On 10 August 2023, Bank Asia Limited and the ‘Sarathi-Improving Financial Health’ project of Swisscontact signed a memorandum of understanding (MoU) to offer formal savings products to 12 000 RMG workers and community members in Dhaka, Gazipur, Narayanganj, and Chattogram. Through this partnership, Bank Asia Limited will introduce, promote, and create access to customised and women-friendly savings products through various awareness campaigns and incentives.
According to a baseline survey conducted by Sarathi in 2021, a staggering 88% of RMG workers have no savings, while the remaining 12% save informally. With the current rising costs of living, initiatives such as these have significant potential for RMG workers to benefit from formal financial savings schemes. This collaboration between Swisscontact and Bank Asia Limited can potentially empower RMG workers and their community members with access to interconnected financial health solutions, ultimately increasing their income in more secure ways.
Mr. Shafiuzzaman, President & Managing Director (CC) of Bank Asia Limited, Mr. Md. Sazzad Hossain, DMD & COO, Mr. Md. Serajul Islam, EVP, Mr. Quazi Mortuza Ali, SVP, and Ms. Rumana A Tulee, AVP, Agent Banking division of the bank; Ms. Salma Akhter, Manager-Partnerships & Advocacy, and Mr. Mostafezur Rahaman, Manager-Interventions of the Sarathi project; and other representatives from both organisations were also present during the ceremony.
‘Sarathi – Improving Financial Health’ is financed by the MetLife Foundation and the Happel Foundation. It is part of the Swisscontact Development Programme, co-financed by the Swiss Agency for Development and Cooperation (SDC), the Federal Department of Foreign Affairs FDFA.