DreamStart Labs’ Post

"During my short time at Mobilink Bank, I had the privilege of contributing to the organization's thought leadership by authoring this article. It reflects the dynamic environment, innovative mindset, and impactful work we were engaged in. Sharing it now as a proud moment from my journey—looking forward to your thoughts! #ProfessionalGrowth #MobilinkBank #ContentCreation"

Fri, 04/10/2024 10:37AM My next project is about giving people the power of self-determination. Once uploaded, I'll give free licenses to groups of people to sell and start businesses. People have ideas they cannot convert because they lack capital for take off. Celken has succeeded in doing something about this. If one informal lender with half a million shillings is able to reach 80 breadwinners, I believe I'm doing something though not big enough. A network of small lenders have been able to create relief where it was needed most. I have witnessed women who used to sit at home hopeless start small businesses that now put food on the table for their families. Technology is real power. Having observed the project for over a year, I'm now stepping up the effort by fully automating the app so we can distribute far and wide. I don't believe in waiting for anybody else to believe in me -- you can doubt for all I care. The idea is to encourage those with money to lend those without so they can start something for themselves. The loans are small but in high rotation so one person can borrow often and pay back to create a chain of support. I'm looking for SMS text messages from all major banks in Kenya. I am especially interested in messages where money is paid into an account from a mobile money wallet. Please forward to my inbox. It's the least you can do. I get angry because I'm fed up seeing so much suffering when I know relief is not farfetched. Go to YouTube and see the pain of ghetto life. If a simple app can mean so much to hundreds of families, why are we so afraid of trying? Don't behave like the devil when you were not created to be one. #journaling #meditation #diary

JazzCash, Pakistan's premier mobile finance platform, has joined forces with the Rural Community Development Programme - RCDP, a pioneering organization dedicated to empowering rural communities, to transform loan repayment processes in rural areas. This innovative alliance will enable customers to settle their debts effortlessly via JazzCash wallets, eliminating the hassle of physical visits to repayment centers. Murtaza Ali, President of JazzCash, believes that the partnership between JazzCash and RCDP will enable RCDP to optimize its loan management processes by leveraging JazzCash's cutting-edge payment solutions, and expand financial access to underserved audience. This is also in line with JazzCash's mission to simplify financial transactions and creating a social impact. This strategic alliance marks a significant step towards sustainable development in rural Pakistan. By leveraging mobile technology, JazzCash and RCDP are poised to make a positive impact on the lives of millions, and contribute to the overall economic growth of the region. #DigitalPakistan #TechUpdate

Struggling with financing for your community project or small business? Consider this before diving into hard money lending: While hard money lending may seem like a quick fix, it's important to recognize its predatory nature. These loans often come with exorbitant interest rates and stringent repayment terms, putting borrowers at risk of financial hardship. However, the reality is that traditional banks are often reluctant to lend to community projects and small businesses due to their risk-averse nature. This leaves many entrepreneurs feeling stuck between a rock and a hard place. But fear not! There are alternatives beyond hard money loans. Community Development Financial Institutions (CDFIs) offer accessible financing options tailored to support local initiatives and small businesses. By partnering with CDFIs, you can access fairer terms and support your community's growth without falling into the trap of predatory lending. Before committing to a hard money loan, take the time to explore CDFIs in your area. You may find a more sustainable and supportive option for your financing needs. Together, let's build a stronger, more resilient future for our communities. #SmallBusinessSupport #CommunityDevelopment #FinancialInclusion #SustainableFinance #CDFI #Entrepreneurship #LocalBusiness #FinanceOptions https://lnkd.in/gb95kM-6

Many years ago when I made it into America, I sought insights on how to quickly get into the American financial system, understanding that there was no village to relocate to, if one cannot pay the bills (in Nigeria, if you become homeless in the city, you can move to your village!).  I went to the foreign students office; they referred me to a woman, Maureen, in the account services. Maureen gave me a small book on building credits, and told me three things: -You must build credit in America. -To do that, since you just arrived from Nigeria, call your bank or a credit card company, and ask for a prepaid credit card. -Where possible, buy everything with that card, and at the end of the month, pay things off. Do not carry a balance! I did not have enough but I did send Chase $200, and they sent me a prepaid credit card. I did as she instructed; I picked an extra student job in the farm (Instrumentation Engineer, managing sensors and electronics in the university farm which covered hectares of land. Was an IT guy in Lagos). Within 3 months, Chase returned the deposit, and increased the card to $500. Then $1000, $5000, $20000, etc. Over the years, I have had a near-perfect credit score: hovering around 820-845 out of possible 850 with today at 828 (cyclical, by month end, it will hit ~840 due to reporting and payment cycles). And that has saved me tons of money because every bank considers me a low-risk borrower. But there was something missing in what Maureen said: the rent I paid as a student was not used to model that credit. So, when Canada-based Binta knocked on the integration of that into credit reporting, I felt that it was a powerful business model. We invested in them last year, and today, I am happy to report that Tekedia Capital is making further investments. Binta brings another layer to this: they will port your data from your native home country to North America so that unlike that barren record I began with, you do not begin from ground zero. They report all to Equifax. Binta: go and support immigrants and new arrivals from around the world and give them financial support. Tekedia Capital is proud to support your mission.

Record Year of Community Development Finance to People and Enterprises Across UK Theodora Hadjimichael, CEO of Responsible Finance, said: "There is a lot for community development finance institutions to celebrate this year. CDFIs invested a record amount into underserved places and people, unlocking potential for businesses, social enterprises and households. A record number of new investors and partners supported CDFIs’ growth, including mainstream banks, family offices, trusts and foundations, technology companies and business and consumer groups. "There is a wave of momentum behind CDFIs and recognition that their expertise, support and reach creates opportunities for those who other finance providers turn down or can’t reach. https://lnkd.in/ema3rfmA NatWest Group Brian Holland #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

Supporting SMEs is not just about financing; it's about investing in the backbone of our economy. Learn how Community Development Finance Institutions (CDFIs) are making a difference. Let’s discuss opportunities to support SMEs with this new funding. #SMEs #EconomicGrowth #wetakeadifferentview #smefinance #smelending

The landscape of financial inclusion in Tanzania presents both significant progress and ongoing challenges. Over recent years, Tanzania has made substantial strides in expanding access to financial services through technological innovation and public-private partnerships. The adoption of mobile money services and digital banking solutions has played a pivotal role in reaching previously underserved populations, including rural areas where traditional banking infrastructure has been limited. The Fin-Scope Survey 2023 highlights positive trends, such as a rise in access to formal financial services (up to 89%) and increased usage (up to 76%) compared to 2017. These figures indicate a notable improvement in financial inclusion across the country. However, the benefits have not been equally distributed. While urban areas and certain demographic groups, like middle-class consumers and salaried employees, have seen greater access to formal financial products, other segments of the population—such as smallholder farmers, rural residents, women, and youth—continue to face significant barriers to full participation in the formal financial system. Several factors contribute to these disparities. Rural residents often struggle with limited access to physical bank branches, lack of financial literacy, and insufficient infrastructure for mobile money services. Smallholder farmers, a vital part of Tanzania’s economy, face challenges such as low income, irregular cash flow, and limited collateral, which make it harder for them to access loans or insurance products. Women, particularly in rural and remote areas, also face social and cultural barriers that restrict their access to financial services, while youth often have low credit histories or limited knowledge of financial products. To address these gaps, the Tanzanian government and financial institutions have been working together to develop inclusive policies and solutions, such as mobile money platforms, agent banking networks, and financial education programs. These efforts are essential in bridging the remaining gaps in financial inclusion, particularly for vulnerable groups. Looking forward, enhancing financial inclusion in Tanzania will require a continued focus on digital literacy, expanding infrastructure in rural areas, tailoring products to the unique needs of excluded groups, and addressing gender-specific barriers. The ongoing efforts are promising, but ensuring that financial services reach every segment of the population remains a work in progress.

📌 Table banking, also known as chamas, is a unique savings and loan system rooted in community and trust. It empowers individuals, particularly those excluded from traditional financial institutions(women especially), to participate in the formal economy. Let's delve into the positive socio-economic impacts it has on its members: ♻ Access to finance: Chamas provide access to essential financial services like saving, borrowing, and money transfers, empowering individuals who lack access to formal banking systems. ♻Savings mobilization: Regular contributions foster a culture of saving, allowing members to accumulate funds for emergencies, education, or starting businesses. ♻Credit access: The group acts as a guarantor, enabling members to access loans for various needs at lower interest rates compared to predatory lenders. ♻Financial literacy: Through participation, members gain practical financial management skills, fostering informed decision-making. ♻ Economic independence: Chamas empower women to control their finances, increasing their bargaining power within households and communities. 💁♀️ In summary, table banking has a profound socio-economic impact on its members and communities. It promotes financial inclusion, savings culture, access to credit, entrepreneurship, social capital, women's empowerment, and community development. As a grassroots movement, table banking plays a vital role in driving economic growth, poverty reduction, and social progress in Kenya and beyond. #tablebanking #smartmoney #moneytalks #financialliteracy

Exciting Highlight from the ECIP Report In the latest ECIP (Emergency Capital Investment Program) report, a significant milestone stands out, emphasizing the power of intentional finance and community development. Our banks and BHCs (Bank Holding Companies) have demonstrated exceptional dedication to fostering economic growth in the most underserved communities. An impressive 39% of their total loan originations were classified as Deep Impact Lending, markedly surpassing their cohort total percentage. This achievement is more than a statistic; it's a reflection of our collective commitment to inclusivity and financial empowerment. By focusing on Deep Impact Lending, these institutions are not just providing capital; they're building bridges to opportunity for those who need it most, underscoring the essential role of CDFIs and MDIs in economic recovery and resilience. Read the report here ---> https://lnkd.in/duz9BAmY #ECIP #CommunityDevelopment #FinancialInclusion #EconomicEmpowerment #DeepImpactLending #SocialImpact