DIAMOND TRUST BANK LAUNCHES SPECIAL ACCOUNT FOR NGOs

Diamond Trust Bank Tanzania (DTB Tanzania), has launched a special Current Account for the NGO sector. The Community Account is offered at zero operational fees except for actuals (Cheque book & Transfer fees) to Not-for-Profit entities i.e. Charities, Non-Governmental organizations (NGOs), Religious Organizations, Societies, Clubs and Trusts.

The DTB Community Account is available in TZS and USD with online access to customers 24/7 via Internet banking. The product benefits include interest on average monthly float balances above TZS 50 Mio /USD 50,000 and free salary processing for Not-for–profit employees who opt to bank with DTB Tanzania.

Speaking during the colorful launch event that brought together more than 100 customers of the Bank and Not-for-profit stakeholders at the Best Western Coral Beach Hotel in Dares Salaam, the Country Manager and CEO of DTB Tanzania, Mr. Viju Cherian said that “Our strategic focus is to possess a complete product offering that caters for all demographics, businesses entities and economic scales. We are a Bank for all people and this is clearly evident from our dynamic products and services portfolio”.

“DTB Tanzania as a key player in the SME segment of the economy recognizes the unique banking needs of the Not-for-Profit entities within our communities hence the development of a tailored product that suits their banking needs. The theme of saving on banking fees and making funds meant for the betterment of our communities getting a fair return are the utmost driving factors towards the development of the Community Account.”

DTB Tanzania’s business performance has continually surpassed the industry standards by consistently recording Compound Annual Growth Rate (CAGR) of around 30% over the past 8 years. While the banking industry across economies are facing rising NPLs, DTB Tanzania continued to contain NPLs to gross credit at a modest 3.5%. The Quarter 3 results further indicates an impressive 12% growth in Total Deposits from TZS 787 billion end of September 2016 to TZS 881 billion in 2017. The profit-before-tax has also increased by 20.6% from TZS 24.2 billion recorded in end September 2016 to TZS 29.2 billion as at end September 2017.

DTB Tanzania has a network of 28 branches in Tanzania, 14 branches in Dar es Salaam (Jamaat Street, Masaki, Morocco, Magomeni, Mbezi, Mbagala, Nyerere Road, Msimbazi - Kariakoo, Nelson Mandela Road, Upanga, CBD, Mbezi Chini, Uhuru Street - Kariakoo and Mlimani City). Regional Branches include 2 at Arusha and Mwanza and 1 each at Zanzibar, Dodoma, Tanga, Mbeya, Moshi, Iringa, Morogoro, Tabora, Kahama and Mtwara.

DTB Tanzania is part of the Diamond Trust Bank group, a pan East African Bank with over 130 branches across Tanzania, Kenya, Uganda, & Burundi. The Bank is an affiliate of the Aga Khan Fund for Economic Development (AKFED), the economic development arm of the Aga Khan Development Network.