Business Desk :
A new business pilot project will be carried out to help 135,000 readymade garment workers in Bangladesh, at least 60 per cent of whom will be women, to build their financial and digital literacy skills.
The UN Capital Development Fund (UNCDF) together with financial wellness platform wagely and a consortium of digital training platform Quizrr and technology and data company Ulula have committed $556,000 to improve the financial and digital inclusion of garment workers.
Through this commitment, the UNCDF will provide performance-based grants and technical assistance. The technical assistance will include mentorship for partners on human-centric product design, client outreach with a focus on women, partnerships, data analytics and reporting support, according to a statement. In Bangladesh, the ready-made garment manufacturing sector employs more than four million people, of whom 2.5 million are women. “With UNCDF’s support, wagely will accelerate its ‘Earned Wage Access’ service in Bangladesh, which allows employees to receive accrued wages before payday, and is proven to increase productivity and retention of employees,” said Tobias Fischer, CEO of wagely. “In addition, wagely will introduce additional financial wellness solutions, in particular for female workers, helping ready-made garment workers reach financial resilience and inclusion.”
Maria Perdomo, regional coordinator in Asia for UNCDF, said the UNCDF is proud to partner with wagely and Quizrr and Ulula to improve livelihoods, particularly for women, and sustainability in the ready-made garment sector in Bangladesh through digitalization.
