Afronomics comparison · Kenya
Where your shilling earns most
Every place to put Kenya shillings, on one scale, after withholding tax. Government paper from the Central Bank’s auction results, fund yields from each manager’s own published figure, and the Central Bank’s averages for what banks pay. Right now the highest after tax is Treasury bond FXD1/2022/025 at 13.00%, 10.0 points a year more than a bank savings account.
Headline rate
8.75%
Kenya 91-day Treasury bill
unchanged unchangedvs 26 Oct auction
As of 2 Nov 2026 · Source: Central Bank of Kenya
Is my rate fair?
Against the published benchmarks · information, not advice
Type the rate you were offered and the amount. Benchmarks: 364-day bill 9.03%, best published fund 11.40% after tax, bank deposit average 6.94%, bank lending average 14.40% (2026-09).
Compared
Annual return, before and after tax
Sorted by what you keep. Bars show the published rate; the darker part is what remains after withholding tax.
| Option | Published and after-tax rate, as bars | Published | After tax | Money tied up | As of | Trend and change since last print |
|---|---|---|---|---|---|---|
| Government | ||||||
| Treasury bond FXD1/2022/025Central Bank of Kenya | 14.44% | 13.00% | 21.2 years to maturity | 27 Jul 2026 | Single issue | |
| Treasury bond FXD1/2021/020Central Bank of Kenya | 14.34% | 12.91% | 15.0 years to maturity | 13 Jul 2026 | Single issue | |
| Infrastructure bond IFB1/2019/016Central Bank of Kenya | 12.20% | 12.20% | 9.1 years to maturity | 17 Aug 2026 | Single issue | |
| Treasury bond FXD1/2022/010Central Bank of Kenya | 12.78% | 10.86% | 5.8 years to maturity | 13 Jul 2026 | Single issue | |
| Treasury bond FXD1/2012/020Central Bank of Kenya | 12.46% | 10.59% | 6.5 years to maturity | 11 May 2026 | Single issue | |
| 364-day Treasury billCentral Bank of Kenya | 9.03% | 7.67% | 364 days | 2 Nov 2026 | unchanged unchangedFollow Kenya 364-day Treasury bill | |
| 182-day Treasury billCentral Bank of Kenya | 8.85% | 7.52% | 182 days | 2 Nov 2026 | down −1 bpsFollow Kenya 182-day Treasury bill | |
| 91-day Treasury billCentral Bank of Kenya | 8.75% | 7.44% | 91 days | 2 Nov 2026 | unchanged unchangedFollow Kenya 91-day Treasury bill | |
| Money market funds | ||||||
| Zimele Fixed Income Fund (Savings Plan)Zimele Asset Management | 13.41% | 11.40% | none; usually 2 to 3 days to withdraw | 4 Nov 2026 | unchanged unchangedFollow Zimele Fixed Income Fund (Savings Plan) | |
| Madison Money Market FundMadison Investment Managers | 10.46% | 8.89% | none; usually 2 to 3 days to withdraw | 4 Nov 2026 | unchanged unchangedFollow Madison Money Market Fund | |
| Kasha Money Market FundOrient Asset Managers | 10.42% | 8.86% | none; usually 2 to 3 days to withdraw | 4 Nov 2026 | unchanged unchangedFollow Kasha Money Market Fund | |
| Etica Money Market Fund (KES)Etica Capital | 10.13% | 8.61% | none; usually 2 to 3 days to withdraw | 31 Oct 2026 | unchanged unchangedFollow Etica Money Market Fund (KES) | |
| CIC Money Market FundCIC Asset Management | 8.43% | 7.17% | none; usually 2 to 3 days to withdraw | 4 Nov 2026 | unchanged unchangedFollow CIC Money Market Fund | |
| Banks | ||||||
| Bank fixed deposit, industry averageCentral Bank of Kenya | 6.94% | 5.90% | by agreement, typically 3 to 12 months | Sept 2026 | up +3 bpsFollow Kenya banks: average deposit rate | |
| Bank savings account, industry averageCentral Bank of Kenya | 3.53% | 3.00% | none | Sept 2026 | down −1 bpsFollow Kenya banks: average savings rate | |
After-tax figures apply Kenya’s withholding tax on interest for residents: 15% on bills, deposits and fund returns, 10% on bonds of ten years or more, none on infrastructure bonds. Bonds shown are the latest auction nearest each point on the curve; every issue is on the bond page. Fund yields are the managers’ effective annual yields before fees shown as published; past yield is not a promise of future yield. Bank figures are industry averages from the Central Bank; individual banks pay more or less. Trend lines show each series’ stored prints (the last 26 auctions, the last 24 months, or every daily fund reading so far) and appear once three are stored; bond rows are single issues, so they have none. This is information, not advice.
Funds not yet read from their managers’ sites: NCBA Money Market Fund (KES). More are added as a text source for each is found.
Money market funds ranked, with daily yield history →·What SACCOs pay →·Kenya Poverty Premium →
KES 7437
KES 100,000 in the 91-day bill, one year, after tax
KES 3001
The same in a bank savings account
KES 4437
Difference over a year
Banks
What banks pay and charge, last six years
Weighted averages across all commercial banks, monthly, from the Central Bank of Kenya.
Source: Central Bank of Kenya · monthly weighted averages · read 2026-11-04
Compare government borrowing costs across Africa on the T-bill monitor.
Cite or reuse this data
Free to quote, chart and republish with the credit “Source: Afronomics, compiled from the Central Bank of Kenya and fund managers’ published yields” and a link to this page.
Afronomics (2026). Where your shilling earns most: Kenya rates compared, compiled from the Central Bank of Kenya and fund managers’ published yields. Retrieved 4 November 2026, from https://www.afronomicsfeed.com/rates/kenya
Free · a two-minute read before 07:30, every weekday
The Afronomics Morning
Today’s rates, currencies and auction results before the day starts: what the T-bill paid this week, what moved overnight, what is due today. Every figure from the source.
Free when you sign up: our guide to where your shilling earns most — T-bills, money market funds, SACCOs and banks, after tax.