UNCDF to provide financial literacy skills to 135,000 garment workers

A new enterprise pilot project will be implemented to help 135,000 garment workers in Bangladesh, at least 60% of whom will be women, develop their financial and digital skills.

The United Nations Capital Development Fund (UNCDF), financial wellness platform Wagely and a consortium of digital training platform Quizrr and technology and data company Ulula have committed $556,000 to improve inclusion financial and digital aspects of garment workers.

Through this commitment, UNCDF will provide performance-based grants and technical assistance.

Technical assistance will include mentorship for partners on human-centered product design, customer outreach with a focus on women, partnerships, data analysis, and assistance in creating reports, according to a statement.

In Bangladesh, the ready-to-wear industry employs more than four million people, including 2.5 million women.

“With support from UNCDF, Wagely will accelerate its ‘Earned Wage Access’ service in Bangladesh, which allows employees to receive accrued wages before payday, and is proven to increase productivity and employee retention. employees,” said Tobias Fischer, CEO of Wagely.

“In addition, Wagely will introduce additional financial wellness solutions, especially for female workers, helping female wearables workers achieve financial resilience and inclusion.”

Maria Perdomo, Asia Regional Coordinator for UNCDF, said UNCDF is proud to partner with Wagely and Quizrr and Ulula to improve livelihoods, especially for women, and sustainability in the sector. ready-to-wear in Bangladesh through digitization.

“These investments are the result of UNCDF’s project “Promoting Digital Ecosystem Solutions for Women’s Livelihoods in Bangladesh through Sustainability of the Garment Sector amid COVID-19 and the- of the”.

As part of this project, UNCDF published an assessment of the garment sector in Bangladesh which analyzed opportunities and suggested recommendations for digitization to improve the livelihoods and sustainability of the sector and , subsequently selected partners to implement these recommendations, according to a UNCDF press release. .

Michael O. Stutler