AGAM International and Swisscontact help factory workers in Bangladesh access finance

By Leandra Monteiro

UK FinTech, AGAM International and global NGO, Swisscontact, announced a strategic alliance to provide financial access to thousands of Ready-Made Garment factory workers across Bangladesh.

The partnership, through Swisscontact’s ‘Sarathi – Improving Financial Health’ project in Bangladesh, aims to bring RMG workers into formal banking services and improve their financial health.

The alliance will use an AI technology and behavioural insights approach to credit scoring to enable the provision of credit to a larger community. The partnership will positively impact RMG factory workers, enabling access to nano loans and Earned Wage Access, the credit for which is provided by AGAM’s partner banks.

Speaking about the partnership, AGAM International’s founder and CEO, Shabnam Wazed said, “Our partnership with Swisscontact enables it to scale the positive impact of its mission. Working alongside Swisscontact and lending institutions, we are proud to harness AI technology to make the process of lending faster and fairer, scaling financial inclusion to the millions of RMG factory workers in Bangladesh.”

Under this partnership, Swisscontact is able to draw on AGAM International’s innovative credit scoring platform which unlocks access to finance, even for those without a traditional credit history. Its AI-based behavioural analysis-backed credit scoring provides Swisscontact with the confidence to identify prospective borrowers and make accurate, speedy, lending decisions, enabling RMG factory workers to access credit when they need it most.

Sarathi project, Team Leader, Bipasha S. Hossain said, “We are looking forward to partnering with AGAM International to effectively scale the impact of our work to a larger population of RMG workers and their communities.”

This announcement is the latest development in AGAM International’s partnership with Swisscontact. The NGO previously backed AGAM International’s first successful pilot in 2021 with Bangladesh’s largest commercial bank, Prime Bank Limited.