DTB adjusts interest rates on loans as lender vows to support women and youth-led enterprises


Diamond Trust Bank (DTB) has announced that it has adjusted its interest rates levied on all new and existing loans to not more than 14.5 per cent as from September 1, 2016.

The bank will also review its operations to align applicable interest earning deposit accounts to the new minimum rate requirement. This prompt action follows the decision reached by Parliament to cap credit facilities at 4 per cent above the base rate set by the Central Bank of Kenya and set a minimum rate on interest earning deposits pegged to the CBK’s set base rate.

“DTB prides itself as a customer centric financial institution. We hope this legislation will encourage more Kenyans not only to take advantage of the affordable credit facilities but also improve their savings culture and livelihoods,” said Nasim Devji, Group CEO and Managing Director.

Several banks in Kenya have so far adjusted interest rates since the President signed the hotly-contested Bank Amendment Bill.

DTB has been at the forefront of Small Microfinance Enterprises (SMEs) lending for over 70 years and has recently committed over Sh 2 billion to lend to SME’s under the Kenya Bankers Association (KBA) Inuka Enterprise programme.

These funds will also benefit women and youth owned SME’s who will not only get funding but also access entrepreneurial training.

“We hope that through this initiative, DTB will play a key role in promoting business growth and job creation as well as making it easier for viable businesses to access capital,” said Devji.

DTB has since pledged to work closely with the Central Bank of Kenya to ensure compliance with the legislation.

Previous Reduction in debt, increase in non-funded income pushes Consolidated Bank’s net profit up to Sh9Bn
Next Huawei to tap into lucrative youth market as telecoms firm moves to grow market share

You might also like

Latest 0 Comments

Business conditions improve as unemployment rate remains stagnant, PMI Index shows

Business conditions in Kenya’s have improved, driven by the country’s growing private sector which picked up in July. Though unemployment has remained stagnant, business conditions improved at a faster pace,

Business 0 Comments

Regional business leaders to collectively handle entrepreneurial challenges and foster opportunities

The B Team will consist of regional business leaders and CEO’s  The team will catalyse CEOs, investors and entrepreneurs to lead their companies and sectors in a more sustainable direction

Latest 0 Comments

Kenyan startup to compete for Sh104 million prize in Los Angeles

  Sanivation, a Kenya-based start-up, has been selected as one of 30 startups from across the world as a finalist of Chivas Regal’s ‘The Venture’ competition, a global search to


No Comments Yet!

You can be first to comment this post!

Leave a Reply