BRAC Bank to Facilitate Microfinance Expansion with DreamSave App
SAN DIEGO and DHAKA, Bangladesh, July 19, 2022 /PRNewswire/ — DreamStart Labs, an award-winning fintech for emerging markets, and BRAC Bank, a leading commercial bank in Bangladesh, announced they have entered into an agreement to provide digital financial services to unbanked women in Bangladesh. Under terms of the agreement, BRAC Bank will use technology from DreamStart Labs to help women in rural communities access affordable small business loans.
With a population of 168 million, Bangladesh is the eighth largest market in the world, with the world’s second fastest growing economy. According to the World Bank, nearly half of all adults in Bangladesh remain unbanked with little or no access to formal financial services.
Through this alliance, unbanked women in Bangladesh will use the award-winning DreamSave app from DreamStart Labs to create informal community savings groups. As members use DreamSave, the technology will generate data-driven credit scores that make it easy for BRAC Bank and its microfinance institution (MFI) partners to offer digital financial services with greater security, transparency, and efficiency. Use of the DreamSave app will facilitate BRAC Bank’s expansion of its MFI business portfolio in Bangladesh.
Under this partnership, BRAC Bank and DreamStart Labs will begin by expanding use of the DreamSave app with savings groups under the USAID-funded Nobo Jatra project, implemented by World Vision in southwest Bangladesh.
“DreamStart Labs offers market-leading innovation from Silicon Valley to help unbanked women break the cycle of poverty,” said Syed Abdul Momen, Deputy Managing Director & Head of SME Banking for BRAC Bank. “BRAC Bank is pleased to partner with DreamStart Labs for this important initiative.”
“BRAC Bank is the market leader in banking solutions for underserved entrepreneurs,” said Wes Wasson, CEO of DreamStart Labs. “DreamStart Labs is delighted to work with BRAC Bank to bring our innovative technology to unbanked women in Bangladesh.”
DreamSave is an innovative mobile app that helps unbanked people create “digital savings groups”, which act as informal community banks. When a member needs money to expand her small business, send her kids to school, or buy medicine, she requests a short-term loan from her group. As groups meet, DreamSave generates data-driven credit scores that can be used to offer micro-loans and micro-equity to qualifying members. Collectively, these groups manage billions of dollars each year in some of the world’s fastest-growing economies.
DreamStart Labs (www.dreamstartlabs.com) is a social impact fintech that helps people in the emerging markets achieve their dreams of a better life. The company offers award-winning digital banking solutions for underserved people in emerging markets, 80 percent of whom are women. Founded by former Silicon Valley executives, the company is headquartered in California and has operations in multiple countries across Africa, Asia, and Latin America.
DreamStart Labs is a member of the Inclusive Fintech 50 honoring the Top 50 startups driving financial inclusion for 3 billion people worldwide. Its DreamSave app was named “Best Developing World Technology” by Fast Company and has won awards for innovations in AI, credit scoring, mobile technology, and app design. DreamStart Labs was also named the “Most Empowering Digital Banking Technology” at the Worldwide Finance Awards.
BRAC Bank Limited, traded as ‘BRACBANK‘ on Dhaka Stock Exchange, has been one of the fastest-growing banks in Bangladesh with a particular focus on the SME segment. BRAC Bank takes pride at the highest Moody’s Rating (currently Ba3) among all banks in Bangladesh for five consecutive years. It is also the first and only bank in Bangladesh with an issuer rating by S&P Global Ratings (B+). With 1.3 million customers, the bank has already proved to be the largest collateral-free SME financier. A member of the Global Alliance for Banking on Values (GABV), it continues to serve as a standard bearer for governance, transparency, ethics and compliance. For more information, please visit www.bracbank.com.
Media contact:
Wes Wasson
[email protected]
619-320-8256
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SOURCE DreamStart Labs
