Nagad Islamic, IBBL join hands for seamless financial services

Nagad, a mobile financial service (MFS) provider of Bangladesh Postal Department, and Islami Bangladesh Bank Ltd (IBBL) have forged ties to help customers make seamless financial transactions – from add-money to DPS installments to remittance transfer – through their Nagad wallets.

Moreover, customers will be able to avail Nagad and Nagad Islamic services using the IBBL's "CellFin" app.

To this end, the MFS provider and the bank recently inked a partnership agreement at a city hotel.

Posts and Telecommunications Minister Mustafa Jabbar, Secretary to the Posts and Telecommunications Division Md Khalilur Rahman, Director-General of the Postal Department Md Harunur Rashid, Director-General of Islamic Foundation Md Munim Hasan, Managing Director and CEO of IBBL Muhammad Munirul Maula, Founder and Managing Director of Nagad Tanvir A Mishuk, and other senior officials of Nagad and Islami Bank were present at the ceremony.

From now on, people can add money to their Nagad and Nagad Islamic wallets instantly from their Islami Bank accounts without any charge. Besides, they can pay DPS installments to Islami Bank as well as transfer remittances to Nagad accounts, reads a press release.

Posts and Telecommunications Minister Mustafa Jabbar said, "Today we are happy that an institution like Nagad has partnered with Islami Bank. I thank Nagad for all of its innovations to improve customer experience."

The MFS company's innovations like e-KYC were a real game changer in bringing more and more unbanked people under financial inclusion, he noted. 

Nagad's collaboration with Islami Bank has also set a good example to others, Mustafa Jabbar pointed out.

"Let's wish all the best for Islami Bank and Nagad Islamic. We hope digital Bangladesh will lead to a prosperous Bangladesh," the minister further said.

Managing Director and CEO of IBBL Muhammad Munirul Maula at the event said, "Nagad has onboarded 6.5 crore customers only in three and a half years. I thank them for this." 

Nagad has introduced Islamic services, which is the need of the hour, he also said, adding, "The MFS provider has come up with services that crores of people yearned for long."

Nagad will taste more successes in days to come, the IBBL MD believes.

"The collaboration between our CellFin app and Nagad Islamic will bring more unbanked people under financial inclusion," Muhammad Munirul Maula hopes.

Founder and Managing Director of Nagad Tanvir A Mishuk in his speech, said, "I thank Islami Bank for beginning a journey with Nagad. Banks cannot take services to people's doorsteps, but platforms like Nagad can do that. We want to give smart cards to our 6.5 crore customers next year."

Nagad started off with a vision to reach people with costs as low as possible, he noted, adding, "From the very beginning, we have been working on innovations for people's betterment. The country's MFS sector will not be held hostage to anyone, we want to take this service to everyone." 

In the meantime, customers will get a Tk30 mobile recharge if they make an add-money transaction of Tk3,550 to their Nagad and Nagad Islamic wallets from IBBL accounts, the release adds.

A customer will be able to enjoy this offer once. Starting on the 20th of this month, the offer will remain valid till 30 November. 

Nagad has been expanding the scope of its "Bank to Nagad" add-money service to provide consumers with faster and improved services. Internet banking users of banks can instantly transfer money to their Nagad accounts without any charge. 

Nagad customers now can avail the add-money service from more than 30 banks.