Social impact fintech DreamStart Labs partners with BRAC Bank to reach unbanked women in Bangladesh
DreamStart Labs, an award-winning fintech for emerging markets, and BRAC Bank, a 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.
Wes Wasson, CEO, DreamStart Labs: "BRAC Bank is the market leader in banking solutions for underserved entrepreneurs. DreamStart Labs is delighted to work with BRAC Bank to bring our innovative technology to unbanked women in Bangladesh."
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.
Syed Abdul Momen, Deputy Managing Director and Head of SME Banking, BRAC Bank: "DreamStart Labs offers market-leading innovation from Silicon Valley to help unbanked women break the cycle of poverty. BRAC Bank is pleased to partner with DreamStart Labs for this important initiative."