Nagad The rise of digital financial services in Bangladesh
Nagad is a Digital Financial Services (DFS) company that is working to maximize revenue for its partners by marketing digital financial & other associated products & services to mass population while ensuring compliance & better customer experience thus contributing to the financial inclusivity & socio- economic development of the country.
Nagad started its journey with demanding services like Cash-In, Cash-Out, Send Money, Mobile Recharge, Bills Payment and On-line & Off-line Merchant Payments. Customer friendly solutions, ease of use, comparatively low cost services have resulted in mass uptake of Nagad services, especially among the unbanked population. Along its journey, Nagad has attained several key mile stones:
- Digital Know Your Customer (DKYC): Nagad is the market pioneer inlaunching DKYC, which enables paper less account opening within 1 minute,resolving the barrier to access a financial service.
- SMTAP/ DMTAP: Send Money to any phone number (SMTAP) is a specialfeature of Nagad that allows transfer of money to non-users, where ultimatelythe receiver has to open a Nagad account to cash out the sum. The recipient cancash out the money at 0.16 million (+) retail points of Nagad and register at theirown convenience.
- Bangladesh Government has utilized this feature of Nagad to provide CashAssistance to 1.7 million families affected by the Covid-19 pandemic.
- Workers of RMG and other factories are being easily be paid their salaryand benefits through Nagad, which ensures transparency and reduces longqueues to collect payment. This service has been extensively used during theCovid pandemic.
- Prime Minister Sheikh Hasina has provided 1,300 women in distress withTk 2,000 each through Nagad as part of Bangamata Sheikh Fazilatunnesa Mujib’s(PM’s Late Mother) 90th birth anniversary celebrations. None of the recipientshad to pay any fees as Nagad bore the entire cost of transactions, sending anadditional Tk 35 to each of the beneficiaries as Cash-Out charge.
- One Tap Account Opening: Nagad has launched ‘One Tap AccountOpening’ to convert the customer base of the Top Two mobile networkcompanies of the country ‘Grameen Phone’ with 74 million subscribers base andthe ‘Robi’ which has around 50 million customers base. By Launching One TapAccount Opening, Nagad has teamed up with the telecommunication industryand created a historical milestone which never happened in anywhere in theworld before. Currently, Nagad is in the process to have 130 million + customerbase by converting MNO (Mobile Network Operator) subscribers and they havebeen brought under the umbrella of financial inclusion. The MNO users will beable to avail Nagad’s service through App and USSD both.
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