Diamond Trust Bank Kenya launches new branches in expansion drive

KENYA – Diamond Trust Bank Kenya Limited (DTB) has opened three new brick-and-mortar branches as part of its growth strategy.

The three new branches are located at Imara Daima (Imaara Mall), Kamakis (Viashla Business Centre) and Kahawa Sukari (Ruhan Plaza) and have pushed DTB’s physical branch network in Kenya to 64.

Speaking at the opening of the three new branches, DTB Kenya Chairperson Linus Gitahi described the move as part of the Bank’s plan to deepen its market presence in fast-growing regions.

“As a tier one bank, we are keen on increasing our market presence as this underpins our growth strategy. The investments we are making are not only a show of the bank’s financial strength but also a sign of commitment to creating more convenience for our customers,” said Linus.

On her part, DTB Group CEO Nasim Devji said the Bank’s move to continue expanding its branch network is a testament to the lender’s confidence in the Kenyan economy.

“As DTB, we remain optimistic about Kenya’s economic recovery. We are therefore making strides to be closer to our customers to support them to attain their personal and business goals,” said Devji.

The lender is set to open 17 more branches in Kenya before the end of 2022 signalling a sizeable expansion in its branch network.

DTB is also investing US$30 million (KSh3.5 billion) in digital services including Internet banking over two years. Investments in such platforms has intensified in the banking sector and is seen as a means to enhance efficiencies, grow scale and improve convenience for clients.

DTB recently announced the resumption of dividend payments to its shareholders following a 42 per cent rise in pre-tax profit.

Momentum Credit opens its 13th branch

Meanwhile, Momentum Credit – a non-deposit-taking financial institution, has opened its 13th branch in Embu County in its expansion drive aimed at increasing the country’s financial inclusion.

Speaking during the launch, Momentum Credit’s Chief Executive Officer Job Muriuki declared Momentum’s intention to support Embu residents realize social and economic development by unlocking access to structured, credible and transparent financial solutions supporting business growth and improving living standards.

Agriculture contributes to 33 per cent of the Gross Domestic Product (GDP) and another 27 per cent indirectly through linkages with other sectors,” he said.

“With this sector employing more than 70 per cent of Kenya’s rural population, it is incumbent upon us to support Embu – a largely agricultural county improve its resident’s liquidity. This in turn drives inclusive economic growth, job creation and poverty reduction.”

Muriuki noted they have purposely redefined their market approach transitioning from a financial lender to a solution provider enabling Kenyans; access liquidity, own motor vehicles at a significantly lower cost compared to prevailing market rates, afford vehicles through Motor Import Financing and acquire Insurance Premium Financing

According to the World Bank, financial inclusion is a fundamental cornerstone to development – driving the realisation of Kenya’s Vision 2030 and attainment of Sustainable Development Goals (SDGs).

With only 40 per cent of Kenyans accessing bank credit – economic development, business expansion, employment and consumption power are compromised.

Other big banks that are also opening more branches in the country are Co-op Bank and NCBA Bank Kenya.

The sector, overall, has gone slow on physical expansion as uptake of apps, mobile, Internet and agency banking grows.

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