Investing directly in a Treasury bill or a Treasury bond is great. This is because you bypass the intermediary and thus don't pay management fees. However, there are a few hurdles to overcome. Firstly, you need ready capital of *Kes 100,000 to start investing with Treasury Bills and Bonds. Further, any incremental investments are in minimums of Kes 50,000. However, most ordinary Kenyans don't have access to such capital. Therefore, unit trusts are appropriate as they allow the small investor with Kes 2,500 to access the bond market. Secondly, you also lack the advantage of liquidity i.e. You have to wait until the Treasury bill or bond matures. However, with Money Market Funds your money is accessible anytime. Finally, most people don't have the time to go to CBK , submit their bid and participate in the auction. Therefore, they prefer to invest in unit trusts and save themselves the hustle. In conclusion, investing directly gets you a higher return but at the price of no liquidity, time expenditure and high capital needs. If that is a price you can afford then direct investment makes sense. *M-Akiba is helping ordinary Kenyans to invest in lower amounts. The starting capital is Kshs 3,000 with incremental investments of Kshs 500 per day.