DIB Bank Kenya has rolled out a mobile banking platform, yet another major milestone in the journey toward digital transformation. The move is aimed at increasing its presence within the corporate banking space by offering a rich set of features that flesh out better security, efficiency, and user experience for their customers.
From Left to right: DIB Bank Kenya Head of Treasury and Representing the CEO’s Office Mary Kanuku, Corporate Customer Yasser Mughal, and Sarit Branch Manager Imtiaz Harunani interact during a customer engagement session at the Sarit Branch. The Bank is committed to strengthening customer relationships and enhancing service delivery through regular engagement sessions. Reiterating the commitment to growth-enhancing innovative digital solutions and Shariah-compliant banking services, Mary Kanuku represented the office of the CEO.
“Our continued investment in digital infrastructure is a testament to our commitment to the innovative solution of banking as the growth drivers for the Bank”, said Mr. Kanuku. “Embracing the digital revolution, DIB is keen to lead in setting new standards in the banking digital space while giving its contribution towards greater economic development of Kenya.”
DIB Bank Kenya, which was inaugurated in May 2017 and is a wholly-owned subsidiary of the Dubai Islamic Bank, has marketed itself as a driver of ethical, sustainable financing that adheres to Islamic law. It announced its first profit seven years since its inception in 2024. Profit before tax for the first quarter of 2024 increased by 105% to Sh6,332 million from a loss before tax of Sh125 million during a similar period in 2023, which was driven by a rise in core revenues, non-funded income, and low impairment charges.
Comprehensive feedback, market research, and customer-centric strategies prevailed at the bank. Its balance sheet had expanded 49% year-on-year to Sh28.2 billion, buttressed by a 49% growth in customer deposits to Sh21.6 billion.
A report on Digital Banking 2024, from Statica, foresees the net interest income for the digital banks market making a massive rise to US$ 255.6 mn (Sh 32.9 bn) by the end of 2024. It is expected that the market will continue to grow at an annual growth rate of 5.25% from 2024 to 2029 and could reach US$ 330.10 mn by 2029.
There has been an increase in the adoption of digital banking in Kenya, changing how people manage their finances and access banking services.