BGMEA, Wagely sign MoU to facilitate financial health for RMG workers through earned wage access

BGMEA and Wagely Bangladesh Ltd signed a memorandum of understanding (MoU) on Monday (10 October) at BGMEA Complex to raise awareness and increase the adoption of Earned Wage Access (EWA) for garment workers in Bangladesh.

On behalf of BGMEA, President Faruque Hassan inked the MoU with wagely that aims to collaborate on making wagely's EWA accessible to the garment industry, said a press release.

"BGMEA attaches utmost importance to ensuring the wellbeing of garment workers who are at the heart of the RMG industry. Since the financial wellness of the garment workers is important for us, I believe this will help garment factories," Faruque Hassan said.

He expressed hope that the initiative of Wagely will a play an important role  in improving the financial health of more than 4 million garment workers in the RMG sector.

Wagely is building a holistic financial wellness platform with EWA at its core that lets workers of partner employers access their earned salary in real-time and financial education. This is proven to reduce worker migration, improve productivity, and increase business savings.

"We are very grateful to receive this immense support from BGMEA and are strongly committed to increasing financial wellbeing for Bangladeshi workers" said Tobias Fischer, CEO and Co-Founder of Wagely.

BGMEA and Wagely will jointly move forward to raise awareness and increase the adoption of EWA for the workers and support each other in educating and uplifting financial health as it expands into becoming a holistic financial platform for all users.

BGMEA Vice President Rakibul Alam Chowdhury, chair of BGMEA Standing Committee on Press, Publication and Publicity Shovon Islam, chair of BGMEA Standing Committee on Trade Fair Mohammed Kamal Uddin, chair of BGMEA Standing Committee on Trade Arbitration-1 M. Kafil Uddin Ahmed and Director of Giant Group Ashaab Adeeb Hassan were also present at the MoU signing ceremony.