Dubai based fintech NOW Money features in a new global documentary on the importance of financial inclusion and its impact on wellbeing.
The digital payroll and banking app has earned a spot in a 10-part series presented by Innovate Finance and produced by BBC StoryWorks, which aims to spotlight the socio-economic necessity of offering financial services to the underbanked, underserved, and unbanked migrant population across the UAE.
The six minute film highlights the role of NOW Money’s client onboarding manager Danny Varghese, who provides in-person financial literacy and education training to all NOW Money users to further drive financial health for the user.
The UAE has the fifth largest international migrant population in the world, with 7.8 million migrants across the region and workers from South Asia accounting for nearly 60 per cent of the total population.
India receives one of the highest percentages of worldwide remittances with 12 per cent of all global remittances sent and $15billion came from the UAE in 2021 with India receiving $75.9billion in worldwide remittances in 2020.
In the documentary, Indian born migrant worker Satish Kumar from Tamil Nadu in India shares his personal journey of why he moved to the UAE for work and the importance of safe and fast international transfers back home to his ageing parents who he financially supports.
Kumar sends his salary securely to his parents who then use it to pay the rent in India and to buy food and medicine. Satish also keeps part of his salary to put into savings to build a brighter future for himself, improving not only his financial health but also the quality of life for his parents based in India too.
Inclusive technology
Matt Jennison, head of financial inclusion at NOW Money said: “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 for their families in another country too.
“Inclusive technology is vital to drive social mobilisation and more companies need to factor in accessible digital solutions in their offering to employees to help drive financial wellness. The integration of technology in financial inclusion efforts has the potential to transform lives, empower individuals, and promote economic inclusion on a global scale.”
Every short film in the 10 part series explores the importance of financial wellbeing and inclusion on wider physical and mental health for not only the immediate consumer but also those being supported by the fintech.
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