Improving Financial Health in Cambodia's Garment Sector Through Responsible Wage Digitalization: Benefits for Women and Business

Building financial capability for workers, especially women, is a vital part of wage digitalization in order for them to build the knowledge and confidence they need to accept, use and benefit from their new payroll accounts. Through RISE Transform Financial Health Program, women and men employees receive gender sensitive training including the technical aspects of how to use their new payroll accounts and associated financial services, as well as lessons on financial planning, budgeting savings, designed to help them manage their finances.

This report sets out the results from supporting 17 garment factories in Cambodia with over 25,000 workers (85 percent women) with wage digitalization, and enabling workers to access, use and benefit from their accounts. Some of the benefits are:

• 54 percentage point increase of workers (men and women) using mobile money accounts including for merchant payments, sending remittances, topping up airtime and paying bills.
• 38 percentage point increase of women saving regularly including for expected expenses (such as medical bills, household items), for emergencies, and to buy land.
• 25 percentage point increase of women reporting confidence to manage financial emergencies.
• 84 percent reduction in admin costs dedicated to preparing and disbursing payroll.