The firm has reached out to over 125,000 blue-collar workers across the GCC, providing them with focused financial literacy training over the last three months.
Dubai - They visited low-income residents in the UAE, Oman, Kuwait, Bahrain, Qatar and Saudi Arabia.
Published: Sat 6 May 2017, 9:27 PM
Even when hordes of people make their way to the UAE to earn a living, not many are able to save enough or put a portion aside for the future. Reason - lack of financial literacy, planning and lack of knowledge on the same. Also knowing about the correct, legal channels of remittance is important.
Pakistani national Syed Abdullah, who works as a customer service executive in Dubai, used to send his whole salary back home to meet the needs of his family. "I did not know how to plan or save even small amount of money. And due to this, I had a tough time in crisis situations here. I kept no money for any emergency situation that may arise any time.
"In just three months, I have learnt the importance of savings and how even small amounts can bring large savings.
Abdullah was trained by a team of experts from money transfer company Xpress Money, who visited close to 300 labour accommodations across the GCC in the last three months.
"These trainings have helped me understand the importance of savings and how small amounts can someday become large savings. I have now started keeping some money aside as savings that I will use if there is an emergency and for my children's education in the future," Abdullah added.
The firm has reached out to over 125,000 blue-collar workers across the GCC, providing them with focused financial literacy training over the last three months. It organises roadshows, workshops and contests in labour accommodations in the UAE to not only entertain but also inform low-income workers on the importance of saving money.
Xpress Money teams visited low-income residents in the UAE, Oman, Kuwait, Bahrain, Qatar and Saudi Arabia and educated them on important topics such as financial planning, savings and the importance of using legal, regulated channels for money transfer.
"We explained to them how 'hawala' or 'hundi' can rob them of all their hard-earned money and life savings. We also played a crucial role in educating Indian expats about remonetisation on every step, and how their beneficiaries could receive the money sent by them without any hassle," said Ashwin Gedam, vice-president of global marketing, Xpress Money.
UAE-based Pakistani Kanim Ullah Khan, who works as an admin officer, said he used to send money through some of his acquaintances, but would constantly worry if his family back home received the full amount. "It was a bit risky. After receiving some training on the same through these experts, I understood and realised the risk I was taking by sending my hard-earned money like that. I now send money through a legal money transfer service only and the money reaches my family in minutes. I don't stress about the safety of my money anymore," he said.
The biggest fear of Bangladeshi salesman Mahfuz Rehman that someone would run away with his money has been put to rest. At the financial literacy trainings at his labour accommodation, Rehman learnt how to send money legally through money transfer companies. "Even though I have to pay a small amount as a transfer fee, I am tension-free and sure that my money will reach safely. These trainings have been very valuable to me," he said.
saman@khaleejtimes.com
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