Updated 27 October 2026
If you live abroad, the simplest ways to put money to work in Kenya are a shilling money market fund, Treasury bills bought directly from the Central Bank of Kenya through DhowCSD, or a US dollar money market fund if you would rather not take on shilling risk. In the week to October 26, 2026, the 364-day Treasury bill paid 9.03%, the best published shilling money market fund yields were just above 10%, and dollar funds were paying around 5%.
This guide is for people who earn in dollars, pounds or euros and want part of their savings working in Nairobi: Kenyans in the diaspora, returnees planning a move home, and new arrivals who have just opened a local account. It covers what you need to sign up from abroad, what each option pays after tax, and the trade-offs nobody mentions in the WhatsApp groups.
In this guide
The Three Options Side by Side
| Shilling money market fund | Treasury bills (DhowCSD) | Dollar money market fund | |
|---|---|---|---|
| Latest published return | About 10.3% to 10.4% at the top (Madison 10.38%, Old Mutual 10.33%) | 8.75% (91-day), 8.86% (182-day), 9.03% (364-day) | Old Mutual Dollar MMF 5.20%; Jubilee USD 4.91% (May to July average) |
| Currency | KSh | KSh | USD |
| Minimum | From KSh 1,000 (Britam) or KSh 5,000 (Madison, CIC) | KSh 50,000 face value, then multiples of KSh 50,000 | Set by each manager |
| Access to cash | Withdraw any time; Madison says T+1 working day | Locked until maturity (91, 182 or 364 days) | Withdraw any time, timing set by the manager |
| Tax on interest | 15% withholding tax | 15% withholding tax, deducted at source | 15% withholding tax |
| Who regulates it | Capital Markets Authority | Central Bank of Kenya (government debt) | Capital Markets Authority |
Fund yields come from each manager’s own website as tracked on our T-bill and MMF rates tracker; T-bill rates are CBK’s weighted average for the auction with value date October 26, 2026. Fund yields are not all the same kind of number, since some managers publish a daily effective annual rate and others a three-month average.
What You Actually Keep
A headline rate is not what lands in your account. Interest is taxed at 15%, and if you think in dollars, the exchange rate matters as much as the yield. CBK’s indicative rate on October 23, 2026 was KSh 129.89 to the dollar.
| Option | Gross rate | After 15% tax | Net on KSh 1,000,000 over a year |
|---|---|---|---|
| Shilling MMF at 10.33% | 10.33% | About 8.78% | About KSh 87,800 (about $676) |
| 364-day T-bill at 9.03% | 9.03% | About 7.68% | About KSh 76,800 (about $591) |
| Dollar MMF at 5.20%, on $7,700 | 5.20% | About 4.42% | About $340 |
The table assumes the rate holds for a full year and ignores compounding and fees, so treat it as a rough guide. Rates move every week. A T-bill is sold at a discount, so the figure above approximates what you earn rather than the exact amount CBK will pay.
The currency question
The shilling options pay roughly twice what dollar funds pay, but your return in dollars depends on where the shilling goes while your money is invested. If the shilling weakens against the dollar, it eats into the gap; if it holds steady, the shilling options win clearly. Many people abroad split the difference: they keep money they will spend in Kenya, such as school fees, rent or a building project, in shillings, and keep longer-term savings they may move back out in a dollar fund.
Buying Treasury Bills From Abroad Through DhowCSD
CBK’s DhowCSD platform lets individuals buy Treasury bills and bonds directly, without a bank or broker in the middle. You can use the web portal at dhowcsd.centralbank.go.ke or the DhowCSD app on Google Play or the Apple App Store.
What CBK asks for
- A valid email address and mobile number.
- A KRA PIN, which is mandatory, plus a KRA exemption certificate if one applies to you.
- A clear colour passport-size photo.
- An identification document: CBK accepts a National ID, passport or alien card.
- A valid, active settlement account at a Kenyan commercial bank, with the account name exactly as the bank holds it.
Two practical points catch people out. First, the settlement account must be at a Kenyan commercial bank, so open that account before you start. Second, CBK deletes an incomplete registration after seven days, so have your documents scanned and ready before you begin. Joint accounts are allowed once each person has an active individual profile, but accounts for minors are not.
How the auction works
- Pick a tenor: 91, 182 or 364 days. Bills are auctioned every week.
- Place a non-competitive bid, which gets you the weighted average rate. The minimum is KSh 50,000 face value, in multiples of KSh 50,000. Competitive bids start at KSh 2,000,000.
- Bids close at 2pm on Thursday. Check your result under the Transactions tab in DhowCSD.
- Pay for a successful bid from your settlement account before the value date, the following Monday.
- At maturity, the face value is paid back to your bank account, or you can roll it over.
CBK runs a toll-free line for investors in the United States, +1 (833) 201 0220, alongside its Kenyan toll-free number, 0800 720 222. General DhowCSD queries go to DhowCSD@centralbank.go.ke.
Bonds and infrastructure bonds
Treasury bonds are auctioned monthly, pay a fixed coupon twice a year and run for years rather than months. The October 19, 2026 auction of FXD1/2026/030 averaged 14.18% against a 12.5% coupon. The government also issues infrastructure bonds from time to time, and CBK notes their returns are tax exempt, which is why they draw heavy demand. Each bond’s prospectus sets out its tax treatment.
Money Market Funds: The Easiest Start
For most people abroad, a money market fund is the easiest first step. Many managers let you open an account online with your ID or passport and KRA PIN, top up by bank transfer and withdraw within days. You can start with far less than a T-bill needs.
- Madison Money Market Fund: published 10.38% (net of fees) on our latest check, minimum KSh 5,000, withdrawals in one working day.
- Britam Money Market Fund: minimum KSh 1,000, management fee 2% a year.
- Old Mutual Money Market Fund: 10.33% as at October 21, 2026.
Check that any fund appears on the Capital Markets Authority’s list of approved collective investment schemes before you send money. Our guide to money market funds vs Treasury bills explains the trade-offs in more detail.
Dollar Money Market Funds
A dollar fund holds US dollar assets, so your balance does not move with the shilling. That makes it a sensible home for savings you may want to send back abroad, or for a dollar salary paid into Kenya. Published yields are lower, around 5%. Options include the Old Mutual Dollar Money Market Fund (5.20% as at October 21, 2026), the Jubilee Money Market Fund USD (4.91% average for May to July 2026), the CIC Dollar Money Market Fund and the Britam USD Money Market Fund. Not every manager publishes a daily dollar yield, so ask for the latest factsheet before you invest.
Getting Money In
Most funds and DhowCSD settle through Kenyan bank accounts, so the cheapest route is usually a direct transfer from your foreign bank or remittance app into your own Kenyan account, then on to the fund. Compare the exchange rate you are offered with CBK’s indicative rate, because a poor rate can cost more than a year of the gap between two funds. Remittances into Kenya run at hundreds of millions of dollars a month; see the latest diaspora remittance figures.
Five Mistakes to Avoid
- Paying a relative or agent’s personal account to “invest for you”. Pay the fund or CBK process directly.
- Comparing a fund’s daily yield with another’s three-month average.
- Forgetting the 15% tax when comparing with a savings account abroad.
- Putting money you need next month into a 364-day bill.
- Ignoring currency risk on money you plan to move back out.
Frequently Asked Questions
Can I buy Kenyan Treasury bills from abroad?
Yes. Register on CBK’s DhowCSD portal or app with a KRA PIN, an ID or passport and a Kenyan bank account for settlement. The minimum is KSh 50,000 face value.
Do I need a KRA PIN to invest in Kenya from abroad?
For DhowCSD, yes: CBK lists the KRA PIN as mandatory. Fund managers set their own requirements, and most ask for one.
Which pays more, a money market fund or a T-bill?
In late October 2026 the top shilling funds published just over 10%, against 9.03% for the 364-day bill. Both are taxed at 15% on interest.
Are dollar money market funds in Kenya safe?
They are regulated by the Capital Markets Authority and hold low-risk dollar assets, but returns are not guaranteed. Check the fund is CMA approved.
What exchange rate should I compare against?
CBK publishes an indicative rate daily; it was KSh 129.89 to the dollar on October 23, 2026.
Rates, requirements and fund yields checked on centralbank.go.ke and fund managers’ websites on October 25, 2026. Rates change weekly; confirm before you invest.
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