A recent international documentary on the significance of financial inclusion and its effects on wellbeing includes NOW Money, a fintech company based in Dubai.
The digital payroll and banking app has gained a place in a ten-part series produced by BBC StoryWorks and presented by Innovate Finance. The series’ goal is to raise awareness of the socioeconomic need of providing financial services to the unbanked, underbanked, and underserved migrant population in the United Arab Emirates. In order to further promote financial wellness for all NOW Money users, all users receive in-person financial literacy and education training from Danny Varghese, the client onboarding manager at NOW Money, which is highlighted in this six-minute film.
Presently ranking sixth globally in terms of the number of international migrants, the United Arab Emirates is home to 7.8 million migrants from the area, with workers from South Asia making up roughly 60% of the country’s total population.
With 12 percent of all remittances sent worldwide, $15 billion came from the UAE in 2021, and India received $75.9 billion in remittances worldwide in 2020, it receives one of the largest percentages of remittances worldwide.
In the video, migrant worker Satish Kumar, an Indian native from Tamil Nadu, discusses his own story of moving to the United Arab Emirates for work and stresses the value of quick and safe international transfers to his aging parents, whom he provides financial assistance for.
Kumar safely transfers his earnings to his parents, who use it to cover their rent in India as well as the cost of groceries and prescription drugs. In order to improve both his financial situation and the quality of life for his parents, who live in India, Satish also sets aside a portion of his pay to save for a better future.
Technological inclusivity
“We are passionate about highlighting the importance of providing digital banking access to the underserved populations to drive global financial inclusion and positive wellbeing for not only the immediate user but also for their families in another country,” stated Matt Jennison, head of financial inclusion at NOW Money.
“More businesses should consider include easily accessible digital solutions in their benefits packages for staff members to promote financial wellbeing, as inclusive technology is essential for fostering social mobilization. Technology integration in financial inclusion initiatives has the power to change people’s lives, give them more self-determination, and advance economic inclusion globally.
The ten-part series’ short films all examine the significance of financial well-being and inclusion on broader physical and mental health, not only for the direct customer but also for others who receive fintech help.
