Financial Inclusion for Bangladeshi RMG Workers with AGAM and Swisscontact

AGAM International, a UK-based financial technology company, and Swisscontact, an international non-governmental organisation, have joined forces to expedite financial inclusion of thousands of Readymade Garment (RMG) factory workers in Bangladesh. The partnership, operating under Swisscontact’s ‘Sarathi – Improving Financial Health’ initiative in Bangladesh, aims to facilitate the formalisation of banking services for RMG workers, thus enhancing their financial well-being.

By utilising AI-powered credit scoring algorithms and behavioural insights, the collaboration seeks to provide credit to a larger community more quickly and equitably than ever before. The partnership will improve the lives of factory workers at RMG, providing them with nano loans and earning wages. Credit will be supplied by AGAM’s partner banks.

The III™ system by AGAM International offers loans based on an individual’s character, commitment and capability, enabling underserved communities to access immediate financing without prior credit history. It also includes financial education modules that enhance risk perception and improve credit scores.

RMG factory workers lack access to emergency credit due to conventional credit-check procedures. As a result, they resort to informal lending with high-interest rates despite their ability to repay loans.

According to ShabnamWazed, Founder and CEO of AGAM International, “The company’s partnership with Swisscontact will help amplify the positive impact of its mission. By collaborating with Swisscontact, AGAM International aims to leverage AI technology to accelerate and democratise the lending process.”

Wazed expressed pride in this collaboration and emphasised on the goal of expanding financial inclusion to millions of RMG factory workers in Bangladesh.

Courtesy: Apparel Resources News-Desk