The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has partnered with Mitro Fintech Ltd to improve the financial inclusion of Ready-Made Garments (RMG) workers.
The partnership aims to offer digital financial solutions to workers, read a press release issued on Wednesday.
While commenting on the partnership, BGMEA President Faruque Hassan said, “We are thrilled to collaborate with Mitro to promote the economic well-being of RMG workers. This initiative will have a positive impact on the lives of our workers and their families.”
BGMEA Director Neela Hosna Ara was also present at the MoU signing ceremony held at BGMEA Complex in Dhaka’s Uttara.
The partnership between BGMEA and Mitro Fintech has the potential to positively impact the lives of workers in Bangladesh’s RMG sector and contribute to the sustainable development of the country. By providing an employee benefit that allows workers to access earned salaries before payday, the partnership can reduce financial stress and improve workers’ financial well-being, leading to improved productivity and employee retention. This can contribute to the overall goal of achieving decent work and economic growth, reducing inequalities, and promoting industry, innovation, and infrastructure, which are all part of the United Nations’ Sustainable Development Goals (SDGs), the release added.
The EWA service ensures that employees have constant access to their hard-earned money, eliminating the need to wait to meet their financial obligations, which can ultimately lead to improved productivity and performance.
“We are honoured to partner with BGMEA to provide digital financial solutions to workers in the RMG sector,’’ Mitro Fintech Ltd CEO Kishwar Hashemee said.
Mitro Fintech is a financial wellness platform based in Bangladesh that promotes financial wellness among workers by assisting businesses in managing payroll through payroll software and increasing employee wellness and productivity through its Earned Wage Access (EWA) employee benefit.