Dreamcash. A francophone neobank for the underserved in Africa


Dreamcash is a francophone neobank that's striving to improve the financial inclusion of the underserved population in Cameroon.

The company's flagship product is the fully mobile and paperless digital-only bank account called MiQo, which provides inclusive financial services using innovative hi-tech-based solutions.

The platform offers products like physical and virtual Visa cards, QR code contactless payments, utility bills payments, airtime top-ups, savings, money pots, instant nano-loans, instant domestic and cross-border remittance, buy-now-pay-later, faster and early access to wages, and many others.

What led to the creation of Dreamcash

Fabrice Alomo, co-founder and product leader of Dreamcash, wanted to create something new that could drive and promote financial inclusion in Cameroon, where people are still facing challenges getting loans on time from their microfinance institution.

Dreamcash aimed to become a neobank that recognizes the dreams and struggles of the underserved population, instead of just making decisions based on credit scores and bank statements.

Not just another bank, but an application that could be able to drive and promote financial inclusion.

«I envisioned a neobank, a bank woven from empathy and understanding, its algorithms beating with a human pulse. A bank that saw beyond credit scores and bank statements, that recognized the dreams and struggles in a mother's eyes, the sweat on a farmer's brow», said Alomo to the media.

Dreamcash’s offer

The first product built by Dreamcash’s BaaS platform is called MiQo, a microfinance offering that aims to reach 180 million underbanked and unbanked people across Central and West Africa. In the Cameroonian language, MiQo means “loan”.

Developed in partnership with microfinance bank ALCOFUND, MiQo has already been launched in Cameroon, enabling the app to sell regulated credit, loan and saving products and targeting 7,000 active users in the beta phase.

MiQo helps microfinance institutions to become neo-microfinance thanks to its innovative hi-tech-based approach. MiQo is a fully mobile and paperless digital-only bank account offering inclusive financial services.

It relies on biometric authentication to avoid all the paperwork. It guarantees a clear, transparent pricing. And provides financial literacy tips to its users.

What's coming next for MiQo?

As stated by the company, Dreamcash's next step is to replicate the positive impact they have in Cameroon. In 2024, the company is looking to onboard 200,000 new customers, to become the leading neobank for Cameroon’s underbanked and unbanked populations, targeting to bank directly and indirectly 5 million people across Africa by 2027.

«We are currently building our fintech-as-a-service platform that will help fintech startups to create and launch regulated financial products in days using our BaaS API and financial infrastructure», Alomo said.

French-speaking natives are looking for financial services

In Francophone Africa, only 45% of adults have bank accounts, as banks tend to focus on the top 10-20% of their wealthiest customers.

Dreamcash's target audience is the rest of the population, roughly 180 million people, who are not perceived as potentially profitable by banks.

As in other regions, the lack of a bank offering paved the way to a new generation of mobile money and wallet services from local telco or fintechs. More than ready to fill the gap and bring digital transactions to such a vast market.

In the last 10 years, their wallets have reached more than 60% of the French-speaking population in Africa.