Borrowers: check the licence first

CBK keeps a public register of licensed digital credit providers, and borrowers can check any loan app against it before they take a loan. Business Radar’s verified lender tracker follows that register.

What it means for savers and brands

“The questions Kenyans ask are practical: which lender is licensed, what a loan really costs, and what a T-bill or money market fund really pays,” the Ananke Digital research lead said. “Banks, Saccos and insurers that answer those questions clearly will win the customer at the moment of decision.”

Methodology

All figures in this report are public. Treasury bill and bond rates and subscription come from Central Bank of Kenya auction results. Money market fund yields are the yields published by fund managers, as recorded in Business Radar’s T-bill, MMF and bond rates tracker. Business Radar and Ananke Digital are under common ownership.

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Download the one-page Kenya Money Pulse #1 report (PDF)