Diamond Trust Bank (DTB), a Kenya-based institution serving four countries in Africa, recently expanded its partnership with US-based payment processing corporation Mastercard, which will enable financial technology (fintech) companies to offer Mastercard payment cards to their customers through DTB. The bank has been approved by the Central Bank of Kenya to offer “cards-as-a-service,” which allow non-banks to offer credit, debit and virtual cards with a range of features.
DTB CEO Nasim Devji, said his team members “welcome this opportunity to support innovation in the financial sector. We believe that this partnership will not only enable us to enhance our service offering, but also contribute to the development of a more inclusive and advanced digital payment ecosystem in East Africa.”
Founded in 1945, DTB is listed on the Nairobi Securities Exchange. Its top stakeholder is the Switzerland-based nonprofit Aga Khan Development Network, which owns 16.5 percent of the bank’s shares. As of September 2022, DTB reported total assets of KES 507 billion (USD 3.8 billion) and nine-month profit of KES 8.9 billion (USD 67 million). In addition to its operations in Kenya, DTB has subsidiaries in Burundi, Tanzania and Uganda.
Headquartered in the US state of New York, Mastercard connects consumers, financial institutions, merchants and governments in approximately 210 countries and territories. For the quarter ending December 2022, the firm reported net revenue of USD 5.8 billion on total assets of USD 39 billion.
By Vaughn Rajah, Research Associate
Sources and Additional Resources
Mastercard press release
https://www.mastercard.com/news/eemea/en/newsroom/press-releases/press-releases/dtb-and-mastercard-sign-agreement-to-boost-payment-solutions-for-fintechs-in-kenya/
DTB homepage
https://dtbafrica.com
DTB financials
https://dtbk.dtbafrica.com/quarterly-financial-reports
Mastercard homepage
https://www.mastercard.com
Mastercard financials
https://investor.mastercard.com/financials-and-sec-filings/annual-reports-and-proxy/default.aspx
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Download a sample at https://www.microcapital.org/products-page/.
Similar Posts:
- MICROCAPITAL BRIEF: Lipa Later, Mastercard Partner on Buy Now / Pay Later Services in Africa
- MICROCAPITAL BRIEF: 24 Education Technology Startups in Kenya, Nigeria Joining Mastercard Foundation EdTech Fellowship
- MICROCAPITAL BRIEF: Copal App to Help Parents, Youth in Egypt to Manage Finances via Mastercard Payment Network
- MICROCAPITAL BRIEF: DFC to Support Mastercard Community Pass Program to Expand Access to Digital Services in Africa, India
- MICROCAPITAL BRIEF: Mastercard, Vodafone Fiji Partner to Provide Debit Cards to Mobile Money Users
