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Mastercard agreement with DTB

Kenya: DTB, Mastercard in deal to boost payment solutions for fintechs

Tech & Business
  • Diamond Trust Bank and Mastercard have announced a strategic agreement that will enable the bank to provide payment cards to tech-enabled companies including fintechs in Kenya
  • The Agreement will enable tech-enabled companies to issue their own card propositions through DTB, using Mastercard’s technology
  • The agreement is the latest partnership between DTB and Mastercard in East Africa with the bank exclusively issuing Mastercard payment cards in Kenya, Uganda, and Tanzania

Diamond Trust Bank (DTB) and global technology company Mastercard have entered into a new deal to enable the bank to provide payment cards to tech-enabled companies including fintechs in Kenya.

The Agreement will enable tech-enabled companies to issue their own card propositions through DTB, using Mastercard’s technology.

The agreement will enable DTB to process and settle payments in a faster, more convenient, cost-effective and regulated way as it works to increase its footprint in the region. It also improves the reach …

Q1, 2020 The Best of Five - An Analysis

Q1, 2020 The Best of Five – An Analysis

Banking

Kenya’s five top banks released stable Quarter 1, 2020 financial results with pessimism of their future earnings heavily affected by the Covid-19 pandemic that continues to cause havoc on the economy.

The banks that include KCB Group, Co-operative Bank, Diamond Trust Bank, Equity Group and NCBA recorded higher growth in deposits, loan book, interest income and non–funded income, but cautioned of reduced earnings in the future under the prevailing circumstances.

Deposits for the five grew by 17.7%faster than the 11% growth recorded in Q1’2019while average loan growth went up by 12.7% compared to 7.7% over the same period last year.

Analysts at Cytonn Investment attribute the growth in loans being accelerated following the repeal of the interest rate cap in November 2019, coupled with increased demand in funding as businesses demand working capital to operate in the current tough operating environment.Government securities recorded a growth of 25.9% year-on-year, which was…

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