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.

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