Mastercard launches co-branded cards for RMG workers, BGMEA executives

Mastercard and Bangladesh Garment Manufacturer and Exporters Association (BGMEA) on Wednesday launched prepaid cards for workers in the Ready-Made Garment (RMG) industry and the first-ever co-branded credit cards for BGMEA's executives.

By enabling RMG workers' wages to be digitally disbursed via prepaid cards, this initiative has the potential to enable financial inclusion for 4.5 million RMG workers.

The issuing bank for the prepaid card is Southeast Bank Limited (SEBL), while the credit card is issued by Mutual Trust Bank Limited (MTB), reads a press release.

The SEBL Mastercard Prepaid Card for RMG workers is designed to ensure a safer, more convenient payment option than cash. Additionally, RMG workers do not need to open a bank account at SEBL to obtain the card, simplifying their access to the digital payment solution.

The MTB Mastercard World Credit Card for BGMEA executives offers exclusive benefits and features, allowing cardholders to transact locally and internationally with greater convenience. Using this card, cardholders can carry out both contact and contactless transactions globally through its dual interface feature, which also supports ATM, POS, QR, and e-commerce payments along with no annual fees for the first year.

In addition, the card offers complimentary access to MTB Air Lounges at all major airports in Bangladesh and more than 1,100 airport lounges worldwide under the Mastercard 'LoungeKey' Programme which Mastercard cardholders with World and Platinum credit cards access to over 1,100 airport lounges.

The co-branded cards were unveiled at an event attended by chief guest Salman F Rahman, private industry and investment adviser to the prime minister; Nasrul Hamid, state minister, Ministry of Power, Energy and Mineral Resources,; Faruque Hassan, president, BGMEA; Syed Mohammad Kamal, country manager, Bangladesh, Mastercard; Syed Mahbubur Rahman, MD & CEO, Mutual Trust Bank (MTB); M Kamal Hossain, managing director, Southeast Bank, as well as former BGMEA presidents and senior officials from the respective organisations.

The ready-made garment (RMG) sector is Bangladesh's largest contributor to the economy, in terms of growth and foreign exchange earnings, accounting for over nine percent of GDP and 82 percent of total export earnings in FY22.

As 90 percent of RMG workers are female, one of the highest proportions in Southeast Asia, the industry contributes significantly to women's empowerment by providing the underprivileged demographic with the opportunity to become financially independent.

The launch of the BGMEA-Mastercard co-branded cards marks an important milestone for the RMG industry, driving the adoption of digital payments among RMG workers, the release adds.

Speaking on the occasion, BGMEA President said, "The ready-made garment (RMG) sector plays a crucial role in accelerating the economic growth of Bangladesh through higher export earnings. RMG workers are making an important contribution to earning foreign exchange, increasing export growth, and keeping the economy of the country running. I would like to express my gratitude to Mastercard for this initiative and thank MTB and SEBL for making a significant contribution to the inclusion of RMG workers in the digital financial system."

Syed Mahbubur Rahman said, "MTB is proud to work with Mastercard to announce the launch of the co-branded BGMEA MTB Mastercard World Credit Card. We believe this cooperative launch will provide executives of BGMEA access to a variety of exclusive offers all across the world. We look forward to collaborating with Mastercard to introduce similar products in the future."

"Southeast Bank is glad to be partnering this co-brand program with Mastercard and BGMEA. I believe the SEBL Mastercard Prepaid Card will successfully provide BGMEA workers with a smooth and hassle-free payment solution, bringing them into financial inclusion," said the bank's MD.

On behalf of Mastercard, Syed Mohammad Kamal said, "This collaboration will hasten the adoption of digital payments in the RMG sector. The initiative is aimed at bringing a significant number of unbanked workers into the fold of financial inclusion. Mastercard is proud to partner with BGMEA to offer more efficient payment options that will enable the underserved RMG worker to finally have a financial tool to conduct cashless transactions via cards while also providing additional benefits for BGMEA officials."