Mastercard and RISE Mark Significant Progress in Wage Digitalization Project, Reaching 24,000 Garment Workers Across Egypt

The Mastercard Center for Inclusive Growth (Center) and RISE (Reimagining Industry to Support Equality) announce significant progress of their joint wage digitalization project in Egypt, which aims to enhance financial inclusion and resilience among garment workers. Since its launch in 2019, the initiative has successfully expanded to nine factories across five governorates, benefiting over 24,000 workers, including 43 percent women. The newly released report, "Increasing Financial Inclusion in Egypt’s Garment Sector through Responsible Wage Digitalization: Benefits for Workers and Business", showcases the transformative impact of the initiative.

The garment industry in Egypt, employing millions of workers, 40 percent of whom are women, is a vital component of the country’s economy. However, the sector’s reliance on cash payments has created significant financial management challenges, especially for women. These challenges include difficulty in managing finances and a lack of ability to save, leading to low financial resilience. The partnership between the Center and RISE has shown that responsible wage digitalization, paired with financial literacy training, can effectively overcome these barriers, leading to substantial improvements in financial inclusion and overall financial health.