Diamond Trust Bank (DTB) has announced plans to open three more branches in the next two weeks in its planned expansion plan.
The Nairobi Securities Exchange-listed firm has already opened seven new branches in this quarter.
The three new branches will be located in Nairobi, Karatina and Nanyuki bringing the total number of branches to 84 in Kenya and 156 across East Africa.
The expansion comes at a time Kenyan banks had been projected to go slow on branch expansion.
However, DTB group CEO, Nasim Devji, says that the expansion has been necessitated by customer demands.
“Our expansion goes beyond geographical reach; it is about establishing a deeper connection with the customers we serve. Whether you're a business owner in need of financial solutions, a farmer seeking agricultural financing, or an individual planning for your financial future, DTB is here to serve you,” said Devji.
Kenya Bankers Association had in September projected a slowdown in branch expansion by banks as they move towards the “smart branch” banking model to shore up deposits and strengthen their capacity to attract and retain customers following a failed attempt to replace the conventional brick-and-mortar branch through digitalisation.
In the three months to December 2023, the lender opened new branches in Gikomba, Eastleigh, Ongata Rongai, Karen Hardy, Kenol Murang’a, Kapsabet, and Bondeni, Mombasa.
Central Bank of Kenya data shows that the Kenyan banking industry closed down 23 branches in 2017, the first branch closure in 15 years, partly attributed to the adoption of alternative delivery channels such as mobile banking, internet banking and agency banking.
Between 2017-2019, a total of 51 branches were shut down.
However, 12 branches were opened in 2020 and 16 new branches opened in 2022 as some banks expanded into emerging and new growth areas.
