VisionFund and World Vision Sign Global MOU with DreamStart Labs
11 August 2023 – VisionFund and World Vision are partnering with DreamStart Labs to accelerate the digitization of savings groups worldwide and give members easier and faster access to microloans and microinsurance.
Over the next six years, World Vision intends to establish more than 130,000 new savings groups with access to digital ledgers via the DreamSave app. This represents one of the largest expansions of digital savings groups in history, bringing award-winning digital financial services to 3 million previously unbanked and excluded people in rural communities; the target will include the goal of reaching 85% women.
In the wake of increasing digital innovation worldwide, DreamStart Labs, VisionFund and World Vision agree that technology is rapidly becoming an essential requirement for scaling any international development initiative. When used properly, we believe technology such as DreamSave can play a key role in lowering barriers to market entry, improving the outcomes for women and children, closing the gap between rural and urban populations, scaling successful development models cost effectively, and generating valuable insights that improve impact for all parties involved.
Easy Access to Loans and Insurance with VisionFund
Under terms of the agreement, DreamStart Labs will also designate VisionFund as its preferred financial service provider worldwide, actively promoting VisionFund products such as microloans and microinsurance directly through the DreamSave app. This will make it easier for DreamSave groups to pre-qualify for safe, affordable, financial products designed specifically for savings groups directly through the DreamSave app, regardless of which country they live in.
"We are delighted to expand our partnership with World Vision and VisionFund,” said Wes Wasson, CEO of DreamStart Labs. “Our work with World Vision will bring the power of DreamSave to millions of previously excluded people. And our partnership with VisionFund will help us deliver easy access to fair and affordable financial services at unprecedented efficiency and impact through the power of digital.”
"This partnership with DreamStart Labs represents a critical step towards our shared goal of reaching two million savings group members by 2030 with inclusive finance products and services that address the financial goals of women and their families. We are grateful to Wes and his innovative team for stepping with us into this worthy challenge," stated Christy Stickney, VisionFund's Director of the Inclusive Finance Group.
“We are truly thrilled by this partnership. As a leading authority in the realm of Savings Groups, we wholeheartedly embrace our role in spearheading the provision of digital solutions to foster financial inclusion. This collaboration will empower 130,000 Savings Groups, enabling over three million members to access additional life-changing services,” expressed Johanna Ryan, World Vision’s Global Livelihoods Director.
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About VisionFund International
VisionFund International, World Vision’s microfinance subsidiary, has been improving the lives of children in the developing world for 20 years. By offering small loans and other financial services, clients develop successful businesses, enabling their children to grow up healthy and educated. In FY2022, VisionFund’s network of microfinance institutions provided loans to one million clients, with 69% of these going to women and over a third to clients actively involved in farming. Repayment rates were 98%. Also, in FY2022, 4.7 million children were positively impacted through its MFI network located across 28 countries in Africa, Asia, Eastern Europe and Latin America. www.visionfund.org
About World Vision
World Vision is a Christian humanitarian and development organisation dedicated to working with children, families and their communities to reach their full potential by tackling the root causes of poverty and injustice. World Vision serves all people, regardless of religion, race, ethnicity or gender. www.wvi.org
About DreamStart Labs
DreamStart Labs (www.dreamstartlabs.com) is a social impact technology company that helps people in the developing world 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.