State-owned lender targets devolved units in expansion drive

From left; Development Bank of Kenya Chairman Ndungu Gathinji, Mombasa County Finance Executive Evans Owanda and the lender's CEO Johnson Kiniti during the opening of its new Mombasa branch along Moi Avenue. [Omondi Onyango, Standard]

State-owned Development Bank of Kenya (DBK) is looking for opportunities to finance county governments' development agenda.

Chief Executive Johnston Kiniti said the lender also plans to ride on financing Small and Medium Enterprises (SMEs) as it steps up its expansion drive into the devolved units.

"As a new entity in Mombasa, we have identified the county on opportunities we can explore. We want whatever we have to be a representation of Kenya and the Coast region," said Mr Kiniti when the bank opened its first branch in Mombasa earlier this week.

He said the lender is focused on offering personalised services as part of its growth strategy.

"Unlike other banks where one has to have a minimum deposit of Sh10 million, our minimum deposit is Sh5,000 because we are dealing with SMEs and individuals with different capacities," said Mr Kiniti.

He said DBK at the same time plans to introduce Sharia-compliant products in Mombasa and other Muslim-dominated counties.

The CEO said previously, the bank was dependent on development partners for financing but has since been able to generate its own funds since its licensing as a commercial bank.

Mr Kiniti said the opening of the Mombasa branch marks a significant milestone in the bank's expansion agenda across the country.

DBK Chairman Ndungu Githinji said the bank is committed to serving its customers better through the diversification of its product offering.

"This is a testament to our unwavering commitment to serving our customers and fulfilling their diverse needs. We aim to provide integrated banking products and solutions, especially to individuals in alignment with the Central Bank of Kenya's endeavours to foster financial inclusion," said Mr Githinji.