DIB Bank Kenya has launched a new internet banking platform as part of its digital transformation strategy, aimed at enhancing customer services. This move aligns with the bank’s commitment to offering Shariah-compliant banking solutions and services, catering to the increasing demand in the market.
Mary Kanuku, Head of Treasury at DIB Bank Kenya, expressed confidence in the platform’s potential to drive a digital revolution and promote the penetration of Shariah banking in Kenya. She emphasized that the bank’s investment in digital infrastructure underscores its commitment to providing innovative banking solutions that foster growth.
Since its establishment in May 2017, DIB Bank Kenya has been dedicated to promoting a sustainable and ethical financing model in line with Islamic law. This year, the bank achieved its first profit, marking a significant milestone in its operations.
The bank reported a remarkable profit before tax growth of 105% in the first quarter of 2024, reaching Sh6.3 million, compared to a loss of Sh125 million in the same period last year. This growth was driven by rising core revenues, non-funded income, and lower impairment charges.
Additionally, DIB Bank Kenya’s balance sheet expanded by 49% year-on-year to Sh28.2 billion, supported by growth in customer deposits, which also increased by 49% to Sh21.6 billion. The bank’s customer-centric approach, extensive feedback, and market research were key factors in achieving these results.
The launch of the new internet banking platform positions DIB Bank Kenya to set new standards in the digital banking space, contributing to the broader economic development of Kenya. According to Statica’s Digital Banking 2024 report, the digital banking market is expected to see significant growth, with Net Interest Income projected to reach $255.6 million (Sh32.9 billion) by the end of 2024 and an annual growth rate of 5.25% from 2024 to 2029.
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