BGMEA partners with Bangladesh’s financial wellness pioneer, wagely

Desk Report: Wagely Bangladesh Ltd. (“wagely”), Bangladesh’s first and largest financial wellness platform offering Earned Wage Access (EWA) and financial education, announced a partnership with Bangladesh Garments Manufacturers and Exporters Association (BGMEA) during their one-year anniversary dinner on Monday, 10th October 2022. The dinner that was attended by the honorable Mr. Faruque Hassan, President of Bangladesh Garments Manufacturers and Exporters Association (BGMEA) as Guest of Honor, included Bangladesh’s largest ready-made garment (RMG) business owners and several other key industry stakeholders.

 

On behalf of BGMEA, President Faruque Hassan signed an MOU with wagely that aims to collaborate on making wagely’s EWA accessible to the garment industry. “Today, we have signed the MOU with wagely. Our employees, our workers are our strength, and their financial wellness is important to us, which is why I believe this will help the factories. We believe that in the future, more companies will partner with wagely, and we expect good support and quality service from wagely”. Mr. Faruque Hassan stated during the event and wished wagely success in improving the financial health of more than 4.22 million workers in the RMG Sector alongside BGMEA.

wagely is building a holistic financial wellness platform with EWA at its core that lets workers of partner employers access their earned salary in real-time and financial education. This is proven to reduce worker migration, improve productivity, and increase business savings.

“We are very grateful to receive this immense support from BGMEA and are strongly committed to increasing financial wellbeing for Bangladeshi workers,” said Tobias Fischer, CEO, and Co-Founder of wagely, “We began our journey exactly a year ago and  have been able to touch the lives of 100,000 workers with our solution and break the toxic debt cycle that affects not just the financial health of workers but the efficiency of businesses as well. With the support from BGMEA, we believe wagely will be able to play a core role in supporting the industry through earned wage access and more holistic financial wellness products for the workers that reduce costs for factories and provide long-term benefits.”

BGMEA and wagely will jointly move forward to raise awareness and increase the adoption of EWA for the workers and support each other in educating and uplifting financial health as it expands to becoming a holistic financial platform for all users.

As wagely just enters its second year of operations in Bangladesh, it has already partnered with some of Bangladesh’s largest employers, including SQ Group, Hameem, Zaber & Zubair (Z&Z) – Cute Dress, Khantex Fashions. Desh Garments, Triple Apparels, and others, many of whom were present during the anniversary dinner.