DUBAI, UAE, January 31, 2016 /PRNewswire/ --
- Company launches second phase of 'Apna Sapna'
- Promotes personal savings among workers
and their families
The Western Union Company has successfully concluded the first
phase of 'Apna Sapna', a financial literacy programme for migrant
workers, with 18,500 participants attending free training sessions
in the United Arab Emirates (UAE)
and the Kingdom of Saudi Arabia
(KSA). The vast majority of participants say the programme has
helped them understand and plan their finances better, to achieve
long-terms goals.
(Logo:
http://photos.prnewswire.com/prnh/20130515/613588 )
(Photo:
http://photos.prnewswire.com/prnh/20160131/327707 )
(Photo:
http://photos.prnewswire.com/prnh/20160131/327708 )
Western Union has also announced the launch of a second module
of Apna Sapna that focuses on
personal savings, with new training sessions held in workers'
accommodations in Dubai.
Launched in November 2014, Western
Union's Apna Sapna ('Our Dreams' in
Hindi and Urdu) is designed specifically to help migrant workers
develop the skills to manage their money and plan their future. The
sessions are conducted in multiple languages - primarily for
unskilled workers in the corporate and retail sectors - and are
typically held at labour camps and workers' accommodations on
Fridays, or after work hours on weekdays.
According to Hatem Sleiman,
Western Union's Regional Vice President - Middle East, "The Apna Sapna programme builds
upon Western Union's long history of commitment and engagement with
migrant workers, and echoes the UAE government's directions to
focus on their welfare and help them safeguard their future through
effective financial literacy."
It is the impact and importance of the programme that has led to
its resounding success," he says. "When we launched Apna Sapna, we were hesitant to restrict
ourselves with any target numbers, but the results have exceeded
everything we expected.
Apna Sapna has not only proven
very popular - in the number of participants and venues - but it
has made a substantial impact in the lives of so many people."
Sleiman also explained the new modules of the programme: "The
most important factor that has emerged out of the training sessions
conducted to date is the need for personal savings. Thereby, the
next phase of Apna Sapna highlights
this particular aspect of financial literacy."
Based on interactive feedback, the new sessions instruct
participants how and where to save their money, promotes smart
money management among their family members, and imparts special
training on saving towards setting up a small business.
Participants also receive a free booklet that lists a variety of
recognised and legitimate savings schemes in India, Bangladesh and Pakistan at this stage of the programme - with
more countries to follow in 2016.
The goal of this phase is to ensure that several thousand
workers can upgrade their status from 'survival' to 'stability',
Sleiman added.
Sessions of the modules that focus on personal savings were
launched in Dubai, and will be
rolled out across the rest of the UAE, and KSA in due course.
Notes to editor
The Western Union Company (NYSE: WU) is a leader in global
payment services. Together with its Vigo, Orlandi Valuta, Pago
Facil and Western Union Business Solutions branded payment
services, Western Union provides consumers and businesses with
fast, reliable and convenient ways to send and receive money around
the world, to send payments and to purchase money orders. As of
September 30, 2015, the Western
Union, Vigo and Orlandi Valuta branded services were offered
through a combined network of over 500,000 agent locations in 200
countries and territories and over 100,000 ATMs and kiosks. In
2014, The Western Union Company completed 255 million
consumer-to-consumer transactions worldwide, moving $85 billion of principal between consumers, and
484 million business payments. For more information, visit
http://www.westernunion.com.
Background Note
Western Union's
Apna Sapna
Financial literacy programme - UAE
and KSA
Western Union's Apna Sapna is a
free financial literacy programme for migrant workers.
Translated as 'Our Dreams' in Hindi and Urdu, Apna Sapna is part of Western Union's community
outreach and corporate social responsibility (CSR) efforts, and
draws from their corporate signature: Moving Money for
Better
Conducted in 8 languages, the grassroots training programme aims
to drive financial awareness, education and adoption where it is
most needed. It is versatile enough for every participant to be
able to track their expenses and set targets for savings -
irrespective of age, ethnicity, employment, or earnings.
The aim
Apna Sapna is designed to address
the many challenges of migrant workers who are unsure how to
achieve their goals, and yet, wish to build secure futures for
themselves and their families. By providing them with financial
training and tools, participants are enabled to make proactive and
timely decisions with a view to improving their lives.
In particular, the programme is designed to help empower women
and foster their financial independence in the future. According to
a white paper released in the
UAE[1], migrant women are more
reliable than men at remitting funds to their home countries, they
contribute more to building human capital and living expenses, and
they are also more likely to be a 'safety net' during financial
emergencies. When women provide financial support to others, it is
often at the cost of personal sacrifices and compromises.
Apna Sapna gives these women the
tools and training to make smart financial decisions - as a means
for them and their families to experience a better quality of life
in the future.
The delivery
Conceptualised and customised by local financial experts, the
training model integrates basics of financial planning and
tracking, expense management, and prudent spending and saving. In
summation, participants are taught how to manage their money
better, in order to save some of it.
Training is typically delivered through face-to-face immersive
sessions with small groups, and hosted at labour camps or workers'
accommodations. Each session is facilitated by two trained
independent volunteers, in addition to Western Union staff who
assist when needed.
- At the end of every session, participants are provided with a
free annual budget tracker, in a choice of 8 languages.
- In the savings module, participants are provided with a booklet
on savings schemes in their home countries.
The scope
The financial literacy programme was launched in November 2014, with the intention of training
migrant workers residing in the UAE and KSA.
- A total of 18,500 men and women workers in the UAE and KSA have
attended Apna Sapna training
sessions
- A new phase of the programme is ongoing and focuses on personal
savings
[1].Women
Migrants, Remittances and Their Impact in the GCC Region: Towards a
More Supportive Social and Policy
Environment, by Dr. Ismail Hakki
Genc - Professor of Economics and Dr. George Naufal - Assistant Professor of
Economics, American University in
Sharjah.
SOURCE Western Union