wagely and Shadhin Fintech have announced the launch of an exciting new initiative that will allow EMI purchases for Bangladeshi readymade garment (RMG) workers for the first time.
This innovative partnership aims to digitally empower workers in the RMG industry by offering them affordable access to smartphones, allowing them to make purchases without facing financial difficulties and increasing their access to technology, said a press release.
Responsible for almost 9.25% of the GDP of the country, access to smartphones is still a luxury for the majority of these workers, even though a basic necessity to sync as a smart citizen moving forward with the country and its growth.
RMG workers in Bangladesh have very limited access to formal and regulated financial facilities, which often makes it challenging for them to make informed financial decisions.
Limited penetration of smartphones has also been observed as being correlated with being a barrier to the literacy rate for these blue-collar workers.
According to the press release, the equated monthly installment (EMI) facility will be made available to the workers through wagely’s platform, powered by Shadhin’s Microcredit Regulatory Authority (MRA)-regulated microfinance digital lending platform.
With this facility, for the first time in Bangladesh, RMG workers will be able to purchase products such as smartphones and pay for them in 3-to-6-month period installments, without having to worry about upfront payments.
The pilot is aimed to impact the lives of workers, especially those who may not have the means to make large purchases all at once.
Initially targeting workers in the RMG industry, this facility will be extended to more blue-collar workers across various industries using wagely’s services.
Speaking about the initiative, Noor Elahi, managing director of wagely Bangladesh, said: “As the country is growing towards becoming Smart Bangladesh, it is essential that we include one of the most valuable segments of the population in this growth. This initiative aligns with our mission of improving the financial wellbeing of workers as well as with the vision of smart citizens of a Smart Bangladesh. Our partnership with Shadhin has made this possible, and we look forward to continuing to work together for more innovative solutions.”
Kashfia Mahmud, CEO of Shadhin Fintech, said: “Our goal is to make financial services accessible to everyone, especially those who face barriers to accessing such services. We are excited to partner with wagely, Bangladesh’s leading financial wellness platform to achieve this. By providing EMI facilities to RMG workers, we are enabling them to purchase the products they need digitally and in a few simple steps. This partnership is an excellent example of how technology can be used to promote financial inclusion and improve people’s lives.”
