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Digital Wage Payments: Empowering Workers and Transforming Financial Access
Wednesday 12 November, 4.45pm-6pm
Digitalizing wage payments, through bank accounts and mobile money accounts, boosts payroll efficiency, empowers low-income wage workers and promote their financial inclusion.
- This session will explore how digital wage payments unlock access to formal financial services, including payments, savings, credit, or insurance.
- The session will also delve into Earned Wage Access, an emerging financial service that allows digitally paid workers to access their earned wages before payday. This service, offered by employers in partnership with FinTechs, helps smooth consumption and address emergency needs.
- The session will share results of recent studies on the impact of wage digitization on workers’ financial wellbeing and business efficiencies (inc. Cambodia, Indonesia, Peru), and on earned wage access services (inc. India, Vietnam, Malaysia).
- Drawing on the experience of the ILO, Ekko, RISE and FACE in countries such as Cambodia, Indonesia, India, Vietnam, and across sectors like garment, retail, and hospitality, this session will demonstrate that digital technological innovations – when designed responsibly - can enhance financial health of wage workers, particularly women, while also improve business efficiencies.
Panellists and moderator
- Ella Moffat, Manager of the Financial Health program in global supply chains, RISE, UK
- Sugandh Saxena, CEO, Fintech Association for Consumer Empowerment (FACE), India
- Mads, Werner, CEO and founder, Ekko (EWA provider), Vietnam
- Moderator: Andrej Slivnik, technical officer, Global Centre on Digital Wages for Decent Work, ILO’s Social Finance Programme
- Financial Health