Nagad

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Nagad
TypePrivate
IndustryBangladesh Post Office
FoundedMarch 26, 2019 (2019-03-26)
HeadquartersDelta Dahlia Tower, 36, Kemal Ataturk Avenue, Banani, Dhaka 1213, Bangladesh
Area served
Bangladesh
ServicesMobile Banking, Mobile 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 initially launched with core mobile financial services including cash-in, cash-out, money transfers, and mobile recharge. Additional services, such as bill payments and an e-commerce payment gateway, were subsequently introduced.[9] The platform operates through a dedicated mobile application available to both customers and partners. Nagad also developed a digital customer onboarding system known as DKYC (Digital KYC), which integrates Bangla OCR and automated identity verification to streamline the account registration process and reduce reliance on paper-based procedures.[10]

Awards

References

  1. "About Us - Nagad".
  2. 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.
  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. "PM opens digital financial service Nagad". Dhaka Tribune. 26 March 2019. Archived from the original on 24 April 2019. Retrieved 24 April 2019.
  5. "Nagad – Headquarters Locations, Products, Competitors, Financials, Employees". cbinsights.com. Retrieved 30 December 2022.
  6. "Nagad, Kori to get licence to open full-fledged digital bank". Prothom Alo. Retrieved 24 October 2023.
  7. "Post Office launches digital financial service "Nagad"". Banglanews24.com. 11 October 2018. Retrieved 24 April 2019.
  8. নগদ'-সার্ভিস-উদ্বোধন-করলেন-প্রধানমন্ত্রী. Prothom Alo (in Bengali). 27 March 2019. Archived from the original on 1 July 2019.
  9. করোনা টেস্টের ফি প্রদান একমাত্র 'নগদ'-এ. Prothom Alo (in Bengali). 18 September 2020. Retrieved 19 September 2020.
  10. 'ডিজিটাল বাংলাদেশ' রূপকল্পেরই অংশ নগদ. Jugantor (in Bengali). Retrieved 19 May 2019.
  11. "Nagad honoured as 'Most Emerging Brand' of Bangladesh". The Business Standard. Retrieved 24 December 2023.
  12. "Nagad honoured as most emerging brand of Bangladesh". Bangladesh Sangbad Sangstha (BSS). 24 December 2023. Retrieved 24 December 2023.
  13. "Nagad wins Mastercard Excellence Award 2023". The Business Standard. Retrieved 27 November 2023.
  14. "Nagad gets Mastercard Excellence Award 2023". The Daily Star. 27 November 2023. Retrieved 27 November 2023.
  15. "Nagad receives Best DFS Innovative Award in Dubai". The Financial Express. Retrieved 22 January 2022.
  16. "Nagad receives Global Economics' Best DFS Innovative Award in Dubai". The Business Standard. 22 January 2022. Retrieved 22 January 2022.