Finance:Nagad

From HandWiki
Nagad
TypePrivate
FoundedMarch 26, 2019; 7 years ago (2019-03-26)
FounderTanvir A Mishuk
HeadquartersDelta Dahlia Tower, 36, Kemal Ataturk Avenue, Banani, Dhaka 1213, Bangladesh
Area served
Bangladesh
ServicesMobile financial services
Websitenagad.com.bd

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

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 headquarters is located at 36 Kemal Ataturk Avenue, Banani, Dhaka — 1213, Bangladesh.[5] Nagad is the first digital bank in the country.[6]

Operations

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.[7] The digital financial service was launched by the Bangladesh Post Office on 11 November 2018. It started operations on 26 March 2019,[8] celebrating the 48th Independence Day of the country.[4]

Nagad started its journey with demanding services like cash-in, cash-out, send money, and mobile recharge. More popular services like bills payment and e-commerce payment gateway are now available.[9] 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 and life cycle time to one/tenth of market practice as well focusing on paper-less environment.[10]

Awards

References

  1. ↑ "About Us - Nagad". https://nagad.com.bd/pg/?n=about-nagad. 
  2. ↑ Muhammad Zahidul Islam (22 October 2018). "Nagad to make MFS sector lopsided: Higher transaction limits may fuel suspicious transactions". The Daily Star. https://www.thedailystar.net/business/news/nagad-make-mfs-sector-lopsided-1650133. 
  3. ↑ "Tarana appoints 19 female drivers at post office". Dhaka Tribune. 10 April 2017. http://www.dhakatribune.com/bangladesh/2017/04/10/tarana-appoints-19-female-drivers-post-office/. 
  4. ↑ 4.0 4.1 "PM opens digital financial service Nagad". Dhaka Tribune. 26 March 2019. https://www.dhakatribune.com/bangladesh/dhaka/2019/03/26/pm-opens-digital-financial-service-nagad. 
  5. ↑ "Nagad – Headquarters Locations, Products, Competitors, Financials, Employees". https://www.cbinsights.com/company/nagad. 
  6. ↑ "Nagad, Kori to get licence to open full-fledged digital bank" (in en). Prothom Alo. https://en.prothomalo.com/business/local/e5t5pjuc4d. 
  7. ↑ "Post Office launches digital financial service "Nagad"" (in en). Banglanews24.com. 11 October 2018. https://www.banglanews24.com/english/national/news/bd/71490.details. 
  8. ↑ (in bn)Prothom Alo. 27 March 2019. https://www.prothomalo.com/economy/article/1585422/%E2%80%98%E0%A6%A8%E0%A6%97%E0%A6%A6%E2%80%99-%E0%A6%B8%E0%A6%BE%E0%A6%B0%E0%A7%8D%E0%A6%AD%E0%A6%BF%E0%A6%B8-%E0%A6%89%E0%A6%A6%E0%A7%8D%E0%A6%AC%E0%A7%8B%E0%A6%A7%E0%A6%A8-%E0%A6%95%E0%A6%B0%E0%A6%B2%E0%A7%87%E0%A6%A8-%E0%A6%AA%E0%A7%8D%E0%A6%B0%E0%A6%A7%E0%A6%BE%E0%A6%A8%E0%A6%AE%E0%A6%A8%E0%A7%8D%E0%A6%A4%E0%A7%8D%E0%A6%B0%E0%A7%80. 
  9. ↑ (in bn)Prothom Alo. 18 September 2020. https://www.prothomalo.com/business/করোনা-টেস্টের-ফি-প্রদান-একমাত্র-নগদ-এ. 
  10. ↑ (in bn)Jugantor. https://www.jugantor.com/todays-paper/it-world/148267/%E0%A6%A1%E0%A6%BF%E0%A6%9C%E0%A6%BF%E0%A6%9F%E0%A6%BE%E0%A6%B2-%E0%A6%AC%E0%A6%BE%E0%A6%82%E0%A6%B2%E0%A6%BE%E0%A6%A6%E0%A7%87%E0%A6%B6-%E0%A6%B0%E0%A7%82%E0%A6%AA%E0%A6%95%E0%A6%B2%E0%A7%8D%E0%A6%AA%E0%A7%87%E0%A6%B0%E0%A6%87-%E0%A6%85%E0%A6%82%E0%A6%B6-%E0%A6%A8%E0%A6%97%E0%A6%A6. 
  11. ↑ "Nagad honoured as 'Most Emerging Brand' of Bangladesh" (in en). The Business Standard. https://www.tbsnews.net/economy/corporates/nagad-honoured-most-emerging-brand-bangladesh-763674. 
  12. ↑ "Nagad honoured as most emerging brand of Bangladesh" (in en). Bangladesh Sangbad Sangstha (BSS). 2023-12-24. https://www.bssnews.net/business/164813. 
  13. ↑ "Nagad wins Mastercard Excellence Award 2023" (in en). The Business Standard. https://www.tbsnews.net/economy/corporates/nagad-wins-mastercard-excellence-award-2023-747206. 
  14. ↑ "Nagad gets Mastercard Excellence Award 2023" (in en). The Daily Star. 2023-11-27. https://thedailystar.net/business/banking/news/nagad-gets-mastercard-excellence-award-2023-3480476. 
  15. ↑ "Nagad receives Best DFS Innovative Award in Dubai" (in en). The Financial Express. https://thefinancialexpress.com.bd/trade/nagad-receives-best-dfs-innovative-award-in-dubai-1642858023. 
  16. ↑ "Nagad receives Global Economics' Best DFS Innovative Award in Dubai" (in en). The Business Standard. 2022-01-22. https://www.tbsnews.net/economy/corporates/nagad-receives-global-economics-best-dfs-innovative-award-dubai-360823. 
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