DBK Opens new branch in Mombasa

Mombasa,

Friday, September 29, 2023

KNA by Fatma Said

The Development Bank of Kenya (DBK) has officially brought services closer to the people as they launched their third branch in Mombasa County.

Initially, the bank had only two branches, both located in Nairobi.

DBK was initially called the Development Finance Company of Kenya (DFCK) and was founded in 1963 as a Development Financial Institution (DFI) with the strategy of growing the economy of the country as it mainly focused on bringing up project funds and long-term projects’ financing. 

Speaking during the official opening of the Mombasa Branch, The Chief Executive Officer/ Managing Director, Johnson Kiniti said that the bank officially transformed from being a DFI to a Commercial Bank being regulated by the Central Bank of Kenya in 1997.

Kiniti said that the bank is associated with financing a number of projects in Mombasa including the Neptune Hotel.

“As a commercial bank we have seen it necessary to bring our services closer to the people as we are also working to reach other locations in order to increase our reach and footprint towards satisfying our customers’ needs,” Kiniti said.

He assured that the new branch is self-sufficient to conduct all services without having to refer to the main office in Nairobi.

Kiniti also promised the people of Mombasa that the branch was working on Sharia-compliant products and services as they are fully mandated.

“We offer very personalized services alongside having a very listening ear and that is what has made us who we are for the last 60 years,” Kiniti said when asked about what makes them unique from other financial institutions.

Kiniti confirmed that as much as DBK is a government institution they also have multiple shareholders some of which are private.

He also said that the bank works under Risk Based Pricing (RBP) meaning they offer different interest rates to different companies and individuals depending on the purpose of the funds borrowed, credit score, employment status, income and other outstanding debts.

The event was also graced by the County Executive Committee Member (CECM) from the Department of Finance and Economic Planning, Evans Oanda who represented Mombasa Governor.

Oanda said that they had a lengthy discussion with the CEO and have explored a good number of ways that the County can partner with the bank and most importantly with the people of Mombasa.

“We are happy to welcome DBK in Mombasa and we are looking forward to discussing the many incentives the county government has to offer,” Oanda said.

Courtesy; KNA