Wagely Bangladesh Ltd. (“wagely”) hosted its signature wagely Day at SQ Group this week for the sixth time. With over 2,300 workers participating in the two-day long activity, which is a core element in wagelys efforts to increase worker financial resilience, it was a huge success. By conducting financial health surveys, workshops, and raffle draws, wagely motivates participating workers to learn about the importance of personal financial management and how they can become more financially healthy.
“The concept of wagely Days was born to engage directly with the workers and understand their level of financial wellness. Talking to the workers in the factories directly allows us to explain the concept of financial health and money management more effectively,” says Amrita Vir, Acting Country Manager of Wagely Bangladesh Ltd. “We have learned that financial wellness and literacy is best understood through fun and interactive activities in which everyone can participate.”
wagely, Bangladesh’s first financial wellness platform, launched in October 2021 with its core service called Earned Wage Access (EWA). In the last twelve months, wagely has partnered with some of the largest RMG manufacturers in Bangladesh, including SQ Group, ICC, Desh Garments, Ha-meem, Triple Apparels, Khantex Fashions, Zaber & Zuber Fabrics Limited, and many more. Wagelys financial wellness platform empowers employers to allow their workers to access their earned salary during the month without changing any existing payroll processes. wagely eliminates the need for workers to borrow money at unsustainable rates if they face unexpected expenses. Through its service, wagely reduces workers’ financial stress with significant benefits for the employer. Factories that partner with wagely have seen a decrease in worker migration of up to 55% within the first three months.
To further strengthen its financial wellness service in Bangladesh, wagely is collaborating with the United Nations Capital Development Fund (UNCDF) in a pilot project to develop individualized financial wellbeing services that help RMG workers, particularly female workers, become more financially independent.
“wagely Day helped our employees and staff engage in meaningful and interactive activities and games that exhilarate the learning about personal financial management,” said Shahriat Hossain, General Manager from SQ Group. “As wagely is being adopted rapidly within our workforce, the financial literacy and health have increased significantly with measurable impact for our organization.”
To date, wagely more than 15,000 workers have participated in wagely Days held at SQ Group and other partner factories.