Ananke Digital · ResearchKenya Money Pulse · No. 1October 2026
IssueNo. 1 · October 2026CoversValue dates 13 Jul → 26 Oct 2026SourcesCentral Bank of Kenya auction results; fund managers’ published money market fund yieldsPublishedNairobi, 25 Oct 2026

Bid six times over. Paid more elsewhere.

What Kenya’s savings and borrowing markets paid in October 2026, read from the public record.

628%
91-day T-bill subscription, 12 Oct value date (622% on 19 Oct, 179% on 26 Oct)
10.38%
Top KES money market fund yield seen (Madison; Old Mutual 10.33%), week to 23 Oct
8.748%
91-day T-bill rate, 26 Oct (8.825% on 13 Jul)
14.183%
FXD1/2026/030 accepted rate, 19 Oct value date
01 · DemandSubscription = bids received ÷ amount offered. 100% means the offer was exactly covered.SourceCBK auction results, 91-day paper

Demand for the 91-day bill ran six times the offer, then cooled.

The 91-day Treasury bill was 628% subscribed for the 12 October value date and 622% for 19 October, before cooling to 179% for 26 October.

0%200%400%600%435%13 Jul170%10 Aug428%7 Sep222%28 Sep628%12 Oct622%19 Oct179%26 Oct100% = offerfully covered
91-day T-bill subscription by value date, %. Source: CBK auction results.
02 · The spreadEach point is one published rate. The bracket is the gap a saver sees between the 91-day bill and the best KES money market fund.DatesBills: 26 Oct value date. Funds: week to 23 Oct.

Money market funds paid about 1.6 points more than the 91-day bill.

KES money market funds (Madison 10.38%, Old Mutual 10.33%, week to 23 October) out-yield the 91-day bill (8.748%) by about 1.6 percentage points, before fees and tax.

9.0%9.5%10.0%10.5%8.748%91-day bill8.859%182-day bill9.027%364-day bill10.33%Old Mutual MMF10.38%Madison MMFabout 1.6 points more, before fees and tax
Selected KES rates, %. Sources: CBK results, 26 Oct 2026 value date; fund sites, 21–23 Oct 2026.
03 · Rate pathValue dates 13 Jul and 26 Oct 2026BondFXD1/2026/030 accepted at 14.183%, 19 Oct value date

Short rates eased; the 364-day edged up.

Short rates eased between the 13 July and 26 October value dates: 91-day 8.825% to 8.748%, 182-day 8.971% to 8.859%. The 364-day rate rose slightly, from 8.992% to 9.027%.

13 Jul26 Oct364-day · 8.992%9.027%182-day · 8.971%8.859%91-day · 8.825%8.748%
T-bill rates by value date, %. Source: CBK auction results.
Rate13 Jul26 Oct
91-day T-bill8.825%8.748%
182-day T-bill8.971%8.859%
364-day T-bill8.992%9.027%
For borrowersCheck any loan app against CBK’s public register of licensed digital credit providers before borrowing.
“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. Banks, Saccos and insurers that answer those questions clearly will win the customer at the moment of decision.”The Ananke Digital research lead

Methodology

All figures are public: Central Bank of Kenya Treasury bill and bond auction results, and fund managers’ published money market fund yields. Yields are shown before fees and tax.

The full report

Four pages, A4, with all three charts and the rate ledger.

Download PDF →

Coverage: Business Radar (businessradar.co.ke) · Media: hello@anankedigital.co.ke · +254 790 939 404