Monday, September 16, 2019 | ePaper

RMG workers' wage payment system to go digital

  • Print
Economic Reporter :
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Rubana Huq on Tuesday said the wage payment system of RMG workers is going to be digitised soon.
"RMG workers will receive their wages under the digitised system.We're going to sign a memorandum of understanding (MoU) with the ICT Ministry on June 27 to introduce mobile banking 'E-wallet for RMG workers'," she said.
The BGMEA chief was speaking at a knowledge-sharing event on creating the business case of MFS-Based Wage Digitisation in the RMG Sector.
The International Finance Corporation (IFC), a member of the World Bank Group, organized an event on Tuesday to establish the business case for digital wage payments using mobile financial services in the readymade garment (RMG) sector and launched a series of resources to enable garment factories to shift from cash to mobile-based wage payments for their workers.
Specialized tools will allow mobile financial service providers to expand the range of digital payments for garment workers and ensure that the RMG sector can take the initiative forward, said a press release.
It is part of IFC's and Bangladesh Bank's joint initiative to include women financially through Mobile Financial Service (MFS) adoption.
There is a stark gender gap in access to financial services in Bangladesh, where only 36 percent of women have a formal bank account, compared to 65 percent of men. Given the economic significance of the readymade garment sector, which is dominated by female workers, digitizing wage payments through MFS can have a significant impact on women's financial inclusion.
When garment workers open MFS accounts to receive their salaries, they can avail a broad range of financial services. However, about 90 percent of factories pay their workers in cash, which is a missed opportunity for both the financial and RMG sectors.
IFC Country Senior Country Officer Nuzhat Anwar and Deputy General Manager of the Bangladesh Bank Masuma Sultana, among others, were present at the event.

More News For this Category

Mezbah Uddin Sarker Rubel, CEO of Heartsbook (an alternative Social Media flat form of Face book), inaugurating its commercial operation in Bangladesh through cutting a cake at Dhaka Reporter's Unity in the city on Sunday. Mahabuba Mohammad Babon Sarker, Vice-Chairman and other executives of the company were also present.

Mezbah Uddin Sarker Rubel, CEO of Heartsbook (an alternative Social Media flat form of Face book), inaugurating its commercial operation in Bangladesh through cutting a cake at Dhaka Reporter's Unity in the city on Sunday. Mahabuba Mohammad Babon Sarker, Vice-Chairman and other executives of the company were also present.

.

China remains strong magnet for foreign investment : Economic Watch

Xinhua, Beijing :China's latest foreign direct investment (FDI) data have testified the country's stronger appeal to foreign investors who have shown widespread optimism in a fast-growing market.In the January-August

Large US banks sweating the move to lower interest rates

AFP, New York :President Donald Trump's attacks on the US Federal Reserve make financial markets cringe, but his demand for zero interest rates makes banks sweat.As the Fed reverses

Gloves come off at ECB as stimulus fuels divisions

AFP, Berlin :Central bank chiefs of Germany and the Netherlands hit out on Friday at ECB chief Mario Draghi for unleashing a huge stimulus package aimed at propping up

Nizam Chowdhury, Chairman of NRB Global Bank Limited, inaugurating its Islami Banking Branch operations at Dollai Nawabpur in Comilla recently. Syed Habib Hasnat, Managing Director, Md. Mostafizur Rahman Siddiquee, AMD, other senior officials of the bank and local elites were also present.

Nizam Chowdhury, Chairman of NRB Global Bank Limited, inaugurating its Islami Banking Branch operations at Dollai Nawabpur in Comilla recently. Syed Habib Hasnat, Managing Director, Md. Mostafizur Rahman Siddiquee, AMD, other senior officials of the bank and local elites were also present.

.

M. Akhter Hossain, DMD of Shahjalal Islami Bank Limited, inaugurating it's 126th Branch at Gharishar Bazar in Naria in Shariatpur on Sunday. Md. Shamsuddoha Shimu, Head of Public Relations Division along with other senior officials of the bank and local elites were also present.

M. Akhter Hossain, DMD of Shahjalal Islami Bank Limited, inaugurating it's 126th Branch at Gharishar Bazar in Naria in Shariatpur on Sunday. Md. Shamsuddoha Shimu, Head of Public Relations Division along with other senior officials of the bank and local elites were also present.

.

Bankers urged to acquire IT knowledge to prevent cyber crimes

Rajshahi Correspondent :Senior bankers of Rajshahi Krishi Unnayan Bank (RAKUB) on Sunday urged their branch-level colleagues to acquire IT knowledge to prevent cyber crimes.They made the call while addressing

Australia-BD trade confce in Sydney from Nov 13

Economic Reporter :The 'Australia Bangladesh Trade Conference, 2019' will be held at the Inter Continental Hotel in Sydney, Australia from November 13 to 15 for expanding bilateral trade and

Govt promoting youths in entrepreneurship: Palak

Economic Reporter :State Minister for ICT Division Zunaid Ahmed Palak on Sunday said that the government is promoting country's young generation in innovations and entrepreneurship to help them become

Onion prices set to rise further amid Indian move against export

Economic Reporter :The Indian government's clampdown on onion export is causing a fair bit of upset across the border as well, with Bangladeshi businessmen at Hili land port between