Nagad

Nagad

Nagad

Digital Financial Service in Bangladesh

Nagad (Bengali: নগদ) is a Bangladeshi Digital Large Financial Service (DFS),[2] operating under the authority of Bangladesh Post Office,[1] an attached department of the Ministry of Post and Telecommunication (Bangladesh).[3]

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It is the new version of the previously introduced Postal Cash Card and Electronic Money Transfer System (EMTS) of the Bangladesh Post Office.[4] Its headquarter is located at 36 Kemal Ataturk Avenue, Banani, Dhaka — 1213, Bangladesh.[5] Second unicorn of the country, Nagad has been awarded as the fastest company in Bangladesh to reach the milestone of becoming a unicorn startup.[6] It is also first digital bank in the country.[7]

Formation

This financial service is regulated under the Bangladesh Postal Act Amendment 2010 Section 3(2), a unique law procured especially for the Bangladesh Post Office by the Government of Bangladesh.[8] The digital financial service was launched by the Bangladesh Post Office on 11 November 2018. It started operations on 26 March 2019,[9] celebrating the 48th Independence Day of the country.[4]

Nagad started its journey with demanding services like Cash-In, Cash-Out 2 Taka/minute, Send Money, 50% Bonus and Mobile Recharge. More popular services like Bills Payment and E-commerce Payment gateway are now available.[10] From the very beginning, Nagad has its own Mobile App for Customers and Partners. It also introduced a revolutionary Customer on-boarding feature- DKYC (Digital KYC) blending Bangla OCR, automated Identity verification and localized data that has minimized overall customer acquisition & life cycle time to one/tenth of market practice as well focusing on Paper-less environment.[11]

Awards

References

  1. [1]
    Muhammad Zahidul Islam (22 October 2018). "Nagad to make MFS sector lopsided: Higher transaction limits may fuel suspicious transactions". The Daily Star. Archived from the original on 25 April 2019. Retrieved 24 April 2019.
  2. [2]
    "About Us". nagad. Archived from the original on 24 April 2019. Retrieved 24 April 2019.
  3. [3]
    "Tarana appoints 19 female drivers at post office". Dhaka Tribune. 10 April 2017. Archived from the original on 24 April 2019. Retrieved 16 April 2017.
  4. [4]
    "PM opens digital financial service Nagad". Dhaka Tribune. 26 March 2019. Archived from the original on 24 April 2019. Retrieved 24 April 2019.
  5. [5]
    "Nagad – Headquarters Locations, Products, Competitors, Financials, Employees". cbinsights.com. Retrieved 30 December 2022.
  6. [6]
    Limited, Nagad. "Nagad becomes Bangladesh's fastest unicorn" (Press release). PR Newswire. Retrieved 31 July 2023.
  7. [7]
    Dhaka, Staff Correspondent. "Nagad, Kori to get licence to open full-fledged digital bank". en.prothomalo.com. Retrieved 24 October 2023.
  8. [8]
    "Post Office launches digital financial service "Nagad"". Banglanews24.com. 11 October 2018. Retrieved 24 April 2019.
  9. [9]
    নগদ’-সার্ভিস-উদ্বোধন-করলেন-প্রধানমন্ত্রী. Prothom Alo (in Bengali). Archived from the original on 1 July 2019.
  10. [10]
    করোনা টেস্টের ফি প্রদান একমাত্র 'নগদ'-এ. Prothom Alo (in Bengali). Retrieved 19 September 2020.
  11. [11]
    'ডিজিটাল বাংলাদেশ' রূপকল্পেরই অংশ নগদ. Jugantor (in Bengali). Retrieved 19 May 2019.
  12. [12]
    "Nagad receives Best DFS Innovative Award in Dubai". The Financial Express. Retrieved 22 January 2022.
  13. [13]
    "Nagad receives Global Economics' Best DFS Innovative Award in Dubai". The Business Standard. 22 January 2022. Retrieved 22 January 2022.
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