Diamond Trust Bank (K) to shut six branches by end of October 2021

KENYA – Nairobi Securities Exchange listed lender Diamond Trust Bank (DTB) is expected to shut six branches by the end of October as part of efforts to consolidate its physical footprint in Kenya. In a notice issued to the press, the lender said it had received approval from the Central Bank of Kenya (CBK) to consolidate its branches. “The DTB branch consolidation will affect locations where branches identified for merger are co-located or in close proximity to each other. The affected branches will cease operations with immediate effect,” DTB announced.…

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Diamond Trust Bank (K) commits US$14.6m for Covid-19 recovery loans for SMEs

KENYA – Diamond Trust Bank Kenya (DTB), will lend at least US$14.6 million to Micro, Small, and Medium Enterprises (MSMEs) this year to aid in Covid-19 recovery, the bank’s leadership has announced. DTB Board Chairman Linus Gitahi said the bank would place emphasis on MSMEs that are led by women. He spoke at a breakfast hosted by the bank to celebrate its Women-owned and managed – MSME customers in Nairobi. “We all know that the pandemic had a terrible impact on our lives and livelihoods. Small and Medium-sized Enterprises (MSMEs)…

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Banking group DTB secures US$50m from IFC for onward lending to SMEs

KENYA – Diamond Trust Bank Kenya (DTB), a banking group, has secured KSh5.41 billion (US$50 million) from the World Bank Group’s private sector arm, the International Finance Corporation (IFC)  for onward lending to small and medium-sized businesses (SMEs) which have been hardest hit by economic woes as a result of the Covid-19 pandemic. IFC loan will enable Kenya’s eighth largest lender by assets to continue giving credit to small traders and companies, largely perceived to be risky by lenders because of inadequate collateral for loans. The cash is part of…

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Toyota Kenya and DTB partner in a new financing model for SMEs

KENYA – Diamond Trust Bank (DTB) and Toyota Kenya unveiled a partnership to enable Small and Medium Enterprises buy new vehicles. The partnership will allow customers to acquire a car at 100 percent financing from DTB. Dubbed ‘Beba Leo’ the Motor Vehicle Financing Scheme is meant for SMEs, who will get financing to acquire either the Toyota Hilux or Toyota Rush, with a flexible repayment period. According to Business Daily, the deal is set to spur the economy further, noting the country’s 6 percent growth during the third quarter of…

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DTB, Mastercard and DPO Group extend digital payment services

EAST AFRICA – Diamond Trust Bank (DTB) has joined African payment services provider DPO Group and Mastercard in the rollout of a business to business (B2B) virtual payment card in Kenya and Tanzania. According to the Star, the DPO Virtual Card will improve reach and ability of businesses to make instant digital payments to other businesses in Africa and across the world, without the need for a physical credit card, debit card or bank account. The move will improve cash flow for firms and opening up African businesses to other…

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