BRAC Bank partners with DreamStart Labs to reach unbanked women in Bangladesh

By Leandra Monteiro

DreamStart Labs, a 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.

“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.”

Through this alliance, unbanked women in Bangladesh will use the 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 The 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, the Bangladesh-based 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.

“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.”