Study on Deposit Mobilization for Readymade Garments Workers in Bangladesh
For a developing country like Bangladesh, the readymade garments (RMG) sector is the country's primary foreign exchange revenue generator. It has provided employment to about three million workers, with 85 percent being young, poor and semi-li...
| Main Author: | |
|---|---|
| Format: | Working Paper |
| Language: | English en_US |
| Published: |
International Finance Corporation, Dhaka, Bangladesh
2017
|
| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/742101492768893495/Study-on-deposit-mobilization-for-readymade-garments-workers-in-Bangladesh http://hdl.handle.net/10986/26554 |
| id |
okr-10986-26554 |
|---|---|
| recordtype |
oai_dc |
| spelling |
okr-10986-265542021-04-23T14:04:36Z Study on Deposit Mobilization for Readymade Garments Workers in Bangladesh International Finance Corporation FINANCE READY MADE GARMENT ACCESS TO FINANCE GARMENT INDUSTRY BANKING SERVICES SAVINGS FINANCIAL SERVICES FINANCIAL LITERACY For a developing country like Bangladesh, the readymade garments (RMG) sector is the country's primary foreign exchange revenue generator. It has provided employment to about three million workers, with 85 percent being young, poor and semi-literate women. The sector is growing at sixteen percent annually, but workers cannot leverage this effectively, as they lack access to suitable financial services and face security risks due to receiving wages in cash. The recent developments in banking technology have transformed banking from the traditional brick-and-mortar infrastructure of staffed branches to a system supplemented by other channels like automated teller machines (ATM), credit or debit cards, internet banking, online money transfers, etc. Access to such technology, however, is still restricted only to certain segments of the society. For the financially excluded such as RMG workers, small entrepreneurs, etc., opening and maintaining bank accounts, especially in a country like Bangladesh, can be complex and time-consuming due to lack of awareness, accessibility and availability of targeted products. As part of its agenda to promote financial inclusion in Bangladesh, IFC is focused on providing access to finance to underserved segments through building the financial sector’s awareness. This report highlights key trends, challenges, and opportunities for banking services for RMG workers and increasing their access to finance. Due to their high growth potential of the sector, RMG employees are of particular interest. The report therefore identifies: (i) constraints and opportunities for scalable approaches to increase access to finance for RMG employees; (ii) pinpoint specific knowledge gaps for which further training is recommended; and (iii) provide recommendations on expanding access to finance for RMG employees. 2017-05-09T17:26:21Z 2017-05-09T17:26:21Z 2012-06 Working Paper http://documents.worldbank.org/curated/en/742101492768893495/Study-on-deposit-mobilization-for-readymade-garments-workers-in-Bangladesh http://hdl.handle.net/10986/26554 English en_US CC BY-NC-ND 3.0 IGO http://creativecommons.org/licenses/by-nc-nd/3.0/igo International Finance Corporation International Finance Corporation, Dhaka, Bangladesh Publications & Research Publications & Research :: Working Paper South Asia Bangladesh |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
FINANCE READY MADE GARMENT ACCESS TO FINANCE GARMENT INDUSTRY BANKING SERVICES SAVINGS FINANCIAL SERVICES FINANCIAL LITERACY |
| spellingShingle |
FINANCE READY MADE GARMENT ACCESS TO FINANCE GARMENT INDUSTRY BANKING SERVICES SAVINGS FINANCIAL SERVICES FINANCIAL LITERACY International Finance Corporation Study on Deposit Mobilization for Readymade Garments Workers in Bangladesh |
| geographic_facet |
South Asia Bangladesh |
| description |
For a developing country like
Bangladesh, the readymade garments (RMG) sector is the
country's primary foreign exchange revenue generator.
It has provided employment to about three million workers,
with 85 percent being young, poor and semi-literate women.
The sector is growing at sixteen percent annually, but
workers cannot leverage this effectively, as they lack
access to suitable financial services and face security
risks due to receiving wages in cash. The recent
developments in banking technology have transformed banking
from the traditional brick-and-mortar infrastructure of
staffed branches to a system supplemented by other channels
like automated teller machines (ATM), credit or debit cards,
internet banking, online money transfers, etc. Access to
such technology, however, is still restricted only to
certain segments of the society. For the financially
excluded such as RMG workers, small entrepreneurs, etc.,
opening and maintaining bank accounts, especially in a
country like Bangladesh, can be complex and time-consuming
due to lack of awareness, accessibility and availability of
targeted products. As part of its agenda to promote
financial inclusion in Bangladesh, IFC is focused on
providing access to finance to underserved segments through
building the financial sector’s awareness. This report
highlights key trends, challenges, and opportunities for
banking services for RMG workers and increasing their access
to finance. Due to their high growth potential of the
sector, RMG employees are of particular interest. The report
therefore identifies: (i) constraints and opportunities for
scalable approaches to increase access to finance for RMG
employees; (ii) pinpoint specific knowledge gaps for which
further training is recommended; and (iii) provide
recommendations on expanding access to finance for RMG employees. |
| format |
Working Paper |
| author |
International Finance Corporation |
| author_facet |
International Finance Corporation |
| author_sort |
International Finance Corporation |
| title |
Study on Deposit Mobilization for Readymade Garments Workers in Bangladesh |
| title_short |
Study on Deposit Mobilization for Readymade Garments Workers in Bangladesh |
| title_full |
Study on Deposit Mobilization for Readymade Garments Workers in Bangladesh |
| title_fullStr |
Study on Deposit Mobilization for Readymade Garments Workers in Bangladesh |
| title_full_unstemmed |
Study on Deposit Mobilization for Readymade Garments Workers in Bangladesh |
| title_sort |
study on deposit mobilization for readymade garments workers in bangladesh |
| publisher |
International Finance Corporation, Dhaka, Bangladesh |
| publishDate |
2017 |
| url |
http://documents.worldbank.org/curated/en/742101492768893495/Study-on-deposit-mobilization-for-readymade-garments-workers-in-Bangladesh http://hdl.handle.net/10986/26554 |
| _version_ |
1764462186967597056 |