World Bank Group excited over bKash’ role in wage digitization



news desk, barta24.com
xecutive Directors of World Bank Group visited the Newage Group’s Ashulia RMG factory

xecutive Directors of World Bank Group visited the Newage Group’s Ashulia RMG factory

  • Font increase
  • Font Decrease

Executive Directors (EDs) of World Bank Group (WBG) have expressed their satisfaction over the ongoing process of wage digitization in apparel sector of Bangladesh and its impact on women empowerment.

Monday (04 November) the Executive Directors visited the Newage Group’s Ashulia RMG factory to observe how the bKash payroll digitization is positively impacting RMG workers’ life as well as increasing their productivity.

The Executive Directors explored existing facilities for workers, bKash awareness session in RMG factories on secure utilization of mobile wallet and also interacted with the workers. There was an open dialogue where the EDs exchanged their views with the high officials of bKash and Newage Group.

The objectives of Executives Directors’ visit were to learn about the impact of WBG activities in Bangladesh, understand the challenges of a lower middle-income country that has maintained solid economic growth over the years and exchange opinions with authorities, beneficiaries, and other stakeholders on partnerships with the WBG. However, both bKash and Newage Group are in partnership with IFC which is a member of the World Bank Group.

Kamal Quadir, CEO of bKash, threw light on the overall payment system in Bangladesh and explained how wage digitization is taking place by bKash. He said, “There is a gender gap in access to financial services in Bangladesh and services like bKash are making an impact in narrowing such gap. Given the economic significance of the ready-made garment sector, which is dominated by female workers, digitizing wage payments through MFS can have a significant impact on women’s financial inclusion.”

Patrizio Pagano, ED of WBG said, “We have seen massive changes in the RMG sector of Bangladesh. Previously, factories used to pay through cash or banks which was troublesome and time consuming. The wage digitization is benefitting both the workers and the factory owners. Because of the largest distribution network of bKash, Bangladeshi RMG factories are becoming more dynamic with its wage digitization solution.”

Asif Ibrahim, Vice Chairman of Newage Group talked about the RMG industry in Bangladesh and emphasized on wage digitization as it decreases administration cost; attracts international buyers and improves production. He thanked IFC and bKash for the consistent support in this regard.

From the factory visit, WBG EDs have seen that bKash is the most convenient option among the workers. Ease of sending money to home and getting salary in bKash have made their life easier. Once workers get salary in their bKash account, they use it for transferring money to their friends and families, recharging mobile phones, paying utility bills, purchasing products at shops and so on.

Currently, 350,000 garments workers of 280 RMG factories are getting theirsalary through bKash. This wage digitization plays a very significant role in women empowerment as the women workers are now in more control of their wages than before. They get salary in their mobile wallet, spend according to their choice and keep savings for emergency.

Launched in 2011, bKash, a joint venture of BRAC Bank, US based Money in Motion, International Finance Corporation, Bill and Melinda Gates Foundation and Ant Financial, operates as a payment service provider offering broad range of digital financial services under the regulation of Bangladesh Bank.

press release

   

Exim and Padma Bank are merging



Staff Correspondent, Barta24.com, Dhaka
Photo: Collected

Photo: Collected

  • Font increase
  • Font Decrease

Private Padma Bank is going to merge with Exim Bank. In the meantime, Bangladesh Bank has also been informed about the merger of the two banks.

This decision was taken unanimously in the board meeting of Exim Bank on Thursday (March 14).

Chairman of Exim Bank Nazrul Islam Mazumder confirmed this to the media.

According to a director of Exim Bank, a decision has been taken to merge private Padma Bank with Exim Bank. Soon it will be sent to Bangladesh Bank for permission. It will come into force after the approval of the regulatory body.

The same information was also known from a related official of Padma Bank.

Earlier, Bangladesh Bank had said that weak banks would be allowed to voluntarily merge by December. Failing this, a final decision on them will be taken in March.

Recently, Bangladesh Bank published the Banks Health Index (BHI) and Heat Map. According to that report, Padma Bank is in the red zone and Exim Bank is in the yellow zone.

;

Signing agreement of Global Islami Bank Plc with Bangladesh Bank



Staff Correspondent, Barta24.com, Dhaka
Signing agreement of Global Islami Bank Plc with Bangladesh Bank

Signing agreement of Global Islami Bank Plc with Bangladesh Bank

  • Font increase
  • Font Decrease

Two agreements have been signed between Global Islami Bank PLC and Credit Guarantee Department of Bangladesh Bank. The agreement was signed to provide credit guarantee facilities to women entrepreneurs and the agricultural products processing sector with the aim of achieving the desired expansion of small scale industries, job creation and economic growth.

The agreement was signed on Tuesday (March 12) at Jahangir Alam Conference Hall of Bangladesh Bank, Head Office.

Under these two agreements, Global Islami Bank will be able to make unsecured investments in women entrepreneurs and agricultural products processing sector by taking the credit guarantee facility of Bangladesh Bank.

In the presence of Bangladesh Bank Deputy Governor Noorun Nahar and Executive Director Mohammad Jamal Uddin, Managing Director Syed Habib Hasnat on behalf of Global Islami Bank and Nahid Rahman, Director of Credit Guarantee Department on behalf of Bangladesh Bank signed the agreement. Global Islami Bank's Executive Vice President and Head of Investment Division SM Mizanur Rahman was also present on the occasion.

;

Positive flow of remittances, more than 6 crore dollars per day



Staff Correspondent, Barta24.com, Dhaka
Photo: Collected

Photo: Collected

  • Font increase
  • Font Decrease

Expatriate income or remittances are in positive trend. In the first 8 days of March, remittances of 51 crore 29 lakh US dollars have arrived in the country. As such, an average of 5 crore 20 lakh 20 thousand dollars of remittances came to the country every day.

This information is known from the updated report of Bangladesh Bank on Sunday (March 10).

According to the data of the Central Bank, in the first 8 days of this month, 51 crore 29 lakh 10 thousand US dollars remittances have arrived in the country. Of this, 5 crore 42 lakh 20 thousand dollars came through the state-owned banks.

Besides, 97 lakh 20 thousand dollars came through specialized banks, 44 crore 90 lakh 10 thousand dollars through private banks and 17 lakh 60 thousand dollars through foreign sector banks.

And last February, 216 crore 60 lakh US dollars remittances came to the country which is the highest of the current financial year.

;

SM Mannan Kochi is the new president of BGMEA



Staff Correspondent, Barta24.com
Picture: Collected

Picture: Collected

  • Font increase
  • Font Decrease

The combined council has won all the 35 directorships in the 2024-26 term elections of BGMEA, a body of garment industry owners. As a result, the team leader of this panel, SM Mannan Kochi, is the next president of the organization. None of the other panel forum candidates could win the election.

On Saturday (March 9) polling was held simultaneously in Dhaka and Chattogram. Candidates of the two panels clashed before the start of polling in Dhaka. There was chaos in the polling booth in the afternoon. In the end, 89 percent of voters voted. Counting of votes started after 6 pm. After the counting, Election Board Chairman Jahangir Alamin announced the results at midnight on Saturday.

After the counting of votes, the election board headed by Jahangir Alamin, the former president of BTMA, announced the results. It can be seen that the leader of the Samilita Parishad party SM Mannan has got the maximum 1510 votes.

The winners of the combined council are: Dhaka Region Seha Design Managing Director (MD) SM Mannan, Team Group MD Abdullah Hill Rakib, Classic Fashion Concept MD. Shahidullah Azim, Director of Denim Expert Mohiuddin Rubel, Designtex Knitwear MD Khandaker Rafiqul Islam, Envoy Design Director Shehrin Salam, Fortis Garments MD Shahdat Hossain, Galpex MD. Rezaul Alam, MD Zakir Hossain of Kausar Knitwear, MD of Layla Style Imranur Rahman, Director of Macy's Garments. Ashiqur Rahman, BTP Group MD Miran Ali, Momson Service and Industries MD Nusrat Bari, Nutex Design Director Md. Nurul Islam, MD of Sadma Fashion Wear. Nasir Uddin, Sayem Fashion Director Abrar Hossain, Shasha Garments MD Shams Mahmood, Shin Shin Apparels MD Mohammad Sohail Sadat, Sparrow Group MD Shobhan Islam, Tex Town MD Anwar Hossain, TMS Fashion MD Saifuddin Siddiqui, TRZ Garment Industries MD Haroon Or Rashid, Tusuka Chairman of Fashions Arshad Jamal, MD of Urmi Garments Asif Ashraf, MD of Windy Apparels Mesbah Uddin Khan, MD of Young Forever Textiles Rajiv Chowdhury.

Amheco Fabrics MD M Ahsanul Haque, Argenta Garments Industries MD Mohammad Rakib Al Nasser, High Fashion MD Amjad Hossain Chowdhury, HKC Apparels Rakibul Alam Chowdhury, Madina Garments MD Mohammad Musa, RDM Apparels MD Mostafa Sarwar, Sonnet Textiles were the winners from the Chattogram region of the Combined Council. Director of Industries Gazi Md Shahid Ullah, MD of Top Star Fashion Abzar Hossain and Well Group Director Syed Nazrul Islam.

;