Bank Review: Diamond Trust Bank—Everything you need to know

Bank Review: Diamond Trust Bank—Everything you need to know

Diamond Trust Bank Kenya Limited (DTB), a subsidiary of Diamond Trust Bank Group, is a financial institution in Kenya that provides banking, insurance, and loan products to individuals and businesses.

DTB has 61 branches, 58 ATMs, 1061 employees, and 279,965 customers in Kenya.

It also offers insurance through its subsidiary, Diamond Trust Bancassurance Intermediary Limited.

This article covers the products and services offered by Diamond Trust Bank Kenya.

History of Diamond Trust Bank Kenya

Diamond Trust Bank Kenya was initially named the Diamond Jubilee Investment (DJIT) and it was established in 1946.

The DJIT was initially a community-based financial institution. After the DJIT was split into three companies, the company changed into a non-banking financial institution that provided credit/hire purchases in Tanzania, Uganda, and Kenya.

In 1972, the Kenyan branch of the DJIT was renamed the Diamond Trust of Kenya (DTK).

Diamond Trust of Kenya underwent another name change in 1997 after its parent company acquired a baking licence.

Its name was changed to Diamond Trust Bank Kenya (DTB Kenya) to mark its change to a full commercial bank.

Over the years, Diamond Trust Bank Kenya increased its shareholding in the Tanzania, Uganda, and Burundi branches of its parent company-Diamond Trust Bank group- to  66%, 67%, and 84% respectively.

Diamond Trust Bank Kenya saw an increase in the use of its digital channels during the covid-19 pandemic.

The bank reported that 93% of all its recorded banking activities were carried out through its digital channels.

Diamond Trust Bank Kenya’s products

Diamond Trust Bank Kenya (DTB) offers products and services to SMEs, individuals, and corporations. Their products and services are:

DTB Bank accounts

DTB offers 5 types of accounts: current, savings, salary, fixed/call deposit, and digital accounts. Some of its bank account products are:

DTB bank 24/7 digital account

The DTB digital bank account allows individuals to open an account online in minutes.

The account can only be opened in Kenyan shillings, but no amount is required to open the account.

To open a DTB digital account, you need:

  • A Kenyan national ID card
  • Your KRA PIN certificate
  • Your picture

Simply download the DTB m24/7 app from the Playstore or Appstore and follow the prompts to open a DTB digital account.

DTB classic account

The DTB Classic account is a transaction account for individuals, partnerships, sole proprietors, and corporate entities.

It is a current account that has a flexible pay-as-you-go structure which means customers only pay charges when the account is used.

The account can only be opened in Kenyan shillings, but no amount is required to open the account

Other types of DTB current accounts are the DTB Elite, DTB Titan, and Prime USD/EUR/GBP accounts.

You can learn more about DTB's current accounts here.

DTB Savings account

The DTB Savings Account is an interest-earning account for individuals.

Maintenance fees are not charged on the account and account owners earn interest on balances over Ksh 1000 ($8.56). No amount is required to open the account.

Other types of Diamond Trust Bank savings accounts are the Prime USD/EUR/GBP account and Just 4 Me accounts.

You can learn more about DTBs savings accounts here

DTB Salary account

The DTB salary account is a transaction account for employed individuals that earn a monthly income.

No amount is required to open the account and the account can only be opened in Kenyan Shillings.

DTB fixed/call deposit account

The DTB fixed deposit account is an interest-earning account. The funds in the account can also be used as security when applying for credit and loans.

DTBs fixed-deposit accounts can be opened in either Kenya Shillings, US Dollars (USD), or Great Britain Pounds (GBP).

A minimum amount of Ksh 100,000, USD. 10,000 or GBP. 10,000 is required to open the account.

How to open a DTB bank account

You can open a DTB bank account by visiting any Diamond Trust Bank Kenya branch near you with the required documents.

The required documents depend on the entity opening the account.

Individuals (Kenyans and foreign nationals)
  • National ID or passport (Kenyan citizens)
  • A valid passport and foreign certificate (foreign citizens)
  • One passport photograph
  • Your KRA PIN certificate
  • Proof of physical address that states your name and physical address (lease agreement/ utility bill)
  • Salary account applicants must also present an introduction letter from their employer and a copy of their payslip.
Corporate accounts
  • Certificate of incorporation/registration (sole proprietors/ clubs/ society/ associations/ churches)
  • Constitution & By-Laws (clubs, associations, societies & foundations)
  • Memorandum and Articles of association for companies incorporated pre-2015 (Co. Act 486) while CR 1 for companies incorporated post 2015 (Co. Act 2015)
  • Signed partnership deed (partnerships)
  • Signed board resolution by at least two directors or 1 director and the company’s secretary with a CPS stamp
  • KRA PIN certificate
  • Proof of physical address: business permit, lease agreement, utility bill (indicating name and address of entity)
  • Latest audited management accounts
  • Kenyan ID or valid passport, foreign certificate/alien card (foreign nationals) & Tax PIN for all stakeholders, directors, partners and signatories.
  • Practicing/trading license ( lawyers, insurance companies, brokers & agents, CBK license (for Financial Institutions only))

You can learn more about the requirements for each entity by looking at DTB's product guide here.

DTB loans

Diamond Trust Bank Kenya (DTB) offers loans to both individuals and businesses. Some of its loan products are:

Beba Leo

Beba Leo is a loan offered to SMEs that covers the purchase of new vehicles for either business or family use.

The loan has a maximum repayment period of 48 months.

SMEs can apply and learn more about the Beba Leo loan by visiting any DTB branch.

DTB’s overdraft

These are loans that help businesses meet their day-to-day needs.

DTBs overdrafts can be renewed annually. The loan’s credit limit and repayment period depend on the repayment capacity of the borrower.

Simply visit any DTB branch with the required documents to apply for a DTB overdraft.

Required documents for individuals / sole proprietors / partnerships
  • The original and copy of the borrowers' national identity card/passport / KRA PIN certificate
  • Certificate of registration (sole proprietors or partnership)
  • The business bank statements for the past six months
  • Copy of LOF and account status in respect of loans or other facilities from other banks
  • Collateral and security details as specified by the bank
Required documents for companies
  • Certificate of incorporation for the company
  • The company’s KRA PIN certificate
  • The original and copy of the directors’ national identity card / passport / KRA PIN
  • Certified copy of memorandum and articles of association
  • Certified copy of the resolution authorising the loan
  • Audited accounts for the past three years together with a copy of the company’s  management accounts
  • Financial projections and plans for the business
  • Copies of bank account statements for the last twelve months
  • Latest annual returns & filing receipt / CR-12
  • Company profile
  • Documents outlining the plans, projections, and reasons for obtaining an overdraft

DTB term Loan

DTBs term loans are available to both individuals and businesses.

It has a maximum repayment period of 120 months.

Required documents for individuals / sole proprietors / partnerships
  • The original and copy of the borrower's national identity card/passport / KRA PIN certificate
  • Certificate of registration (sole proprietors or partnership)
  • Latest bank statements for the last six months
  • Copy of LOF and account status in respect of loans / other facilities from other banks
  • Collateral and security details as specified by the bank
Required documents for companies
  • Certificate of incorporation for the company
  • The company’s KRA PIN certificate
  • The original and copy of the directors’ national identity card/passport/KRA PIN
  • Certified copy of memorandum and articles of association
  • Certified copy of the resolution authorising the loan
  • Audited accounts for the last three years together with a copy of the company’s  management accounts
  • Financial projections and plans for the business
  • Copies of bank account statements for the last twelve months
  • Documents outlining the plans, projections and reasons for obtaining an overdraft
  • A copy of the company’s LOF and account status in respect of loans and other facilities from other banks
  • The schedule of debtors and creditors as per the latest management accounts
  • Valuation report(s), and copy of the document evidencing ownership of the asset offered as security
  • A list of the company’s major customers and suppliers
  • The company’s order volume and inquiries
  • An outline of the assets to be acquired and their costs
  • Other requests as specified by the bank

Other types of loans offered by DTB Kenya are the credit guarantee scheme, hire purchase, mortgage loans, insurance premium financing, leasing, and trade finance.

You can learn more about each loan and its requirements here.

You can also use the DTB loan calculator to calculate a loan’s interest and the repayment period.

DTB insurance

Diamond Trust Bank Kenya offers insurance services through its intermediary, Diamond Trust Bancassurance Intermediary Limited (DTBIL).

DTBIL insurance products are split into 3 categories: bancassurance, general insurance and medical insurance. Its insurance policies across all 3 categories are:

You can learn more about Diamond Trust Bank’s insurance products here.

Diamond Trust Bank’s digital services

DTBs customers can send money locally and internationally through its international money transfer agents: Western Union, MoneyGram, and Worldremit.

You can also use the DTB m24/7 app to send money locally and internationally.

How to transfer money from MPesa to a Diamond Trust Bank (DTB) account

  • Open Safaricom or MPesa menu on your mobile phone
  • Select Lipa na Mpesa
  • Select Paybill
  • Input DTBs paybill number (516600)
  • Input the recipient's DTB account number
  • Input your PIN
  • Confirm the transaction details and press send

DTB cards and ATMs

Diamond Trust Bank offers credit and debit cards to its customers. DTB also has 58 ATMs in Kenya.

You need to visit any DTB branch near you to apply for a DTB card.

DTB mobile banking

Diamond Trust Bank customers can access the bank’s services through its USSD code (*382#) and bank app- the DTB m24/7 mobile app- which is available on both IOS and Android devices.  

With DTBs mobile banking, you can:

  • Open a new DTB account
  • Check your account balance
  • Buy airtime
  • Transfer money to other local and international accounts
  • Transfer money to other mobile money wallets
  • Request for your account statement
  • Pay your bills

Simply download the DTB m24/7 mobile app from the Playstore or Appstore or dial *382# to register for DTBs mobile banking service.

DTB Internet banking

DTB’s internet banking platform, i24/7, allows businesses and individuals to manage their DTB accounts and transfer money to other accounts.

DTB account holders can register for internet banking by visiting any DTB branch near them.

You can access the DTB online portal here.

DTB POS

This is a service that allows businesses to accept card payments from their customers.

Businesses can register for a DTB POS machine by visiting a Diamond Trust Bank Kenya branch or by sending an email to merchantservices@dtbafrica.com.

Required documents

  • A document outlining the board’s resolution to acquire a DTB POS
  • The business certificate of incorporation/business registration
  • The business PIN certificate
  • Copies of directors’ national ID/passports
  • Copies of directors’ KRA PIN certificates
  • Copies of  directors’ passport photographs
  • Memorandum and articles of association
  • The company's latest returns (CR12)
  • Three months bank statements for non-DTB customers and three months turnover summaries of DTB customers

Frequently asked questions

What is Diamond Trust Bank's contact information

Diamond Trust Bank head office address: DTB Centre, Mombasa Road, Kenya

Diamond Trust Bank Kenya postal address: PO Box 61711, Nairobi, 00200

DTB customer care number:  0719 031 888  and 0732 121 888

Email: contactcentre@dtbafrica.com

What is Diamond Trust Bank's paybill number

Dtb's paybill number is 516600

What is Diamond Trust Bank website

You can visit its website here. DTB Kenya is also active on  Instagram, Facebook, Twitter, and YouTube.

How much does Diamond Trust Bank charge

You can learn about DTB's transaction charges and fees here.

What is Diamond Trust Bank SWIFT code

Diamond Trust Bank’s SWIFT code is DTKEKENA

Where can I download the Diamond Trust Bank mobile app

You can download the dtb mobile banking app from the Playstore or Appstore

Conclusion

Diamond Trust Bank Kenya has operated in Kenya for over 70 years.

You can get a good idea of the bank’s products and services by browsing its website or reading its product guide.

The only drawback is that you need to visit a DTBbranch to sign up for 90% of its product offerings.

Sources

https://dtbk.dtbafrica.com/sites/dtbk.dtbafrica.com/files/2022-04/DTB%20Pitchbook%20FY%202021.pdf

https://en.wikipedia.org/wiki/Diamond_Trust_Bank_Group

https://dtbk.dtbafrica.com/