Nagad

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

Nagad
নগদ
Product typeDigital Financial Service
CountryBangladesh
Introduced26 March 2019 (2019-03-26)
MarketsNationwide
TaglineDigital Financial Service[1] of Postal Department[2]
Websitenagad.com.bd

Formation

In 2017 "Third Wave Technology Ltd" makes an agreement with Bangladesh Post Office (BPO) for Mobile Financial Service (MFS) under BPO. Though BPO had no ownership of Third Wave Technologies Ltd, there was profit sharing between them.

Third Wave Technologies Ltd was renamed as Nagad Ltd in February 2019 allegedly without informing BPO.

In March 2019, Nagad Ltd started out as the mobile financial service (MFS) of the Bangladesh Post Office (BPO) as "Nagad" brand.

In June 2021, BPO declared it will own 51% share, while the remaining 49% share will be held by Nagad Ltd.

Now, the government has set out to form a new subsidiary to help it secure a full-fledged licence from the central bank.

This financial service 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, 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 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. "About Us". nagad. Archived from the original on 24 April 2019. Retrieved 24 April 2019.
  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. Limited, Nagad. "Nagad becomes Bangladesh's fastest unicorn" (Press release). PR Newswire. Retrieved 31 July 2023.
  7. Dhaka, Staff Correspondent. "Nagad, Kori to get licence to open full-fledged digital bank". en.prothomalo.com. Retrieved 24 October 2023.
  8. "Post Office launches digital financial service "Nagad"". Banglanews24.com. 11 October 2018. Retrieved 24 April 2019.
  9. নগদ’-সার্ভিস-উদ্বোধন-করলেন-প্রধানমন্ত্রী. Prothom Alo (in Bengali). Archived from the original on 1 July 2019.
  10. করোনা টেস্টের ফি প্রদান একমাত্র 'নগদ'-এ. Prothom Alo (in Bengali). Retrieved 19 September 2020.
  11. 'ডিজিটাল বাংলাদেশ' রূপকল্পেরই অংশ নগদ. Jugantor (in Bengali). Retrieved 19 May 2019.
  12. "Nagad receives Best DFS Innovative Award in Dubai". The Financial Express. Retrieved 22 January 2022.
  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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