The objective is to foster greater resilience within the garment industry and enhance the economic wellbeing of its workforce while amplifying the adoption and advantages of responsible wage digitalisation.
RISE launched the #WhenWomenRISE campaign to coincide with International Women’s Day and to demonstrate how partnership not only fosters individual achievement but also drives sustainable business practices and societal progress.
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According to RISE, female workers predominantly populate the global garment supply chains and often face hurdles such as restricted access to digital banking and a lack of financial management skills. These barriers can hinder their ability to achieve economic security.
RISE executive director Christine Svarer said: “Addressing these issues requires a collaborative, 360° approach, which RISE offers by bringing together global buyers, suppliers, financial service providers and local training organisations.
“When these different stakeholders jointly invest in digital wages, the benefits are many: efficiency gains at the factory level, greater transparency across the supply chain and opportunities for market expansion for financial service providers. For workers, especially women, digital wages are a step towards long term financial health and resilience.”
With the backing of the Mastercard Center for Inclusive Growth, the campaign features content from a Cambodian partner factory that has been participating in RISE Financial Health programmes since 2021.
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By GlobalDataThe campaign includes testimonials from factory personnel discussing how integrating wage digitalisation with financial education has made a positive impact.
RISE has reached more than 420,000 workers (58% women), after joining forces with global brands, buyers and financial service providers in 2012. The initiative has supported 244 workplaces globally.
Since joining the RISE Financial Health programme, 88% of women and 84% of men have started using mobile money accounts for remittances, airtime, and bill payments. This is an increase from 47% and 51% respectively.
The initiative has also resulted in 82% of women and 80% of men now saving each or most months, which is up from 57% and 54% previously.
The programme also sees more families manage finances together with 64% of women and 74% of men making spending decisions as a family.
The percentage of workers making confident decision in managing unexpected expenses rose to 29% compared with 9% previously.
