Bangladesh has launched a project to bring the 3.6 million garment workers in the country within the purview of the banking sector.
The ‘Sarathi – Progress through Financial Inclusion’ scheme, being implemented by Swisscontact and funded by MetLife Foundation after successfully running a pilot phase with 1,100 workers, will try to reach out to at least 60,000 RMG workers with formal banking services and products initially.
The targeted outcome of this project is to bring 30 RMG factories on board to disburse workers’ salaries through bank accounts and improve their basic financial literacy on topics such as how to use bank accounts and debit/credit cards, the benefits of saving products, gaining control and privacy over earnings, how to plan and pay for recurring expenses, and gaining access to saving and credit products.
“We need to agree that poverty is not our only problem, there are many other factors. The step that we have taken, we want inclusion through affirmative action to spread its benefits for a greater cause. We want to thank initiatives like this,” said MA Mannan, State Minister for Finance and Planning.
Swisscontact and MetLife Foundation will work with commercial banks to expand the network of formal financial services among RMG workers, who otherwise are largely left behind.
“We are deeply committed to ensuring that all citizens have access to the financial services that will enable them to build strong families and communities,” said Nurul Islam, Chairman of MetLife Bangladesh, Nepal & Myanmar.
He added that MetLife has committed US $ 12 million to work with partners in Bangladesh to implement projects like these and impact, ultimately, millions of families.
