Financial Foundations

Migrant domestic workers do everything they can to be successful. They courageously sacrifice and move abroad to pursue a better life for their family. And yet, many fall into a financial situation that leaves them worse off. It starts with a simple cycle. Each month they earn and send. They receive their salary and more than 50% gets sent home to cover the basic necessities of their immediate and extended family. Every few months, however, they encounter a moment which throws their financial life into disarray. It could be an unexpected medical issue of a family member, or a natural disaster. Migrant domestic workers shoulder these responsibilities. Savings quickly get depleted. In addition to these moments of stress, migrant domestic workers also have the same dreams that we do: to set up a business, to buy land, to buy a home, pay for the wedding of their daughter, or pay the tuition for their nephew. Mainstream financial institutions overlook migrant domestic workers as a customer segment. In that vacuum, predatory providers have stepped in to exploit migrant workers for profit. With no other option, migrants are left with financial products which are expensive and not tailored to their unique needs.