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

Diamond Trust Bank Tanzania Limited (DTB Tanzania), a subsidiary of Diamond Trust Bank Group, is a commercial bank in Tanzania that offers products and services to individuals and businesses.

DTB Tanzania has over 159,380 customers, 552 employees, 50 ATMs, and 28 branches.

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

History of Diamond Trust Bank Tanzania

Diamond Trust Bank Tanzania was established in 1946  as the Diamond Jubilee Investment Trust (DJIT) by the late Aga Khan III.

DJIT was a community-based finance house offering savings and credit facilities in East Africa. The DJIT had its head office in Dar-es-Salaam (Tanzania) and branches in Mombasa (Kenya), and Kampala (Uganda).

In 1965, the DJIT split into three companies- DJIT (Kenya), DJIT (Tanzania), and DJIT (Uganda). It also changed from a community-based finance house into a non-banking financial institution that specialized in instalment credit/hire purchases.

In 1995, The main shareholders of DJIT Tanzania, DTK (Diamond Trust Kenya) and AKFED (Aga Khan Fund for Economic Development) re-capitalized DJIT Tanzania, and renamed it the Diamond Trust of Tanzania.

After the DTK gained its commercial banking license in 1997, Diamond Trust of Tanzania was renamed to Diamond Trust Bank Tanzania Limited.

Diamond Trust Bank Tanzania has grown since then and it has performed different corporate social responsibility initiatives including its mother/child mortality project.

DTB-Tanzania was awarded the Excellent STP Rating y Citibank NY for USD payments in 2020. DTB Tanzania also won the award for “The Best Risk Management Corporate in 2017”.

Mr Karim Wissanj is the current board chairman of the DTB Tanzania bank and he was appointed to the DTB Tanzania board on the 28th of August, 2013.

DTB Bank Tanzania products and services

These are bank accounts, loans, and other banking services offered by DTB Bank Tanzania to businesses and individuals. These products are categorised as:

Bank accounts

DTB Tanzania offers current accounts, savings accounts, SME accounts, and community accounts to its customers.

DTB account charges depend on the type of account, the channel used, and the transaction carried out. You can view the DTB Tanzania tariff guide here.

Some of DTB Tanzania bank account products are:

Standard current account

This is a current bank account for small and medium businesses. It can be operated in Tanzania Shillings (TZS) & US Dollars (USD).

A minimum amount of TZS 50,000 ($50) is required to open the account.

You can find out about other DTBank Tanzania current accounts here.

Value savings account

This is a savings account tailored to individuals that want to save for future expenses.

It operates in Tanzania shillings and no amount is required to open the account.

Super salary account

This is a bank account for individuals earning a monthly income. Owners of the account can receive their salaries in Tanzania shillings or US Dollars.

No amount is required to open the account.

Kibubu account

This is a savings account for people that want to save for future expenses. Salaried and non-salaried individuals can open the account and save towards specific targets for a minimum period of six months and a maximum of five years.

Kibubu account owners can also save in Tanzanian Shillings and US Dollars. A minimum amount of TZS 20,000 ($500) is required to open a Kibubu account.

You can view DTB Tanzania's other savings accounts here

SME account

This is an account for small and medium businesses in certain parts of Tanzania with an average monthly turnover of not more than TZS 50 million.

A minimum amount of TZS 30,000 ($50) is required to open the account.

Community account

This is a bank account for non-profit and non-government organizations (NGOs) like religious entities, societies, charities, etc.

Community account holders enjoy reduced charges and interest on balances above TZS 50 million ($50,000). The account is available in TZS & USD and no amount is required to open the account.

You can open any DTB Tanzania bank account by visiting any DTB branch near you.

Loan products

DTB Bank Tanzania’s loan products are available to both individuals and businesses. Some of its loan products are:

SME loans

These are loans tailored to small and medium businesses in Tanzania. DTB’s SME loans also come with dedicated relationship managers, flexible interest rates, and quick processing times.

Credit facilities/arrangements

These are loans tailored for corporate businesses. DTB offers overdrafts, term loans, and bill financing. They also offer non-fund-based credit.

Insurance premium finance

This is a loan product used to pay annual insurance premiums in advance. The loan is paid back in monthly instalments at an interest rate determined by the bank and the duration of the loan. Insurance premium finance is for SMEs and corporations.

Home loans

This is a mortgage loan for individuals and businesses interested in building or leasing a property. The loan has a maximum repayment period of 15 years.

Required documents

For employed individuals

• Your pay slip for the last three months
• Your bank statement for the past 12 months
• Your curriculum vitae (CV)
• A copy of your TIN certificate
• Copies of your identification documents I.e passport
• A letter from your employer stating your income, retirement age, length of service and employment terms (contract or permanent)
• A copy of the property’s sale agreement/bills of quantity
• A draft of the property's valuation and search report of the property
• A copy of the property’s title deed

For self-employed individuals:

• The business audited accounts for the past three years
• Copies of the company’s one-year bank statement
• Business registration certificate (TIN, certificate of incorporation, business license, MEMARTS)
• Cash flow projection for one year
• Copy of the latest annual returns and receipts
• Copy of sale agreement/bills of quantity
• Copies of the identification documents/passport
• Draft of valuation and search report of the property
• Copy of title deed
• The business’s profile

Businesses and individuals can learn more and apply for DTBank loans by visiting any DTBank branch.

Other products and services offered by DTBank Tanzania are Merchant POS acquisition, treasury forex trade, and cards.

DTB Bank Tanzania’s alternative banking channels

These are online and offline channels DTB Bank customers can use to access and manage their accounts without visiting a bank branch.

DTB mobile banking (*150*77# and DTB bank app)

DTB Tanzania customers can perform different banking operations with the bank’s USSD code (*150*77#) and app. With *150*77# or the DTBank mobile app, you can:

• Pay bills
• Purchase airtime
• Send money to other accounts
• Manage your bank account
  

To register for DTB mobile banking, simply visit any DTB Bank Tanzania and fill out the mobile banking registration forms.

You will receive an OTP which you would use to register for mobile banking.

Registered users can get started by dialling *150*77# or by downloading the app from the Playstore and Appstore.

DTB online banking (iCash Pro)

This is an internet banking platform for DTB Tanzania current account holders. It is tailored mostly for business operations like bills settlement of bills, international transfers, etc.

Businesses can log in to the iCash Pro portal here.

Agency banking

DTBank Tanzania customers can perform different banking transactions at DTB agent locations. Some of the transactions you can carry out are:

• Cash deposit
• Cash withdrawal
• Balance inquiry
• Mini-statement
• Purchase airtime

International money transfer

You can receive money into your DTB Tanzania account through Western Union, MoneyGram, Express Money, or Telegraphic Transfers (TT) for cross-border business transfers

You can not receive more than $10,000.

Frequently asked questions

What is DTB Bank Tanzania's contact information?

DTB Bank head office: 9th Floor. 901, Harbour View Towers, Samora Avenue, Dar es Salaam, Tanzania

Postal address: P.O. Box 115, Dar es Salaam, Tanzania

Telephone number: +255 22 221 8000 and +255 22 2114892​

Email address: customercare@diamondtrust.co.tz

You can find DTB bank branches or agents near you here.

What is DTB Tanzania's customer care number?

Call  0800-110-110 or +255 222114888/90 to speak with a DTB customer care agent.

What is DTB Tanzania USSD code

*150*77#

What is DTB Tanzania website

You can visit the DTB Tanzania website here.

You can also visit its YouTube, Facebook, and Twitter pages.

What is DTB SWIFT code

DTKETZTZ

Conclusion

DTB Bank Tanzania is a commercial bank in Tanzania that provides banking products and services to both businesses and individuals.

Its website is intuitive and provides the information you need to know about the bank.

The only drawback is that you have to visit a DTB Tanzania branch to sign up for any of its products, which is not the case for the bank’s Kenyan subsidiary.

Luckily, its mobile and internet banking platforms are reliable and easy to use.

Sources

https://en.wikipedia.org/wiki/Diamond_Trust_Bank_(Tanzania)_Limited

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