Nagad transforms Bangladesh into a cashless country

Nagad, the mobile financial service of the postal department, is playing an outstanding role in transforming Bangladesh into a cashless country, said top brass of various sectors.

They said that Nagad has brought in revolution to digital transactions in the country in just three years, as they congratulated the fast-growing mobile financial service provider on the occasion of its third anniversary, said a press release. 

Prime Minister Sheikh Hasina inaugurated the commercial operation of Nagad on 26 March, 2019. Since then, Nagad has been coming up with surprises after introducing account opening through electronic KYC.

It has added one innovation after another, lifting its registered customers above six crores and providing services at affordable prices which ensures market competition.

Mustafa Jabbar, posts and telecommunications minister, said that what Nagad has attained in three years will be a role model for anyone.

"Every day, Tk700 crore are being transacted through Nagad, six crore people are its customers, and customers have received the funds related to scholarships, stipends, or government incentives through Nagad. Delivering these services flawlessly to the people is almost an impossible task. But Nagad has done it efficiently," he said. 

He added that Nagad is playing a vital role in making Bangladesh a paperless country and it will continue to attract customers through innovative services in the coming days.

Zunaid Ahmed Palak, state minister for information and communication technology, said providing service to more than six crore customers in just three years is an unprecedented feat in the world.

Md Atiqul Islam, mayor of Dhaka North City Corporation, said that Nagad will be a pride for Bangladesh in the case of transactions in the future.

Many governments and non-government financial institutions are already following the invention of the e-KYC of Nagad that has changed the direction of financial digitalisation, the press release added. 

Yasir Azman, chief executive officer of Grameenphone Ltd, said that there has been a lot of innovative energy in Nagad since its inception.

Professor Shibli Rubayat-Ul-Islam, chairman of Bangladesh Securities and Exchange Commission (BSEC), wished success for Nagad and said Nagad played an important role in the transfer of money from one place to another during the coronavirus pandemic.

"There is no alternative to the digital platform to bring marginalized people to the banking sector. I believe that the digital payment solution Nagad developed by the Postal Department and some young entrepreneurs will be able to take their service to every citizen of Bangladesh in a very short time," welcoming Nagad, Ali Reza Iftekhar, chief executive officer of Eastern Bank Ltd, said. 

According to Mohammed Manzurul Islam, editor-in-chief and CEO of satellite-based TV channel DBC News, at a time when the people of Bangladesh have distanced themselves from many organisations in the cashless segment due to a lack of trust, experience and honesty, Nagad, as a partner of the Postal Department, is marching ahead.

Golam Murshed, managing director of Walton, said the fintech industry is a milestone in Digital Bangladesh. And Nagad has set new milestones in the entire fintech industry.

The cost-effective services of Nagad have been able to break the monopoly in the market.

Besides, the facility of easy account opening from any mobile phone, free utility bill payment, and cash-out at half the cost of existing charges in the market have made Nagad popular among the customers.

Abdur Rouf Talukder, finance secretary of the finance ministry, Munni Saha, chief executive editor of ATN News, and Fahim Ahmed, managing director and chief executive of Pathao, also congratulated Nagad on the occasion of the third anniversary.