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Sarathi – Progress through Financial Inclusion (ing.)

Bangladesh’s RMG sector consists of 45% of the total workforce and contributes to 13% of the total GDP. 90% of the value of salaries are paid in cash and wages form 27% of the total value of payments made in Bangladesh, notable losses are incurred at these factories each year through this inefficient and opaque means of disbursement. Sarathi has observed that wage digitization helps RMG factories achieve improved efficiency through reduced transaction costs, higher productivity through faster transactions, and more transparent business management while promoting financial inclusion of RMG workers. RMG workers, despite their numbers, generally remain outside the purview of formal financial services, and Sarathi helps facilitate these services for this segment by working with partner commercial banks and RMG factories.

El proyecto

Sarathi- Progress through Financial Inclusion, jointly funded by MetLife Foundation and Swisscontact, is working with commercial banks and Ready-Made Garments (RMG) factories to bring RMG workers, especially women, within the sphere of formal banking services.

Sarathi is a 30-month (January 2018- June 2020) financial inclusion project, jointly funded by MetLife Foundation and Swisscontact. Sarathi is working with commercial banks and RMG factories to bring RMG workers, especially women, within the sphere of formal banking services. Through wage digitization, the project empowers RMG workers to conduct financial transactions as account holders and clients. The project activities are directed to find market-based and scalable solutions that address underlying constraints such as inadequate financial literacy; lack of access to formal banking services; and commercially viable business solutions for commercial banks to cater to the needs of the RMG workers.

The project

  • engages with international RMG buyers to encourage wage digitization in their supplier RMG factories and increase interaction with these key stakeholders through programs such as ‘Model Factory Visit’;
  • facilitates its partner commercial banks in developing Alternate Distribution Channels (agent outlets, ATM booths, biometric devices, RMG Digital Banking Booth, etc.) in strategic locations in and around RMG factories to ensure sustainable access to financial services for RMG workers;
  • facilitates the promotion of financial products and services (salary accounts, savings schemes, DPS, etc), designed specifically for RMG workers, through structured financial counselling, financial literacy training, practical demonstration sessions, and awareness campaigns;
  • facilitates its partner commercial banks in developing appropriate loan products and bundle offers that complement the financial products and services offered to the RMG workers.


Project Goals

The project targets are to:

  • Open the bank accounts of 60,000 RMG workers;
  • Conduct wage digitization through at least three commercial banks ;
  • Reach 200,000 people through financial literacy trainings and awareness campaigns;
  • Facilitate 15 RMG factories to disburse  the wage of their RMG workers through Sarathi’s partner commercial banks;
  • Set up 40 Alternate Delivery Channels such as agents, ATM booths, etc. to increase accessibility to financial transactions for RMG workers.
  • Assist Sarathi partner commercial banks to offer 20,000 value propositions to RMG workers.

    Resultados

    The project results as of October 2019:

    • 30,470 RMG worker salary accounts have already been opened across 13 RMG factories through three partner commercial banks.
    • Sarathi has organized 211 literacy sessions for 14,675 RMG workers.
    • 13 partner RMG factories disbursing RMG workers salary through bank accounts
    • Salary disbursement of BDT 100 million per month on average.

    Socios de proyectos

    • Bank Asia Limited
    • The City Bank Limited
    • Dutch-Bangla Bank Limited

    Países del proyecto

    • Bangladesh

    Enlance del proyecto

    Duración del proyecto

    January 2018 - June 2020

    Financiamiento

    • MetLife Foundation

    Área de trabajo

    Finanzas

    Swisscontact
    Swiss Foundation for Technical Cooperation
    Hardturmstrasse 123
    CH-8005 Zürich

    Tel. +41 44 454 17 17
    Fax +41 44 454 17 97
    E-Mail info@STOP-SPAM.swisscontact.org