Diamond Trust Bank Partners with DPO Group and Mastercard for Virtual Card Issuance

Diamond Trust Bank announced a partnership with DPO Group and Mastercard on October 11, 2019, serving as DPO's sponsor bank to facilitate virtual card issuance for B2B digital payments across Kenya and Tanzania. Under this banking-as-a-service arrangement, DPO Group can issue Mastercard virtual cards to businesses without requiring recipients to hold physical cards or traditional bank accounts, streamlining cross-border transactions and improving cash flow. DTB's Head of Products and Marketing, Farouk Khimji, highlighted the bank's robust IT infrastructure, noting that over 50% of its transactions already occur off-site, positioning DTB as an enabler of fintech innovation.

DPO Group CEO Eran Feinstein and Mastercard's Adam Jones emphasized the partnership's goal of providing secure and efficient global market access for businesses of all sizes. The initiative targets the growing demand for digital payment solutions among African businesses seeking to participate in international commerce. This sponsor bank model represents a notable example of BaaS in the East African market, bridging traditional banking infrastructure with fintech-driven digital payments.