Helping workers to open bank accounts
In India, we’ve partnered with Geosansar on a ground-breaking initiative to open bank accounts for factory workers.
In India, some 600 - 700 million people don’t have access to a bank account. This may be because they lack the usual identification documents needed to open an account; or because the banks aren’t located near where they work or live, or open when they would like to use them.
Not having access to a bank account means many workers in garment factories are paid in cash, and can’t save or manage their money safely. It means that if they need financial help, and do not have banking history, they may have to turn to unlicensed and unregulated operators who charge high rates for credit, and don’t pay out interest on savings but instead charge workers to save money with them.
Primark has teamed up with Geosansar to provide bank accounts for garment workers that allow them to manage their money safely and conveniently, and receive interest on their savings.
“It’s simple, easy and fast. There are no documents required. It’s extremely good, as even someone who doesn’t read and write can have a bank account and do their transactions using their fingerprints. I am really proud to have an account”. Mr Manikumar, garment worker.