The company has been using advanced technology which brought 5.75 crore users under its umbrella
Nagad, the mobile financial arm of Bangladesh Post Office, has introduced state of the art technological advancement for mobile payments which also eased the account opening process and boosted the financial inclusion of the country.
Since its inception on March 26, 2019, Nagad has been using advanced technology which brought 5.75 crore users in a very short time that also enforce the revolution in the financial industry of Bangladesh, reads a press release.
Nagad has been working for a long time to bring the benefits of Digital Bangladesh to the people of the country.
To that end, Nagad has revolutionized the distribution of allowances of the government’s social safety net program with the highest level of transparency and accuracy.
Through the use of advanced technology, Nagad is successfully distributing student stipends and various financial assistance to citizens by ensuring transparency.
In fiscal 2020-21, Nagad has distributed about 8 crore government financial assistance among 3 crore beneficiaries.
From the very beginning, Nagad has been using advanced technologies to ensure proper distribution of government allowances, hence, it has identified fraud and returned about Tk365 crore to the Bangladesh Bank.
For the first time in the country, Nagad has played an important role to increase financial inclusion by inventing an innovative method of setting PIN by dialling *167#.
Consequently, the number of customers and transactions of Nagad has increased rapidly; currently, the average daily turnover of Nagad is around Tk750 crore.
Nagad’s innovative services are also playing a positive role in changing the daily lives of customers.
Because of its innovative solutions, many entrepreneurs have become successful in this country. New entrepreneurs are also being created and contributing to creating more. The use of modern and easy services of Nagad has also relieved technological issues at the entrepreneurial and consumers level.
Last year, Nagad users have saved Tk1,007 crores on cash out, send money, bill pay, account registration savings, and savings on profit.
On the occasion of Digital Bangladesh Day and as a partner of the government in building Digital Bangladesh, Nagad’s managing director Tanvir A Mishuk said: “From the beginning, Nagad has been a partner with government to build Digital Bangladesh targeting to upgrade citizens’ life to the digital space.
About 5.75 crore people have been included in the financial inclusion through Nagad which is an effort to achieve that goal. Also, government grants such as; education stipend, old age allowance, widow allowances are sent to the beneficiaries through mobile. All these are the blessing of digital Bangladesh. And I believe that this progress will accelerate in the days ahead.”
The mobile financial service has already gained recognition as a successful business model in this country.
“The use of advanced technology and skills is one of the reasons for this success of Nagad,” he also added.