The minimum amount to invest in Treasury Bills in Uganda is UGX 100,000 for a non-competitive bid.
This means you do not necessarily need millions of shillings to invest directly in Government of Uganda Treasury Bills.
Treasury Bills are short-term government securities issued through the Bank of Uganda with maturities of:
- 91 days
- 182 days
- 364 days
Here is how the minimum investment works and what you need to know before participating.
What Is the Minimum Amount for Treasury Bills in Uganda?
For individual investors using the non-competitive bidding process:
Minimum investment: UGX 100,000
Investments are submitted in multiples of UGX 100,000.
For example, you can submit a bid with a face value of:
- UGX 100,000
- UGX 200,000
- UGX 500,000
- UGX 1,000,000
- UGX 5,000,000
The minimum for competitive bidding is significantly higher.
In recent Bank of Uganda Treasury Bill auctions, the minimum competitive bid has been UGX 200.1 million and competitive bids are submitted through Primary Dealer Banks.
For most individual investors starting with smaller amounts, the non-competitive route is therefore the relevant option.
How Non-Competitive Treasury Bill Bids Work
A non-competitive bidder does not specify the yield they want from the auction.
Instead, successful non-competitive bids are allocated at the cut-off price determined through the competitive auction.
This allows smaller investors to participate without having to determine and submit a competitive yield.
Bank of Uganda Treasury Bill invitations generally specify the applicable minimum investment, submission requirements and deadlines for each auction.
Do You Pay UGX 100,000 to Buy a UGX 100,000 Treasury Bill?
Not necessarily.
UGX 100,000 refers to the face value of the Treasury Bill.
Treasury Bills are discount securities.
This means you generally pay less than the face value when purchasing the security and receive the full face value when it matures.
For example, if the auction cut-off price were 90.115 per UGX 100 of face value, a Treasury Bill with a face value of UGX 100,000 would cost approximately:
UGX 90,115
At maturity, the investor would receive:
UGX 100,000
The difference between the purchase price and face value represents the gross return before applicable taxes.
The actual amount you pay depends on the Treasury Bill price at the time you invest.
Example Using a Recent Bank of Uganda Treasury Bill Auction
The Bank of Uganda Treasury Bill auction held on 2 September 2026 provides a useful example.
The 364-day Treasury Bill had:
Cut-off price: 90.115
Face value: UGX 100,000
At that price:
Purchase price: approximately UGX 90,115
Amount at maturity: UGX 100,000
Gross difference: approximately UGX 9,885
For a face value of UGX 1,000,000:
Purchase price: approximately UGX 901,150
Amount at maturity: UGX 1,000,000
Gross difference: approximately UGX 98,850
These figures illustrate how Treasury Bill discount pricing works. Future auction prices and yields will differ.
For current rates, see Treasury Bill Rates in Uganda.
How Do You Buy Treasury Bills in Uganda?
Treasury Bills are issued by the Government of Uganda through the Bank of Uganda.
Individual investors generally participate through commercial banks using non-competitive bids.
The basic process involves:
- Having the required account arrangements for investing in government securities
- Choosing a 91-day, 182-day or 364-day Treasury Bill
- Submitting your non-competitive bid through a participating commercial bank
- Funding the investment according to the bank’s instructions
- Receiving the Treasury Bill if your bid is successfully processed
- Receiving the face value when the security matures
Requirements and procedures can vary, so confirm the current process with the participating bank before an auction.
For a fuller explanation, read Treasury Bills in Uganda: How They Work, Rates & How to Invest.
How Often Are Treasury Bills Auctioned?
Bank of Uganda conducts Treasury Bill auctions regularly according to its government securities issuance calendar.
Investors should check the current auction calendar rather than assuming that an auction will always occur exactly every two weeks.
Each auction invitation provides information such as:
- Securities being offered
- Amounts offered
- Auction date
- Settlement date
- Bid submission deadline
- Minimum bid requirements
Treasury Bills vs Treasury Bonds Minimum Investment
Both Treasury Bills and Treasury Bonds can be accessible to individual investors, but they work differently.
| Treasury Bills | Treasury Bonds | |
|---|---|---|
| Minimum non-competitive face value | UGX 100,000 | Depends on the applicable investment channel |
| Investment period | 91, 182 or 364 days | Longer-term |
| Return structure | Discount to face value | Coupon payments, generally every six months |
| Available through Level Africa | No | Yes |
If you are specifically looking for Government of Uganda Treasury Bonds, you can explore Treasury Bonds available through Level Africa.
Can You Start With Only UGX 100,000?
Yes.
The UGX 100,000 minimum face value makes direct Treasury Bill participation accessible to investors who may not have millions of shillings available.
However, the minimum amount should not be the only factor you consider.
You should also consider:
- When you will need the money
- Which Treasury Bill maturity fits your timeline
- The prevailing yield
- Applicable taxes
- The investment process through your bank
- Whether another investment structure better suits your goal
Starting amount and suitability are two different questions.
Can You Buy Treasury Bills Through Level Africa?
Treasury Bills are not currently available for investment through Level Africa.
Level Africa does, however, provide access to other investment options.
If you are interested in Government of Uganda securities, you can explore available Treasury Bonds.
If you are looking for shorter-term investments or greater liquidity, you can compare Unit Trusts, including Money Market Funds where applicable.
Level Africa also provides access to Fixed Income opportunities.
Final Thoughts
The minimum amount to buy Treasury Bills in Uganda through a non-competitive bid is UGX 100,000 in face value.
Because Treasury Bills are purchased at a discount, the actual amount paid for UGX 100,000 of face value will generally be less than UGX 100,000.
Individual investors can participate through commercial banks, while competitive bidding has a much higher minimum and is handled through Primary Dealer Banks.
Treasury Bills can therefore be accessible even with relatively modest capital, but the maturity, prevailing yield and investment process should still be considered before investing.
Frequently Asked Questions
What is the minimum amount to buy Treasury Bills in Uganda?
The minimum non-competitive bid is UGX 100,000 in face value, generally submitted in multiples of UGX 100,000.
Can I invest less than UGX 100,000 in Treasury Bills?
Not through a direct non-competitive Treasury Bill bid where the minimum face value is UGX 100,000.
Do I actually pay UGX 100,000?
Not necessarily. Treasury Bills are sold at a discount, so the purchase price for UGX 100,000 in face value will generally be below UGX 100,000.
What is the minimum competitive Treasury Bill bid?
Recent Bank of Uganda Treasury Bill invitations have specified a minimum competitive bid of UGX 200.1 million.
Check the latest Bank of Uganda auction invitation because requirements can change.
Can individuals buy Treasury Bills in Uganda?
Yes. Individuals can participate through non-competitive bids submitted through participating commercial banks.
Can I buy Treasury Bills through Level Africa?
No. Treasury Bills are not currently available through Level Africa.
Investors looking for Government of Uganda securities through Level Africa can instead explore available Treasury Bonds.
What is the difference between Treasury Bills and Treasury Bonds?
Treasury Bills are short-term government securities maturing within one year and are generally purchased at a discount. Treasury Bonds are longer-term government securities that generally pay coupon interest every six months.