BRAC Bank to facilitate MFI expansion with DreamSave App
Friday, 8 July 2022
BRAC Bank signed an agreement with DreamStart Labs, a USA-based fintech software company, to provide technology for microfinance institution (MFIs) partners and community led savings groups in managing their financing operations, said a statement.
DreamStart Labs developed DreamSave, an award-winning app for financial inclusion, allowing MFIs to finance grassroots borrowers. DreamStart Labs brings innovation from Silicon Valley to the global effort to alleviate poverty. It is a world where excellence, impact, and scale are key.
The DreamSave app helps unbanked people in emerging markets save money, access loans, and achieve financial goals.
As members use the app, DreamSave also builds data-driven credit scores that make it easy for MFI partners to offer digital financial services with greater security, transparency, and efficiency.
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.
The app will facilitate BRAC Bank's expansion of its MFI business portfolio.
BRAC Bank's Deputy Managing Director & Head of SME Banking Syed Abdul Momen and DreamStart Labs CEO Wes Wasson signed the agreement on behalf of respective organisations at the bank's head office in Dhaka recently.
From BRAC Bank, Head of MF & Agriculture Finance Tapos Kumar Roy, Head of SME Product Team Azizul Hoq, Head of Agriculture Finance SM Saiful Islam, and Project Manager Forhad Ahmed were present.
Under this partnership, BRAC Bank and DreamStart Labs will expand use of the DreamSave app with savings groups under the USAID funded Nobo Jatra project, implemented by World Vision in southwest Bangladesh. Also present at the signing were Chief of Party Alex Bekunda, Economic Market Development & Financial Inclusion Manager Md. Asaduzzaman from the USAID funded Nobo Jatra Project,World Vision Bangladesh.