Access to financial resources remains a major challenge for women in Kenya, limiting economic growth and business expansion opportunities. The gap in financial exclusion between men and women in Kenya has narrowed over the years. In 2024, financial exclusion was higher in women at 10% than in men at 9.8%. Women own nearly 48% of micro, small and medium-sized enterprises (MSMEs) in Kenya, yet they receive only 9% of available credit from financial institutions. With more than 80% of Kenyans working in the informal sector, the lack of banking access contributes to economic instability and deepens poverty.

Barriers to Financial Access

Small and medium-sized businesses in Kenya face significant obstacles in obtaining credit from financial institutions. Many lack sufficient assets to provide as collateral, making commercial bank loans difficult to secure. As a result, business owners often turn to friends and relatives for financial support, which is rarely enough to sustain long-term growth. Without proper funding, enterprises are forced to rely on lower-cost and often inefficient technologies, limiting their potential for success.

How DreamSave Works

DreamSave, an innovative mobile app, is transforming how savings groups operate by digitizing financial management. The platform enables users to track savings, manage loans, build credit histories and set financial goals without requiring access to traditional banking services. By providing a reliable and structured approach to saving, the app is helping women gain financial independence and break the cycle of poverty. In addition, the platform simplifies financial management for savings groups in underbanked areas. The app helps users record financial data, conduct meetings and track credit histories, ensuring accountability and transparency. By automating these processes, DreamSave allows members to focus on growing their businesses and achieving their savings goals.

Key Features of DreamSave

DreamSave is designed to overcome common financial barriers in developing countries. Its offline capability ensures that users in remote areas with limited internet access can continue managing their finances without interruptions. Data automatically syncs to the cloud whenever a connection becomes available, maintaining continuity in record-keeping. The app also offers enhanced traceability and compliance by keeping detailed logs of all transactions, allowing users to track their financial activities with full transparency.

Recognizing the high cost of mobile data in its target markets, DreamSave has optimized its platform to minimize data consumption, reducing costs by up to 60% compared to previous versions. Faster data synchronization ensures that users with limited internet access can efficiently update their records, even during brief online sessions. Additionally, DreamSave’s near-real-time data processing allows savings groups to instantly access updated financial insights. To ensure continuity, the app is backward compatible, meaning users can seamlessly transfer their existing data when upgrading to newer versions.

Global Recognition and Impact

DreamSave’s innovative approach has earned it multiple awards. It was recognized as the Best Finance App and Best Developing World Technology at the Fast Company 2023 World Changing Ideas Competition. The app also won the Best Digital Banking Technology Award at the 2023 Worldwide Finance Awards and the Most Empowering Digital Banking Technology Award at the 2022 Worldwide Finance Awards.

Looking Ahead

DreamSave continues to expand its reach, enabling more women in Kenya and beyond to access secure financial services. By bridging the gap in financial inclusion, the app is empowering women to achieve economic independence and contribute to long-term poverty reduction.

– Taylor Naquin

Taylor is based in Gilbert, AZ, USA and focuses on Technology and Global Health for The Borgen Project.

Photo: Flickr