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

Trending 0 Comments

Despite your tired ears, ‘Despacito’ is here to stay

Who saw this coming? Every year there is a song that breakouts from the charts, shoots to the top and you can’t get away from it for the rest of the

Business 0 Comments

Business headlines-September 7 2017 Kenya’s 2017 GDP to worsen after fresh poll order

Kenya’s 2017 GDP to worsen after fresh poll order Kenya’s economy is expected to lose a further 0.3 per cent of Gross Domestic Product (GDP) owing to the Supreme Court

Latest 0 Comments

5 tips to make your home more energy efficient

It would be great if you could make your house completely self-sufficient but that’s not always possible in today’s world but there are ways to create a more energy efficient


No Comments Yet!

You can be first to comment this post!

Leave a Reply