Diaspora University Town (DUT) project director, Dan Kamau, is seeking potential investors to join the DUT project by investing in DUT Credit Ltd, a financial company being set up at DUT. Dan shows the top 100 banks in the world in assets and says that DUT Credit will be part of DUT's systems and products, helping grow Kenya's banking assets. He adds, “Based on the job creation, property development, and GDP growth approach, DUT Credit could aspire to grow to be in the top 100 banks, given Kenya's population ranking at 26 in the world is in the top 100.”
The top 100 banks in the world hold $118 trillion in bank assets. The 100 banks are in 24 countries of the 195 countries in the world. 21 banks are in China and hold a total of $39 trillion in assets. 13 banks are in the USA with assets totaling $18 trillion. 8 banks are in Japan holding assets of $10 trillion. France, Canada, and the U.K. have 6 banks each with total assets of $10.7 trillion, $10 trillion, and $6 trillion, respectively.
These countries' with 6 banks or more in the 100 top banks list have GDPs in the top ten list as follows: (1) USA, $30 trillion, (2) China, $19 trillion, (4) Japan, $4.2 trillion, (6) UK, $3.9 trillion, (7) France, $3.3 trillion, and (10) Canada, $2.2 trillion.
The largest contributor of banking assets is the loans extended to individuals and businesses for property and other assets. Dan says that the ratio of banking assets to population is one indicator of how the people in a country have established assets to meet their rights to food, housing, environment, healthcare, and other rights.
Among the top 100 banks, the 3 banks in Singapore have the highest asset-to-population ratio at over $240,000 per person. Comparing Singapore and Kenya, 3 banks in Singapore have total assets of $1.4 trillion. The Central Bank of Kenya (CBK) report for 2024 showed all Kenyan banks had assets of Ksh 7.5 trillion (about $60 billion). The report showed KCB Bank was number one with Ksh 1.27 trillion (about $10 billion), followed by Equity Bank with Ksh 1 trillion (about $8 billion). This comparison shows the vast opportunity to grow the Kenyan banking sector's bank assets.
The DUT project will create 20,000 Jobs, develop a 25,000-resident town with the residents living in the planned 3,500 Townhouses, 3,200 Apartments, and other Residential units. About Micro Small & Medium Enterprises (MSMEs) and Organizations will be open. The project will grow Kenya's GDP by 20 billion, create new wealth of about Ksh 200 billion, and grow the banking sector by Ksh 70 billion.
