MoU signed for financial inclusion of RMG workers
Business DeskSwisscontact signed a Memorandum of Understanding (MoU) with Bangladesh Bank (BB) to promote financial inclusion through agent banking in the Readymade Garments (RMG) sector and improve financial literacy of RMG workers of the country through a jointly funded project with MetLife Foundation.
The project, named Sarathi, aims to bring RMG workers within the sphere of mainstream banks and commercial financial institutions and enable them to become engaged in financial transactions as account holders and clients, said a press release. The project will support creation of suitable financial products, development of alternative banking channels for easier access and improvement of financial knowledge and literacy of RMG workers.
"This MoU will provide huge scope for both the parties to work for RMG workers and promote financial inclusion", the press release quoted BB Financial Inclusion Department General Manager Nurun Nahar as saying.
"The partnership with Bangladesh Bank, a key driver to financial inclusion initiatives countrywide, will help support Agent Banking services in Bangladesh with sustainable and inclusive business models. Our initiative in the RMG sector is a stepping stone in encompassing RMG workers - especially females- into mainstream financial services," the press release also quoted Jaheed Parvez, Team Leader of Sarathi as saying.
"We are proud to include RMG Workers into the formal financial streams through the project with Swisscontact. This project is the reflection of MetLife Foundation's ongoing commitment to advancing financial inclusion in Bangladesh, said MetLife Bangladesh Brand and Communications Senior Assistant Manager Munirul Islam, according to the press release.