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Sarathi hosts a Roundtable Discussion on "Improving Financial Health of RMG Workers: Policy Frameworks and Future Pathways"

Bangladesh
Entrepreneurial ecosystems, Upskilling and Reskilling
02.01.2025
How can the private and public sectors work together and help improve the financial health of RMG workers in Bangladesh? – The Sarathi project of Swisscontact Bangladesh explored this question in a lively roundtable discussion at The Daily Star, with representatives from the government, financial institutions, and development agencies.

Sarathi – Improving Financial Health, a flagship financial inclusion project of Swisscontact Bangladesh, recently organized a roundtable discussion titled "Improving Financial Health of RMG Workers: Policy Frameworks and Future Pathways" as part of its closing activities. The event was held at The Daily Star Centre in Dhaka. 

Mr. Razik Fazle, Head of Programme at Swisscontact Bangladesh, inaugurated the session by presenting an overview of the Sarathi project and outlining the objectives of the roundtable. He shed light on the unique barriers faced by RMG workers, such as limited financial literacy, lack of collateral, and the absence of formal credit histories. He also highlighted the importance of public-private partnerships, innovative products and services, and robust policy support to overcome these challenges and enhance the financial inclusion of RMG workers. 

Later, Mr. Sajid Amit, Director of the Centre for Enterprise and Society at ULAB, highlighted the necessity of introducing commercial incentives for financial institutions to develop sustainable, technology-driven financial products tailored for RMG workers. He stressed the role of Bangladesh Bank in establishing appropriate pricing regulations and invited participants to contribute ideas for designing and delivering such products. The discussion emphasised the need for collaborative approaches to strengthen workers' financial resilience and inclusion. 

As the Sarathi project officially concludes on 31 October 2024, the roundtable served as a platform for meaningful dialogue among key stakeholders, including financial institutions, regulators, and industry experts. Notable participants included representatives from Bangladesh Bank, BKMEA, Digital Financial Forum Bangladesh, Dhaka Bank PLC, Dutch Bangla Bank PLC, Bank Asia PLC, Rocket, Zaytoon Business Solution, Grameen Trust, Waadaa.Insure, UNCDF, and others. 

The event was covered by The Daily Star, which published an article, a full-page supplement summarising the discussions and recommendations, and a video highlighting key insights from a few participants, amplifying the dialogue’s outcomes.

2016 - 2024
Bangladesh
Upskilling and Reskilling
Sarathi – Progress Through Improved Financial Health
Bangladesh is the world’s second largest garment exporter, with the ready-made garment (RMG) sector accounting for over 83% of the country’s exports and contributing approximately 16% to the GDP. This industry encompasses more than 4 000 RMG factories and provides employment to approximately 4.2 million workers of which almost 60% are women. Even though the RMG sector plays a pivotal role in Bangladesh’s economy, only 34% of it was integrated into the formal financial system when Swisscontact started to work towards the financial inclusion of RMG workers and their community members in 2016.
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