The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and Mastercard have launched the first-ever co-branded credit cards for the BGMEA members, and prepaid cards for more than 4.5 million Ready-Made Garments (RMG) industry workers.
MasterCard World – which is the most prestigious credit card under the company – will be launched with Mutual Trust Bank Ltd (MTB). The pre-paid card for the garment workers will be launched and issued by South East Bank Ltd (SEBL), read a press release on Saturday.
BGMEA President Faruque Hassan, Country Manager of Mastercard Bangladesh Syed Mohammad Kamal, Managing Director & CEO of Mutual Trust Bank Ltd Syed Mahbubur Rahman, Managing Director of East Bank Ltd M Kamal Hossain signed the agreement on behalf of their respective sides.
BGMEA directors Barrister Shehrin Salam Oishee, Tanvir Ahmed, Mijanur Rahman and Neela Hosna Ara, Chair of BGMEA Standing Committee on Press, Publication and Publicity Shovon Islam, and Chairman of BGMEA Standing Committee on UDWoven & Knit Md Nurul Islam were also present on the occasion.
This launch will enable RMG workers' wages to be disbursed via these prepaid cards, potentially having the capability to bring 4.5 million RMG workers under financial inclusion on a broad scale, as well as safe digital distribution and transfer of funds for the convenience of workers.
In addition, the RMG workers of the BGMEA listed garments will get the “SEBL Mastercard Prepaid Card,” which is designed to provide more convenient, safer, and smarter options for payments rather than cash.
The card will be enhanced with additional features such as e-wallet and other services.
The “MTB Mastercard World Credit Card,” designed for BGMEA members and senior executives of BGMEA member factories, offers a variety of exclusive benefits and unique features designed for RMG owners and executives, allowing cardholders to conduct local and cross-border transactions with greater ease and convenience.
Using this card, cardholders can carry out dual-interface global transactions, which also support ATM, POS, QR, and ecommerce payments along with usage of Travel lounge services locally and internationally.
The “MTB Mastercard World Credit Card” offers complimentary special access to MTB Air Lounges at all major airports in Bangladesh, and to 1100+ airport lounges worldwide under the LoungeKey.
The cards will be provided to qualified BGMEA members with no annual fees for the 1st year and a transaction based annual fee waiver for the subsequent years.