Home ›› 08 Jul 2022 ›› Corporate
BRAC Bank has signed an agreement with US-based fintech software company DreamStart Labs to provide technology for microfinance institution (MFI) partners and community-led savings groups in managing their financing operations.
DreamSave allows MFIs to finance grassroots borrowers, BRAC Bank said in a statement on Thursday.
Under this partnership, BRAC Bank and DreamStart Labs will expand the use of the DreamSave app with savings groups under the USAID-funded Nobo Jatra project, implemented by World Vision in southwest Bangladesh.
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.
BRAC Bank’s Deputy Managing Director and 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 on Tuesday in Dhaka.
From BRAC Bank, Head of MF and 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 at the signing ceremony.
Chief of Party Alex Bekunda, Economic Market Development and Financial Inclusion Manager Md Asaduzzaman from the USAID-funded Nobo Jatra Project, World Vision Bangladesh were also present at the event.
