How to Buy Treasury Bills and Government Bonds in Zambia (2026)
Government securities are the anchor of low-risk saving in Zambia: you lend money to the Government of the Republic of Zambia (GRZ) through the Bank of Zambia (BoZ), and you're paid interest for it. For anyone with money sitting idle in a current account, they're worth understanding.
Treasury bills vs government bonds
- Treasury bills (T-bills) are short-term — commonly 91, 182, 273 and 364 days. You buy them at a discount and receive the full face value at maturity; the difference is your return. Auctioned regularly (roughly every two weeks).
- Government bonds are longer-term, running for several years, and pay interest (a coupon) twice a year until they mature. Auctioned about once a month.
T-bills suit money you may want back within a year; bonds suit money you can lock away longer for a typically higher return.
How to buy them
- Open a CSD account. You need a Central Securities Depository (CSD) account, which you open through a commercial bank (Zanaco, Stanbic, FNB, Standard Chartered and others all facilitate this). It's where your securities are held in your name.
- Check the auction calendar. BoZ publishes a quarterly auction calendar of T-bill and bond sale dates.
- Place a bid. Small investors place a non-competitive bid (you accept the auction's average yield rather than naming your own), submitted through your bank before the auction closes.
- Get paid at maturity — the proceeds settle back through your bank and CSD account.
BoZ has also been widening retail access through its Government Securities Investor Portal (investorportal.boz.zm).
What to weigh
- Returns move every auction. Yields are set by demand at each sale, so don't rely on an old number — check the latest auction results before you invest.
- Selling early. You can generally sell before maturity on the secondary market through your bank, but the price you get depends on rates at the time.
- Compare the alternative. For money you want to keep flexible, a bank fixed deposit may be simpler; compare the trade-off on our savings and fixed-deposit page, and project growth with the compound interest calculator.
Government securities are about as safe as saving gets in Zambia, but your money is tied up for the term — build them into a plan, not your emergency fund. See is your money safe in a Zambian bank? for how bank deposits are protected by comparison.
General information, not investment advice. Confirm current tenors, minimums and the buying process with the Bank of Zambia or your bank.
