Nagad, a mobile financial service (MFS) arm of the Bangladesh Post Office, can be a role model for the inclusion of unaccounted people, top regional financial intuitions' leaders said Friday while praising the public-private partnership (PPP) model of Nagad.
In the "11th CEO Talk" of the Asian Institute of Technology (AIT) styled "Innovative Technology for Financial Inclusion in a Public-Private Partnership," the regional financial intuitions' top leaders also showed interest in replicating the innovations of Nagad to accelerate financial inclusion.
Tanvir A Mishuk, co-founder and managing director of Nagad, said at the event: "The postal department was a loss-making project for a while. Initially, there were some challenges. But I understood that with the infrastructure of the postal department, we could make the difference."
Sanjib Subba, CEO of Nepal Electronic Payment System, said the big giants will fall within a short time, maybe in the next decade; with the help of digitalisation, startups will lead the world.
"I am quite sure that initiatives like Nagad, that are doing excellent by introducing the digital Know Your Customers (d-KYC) process, will be the game-changer in the coming days," he added.
After launching its service in March 2019, Nagad has already become the second-largest MFS carrier in the country.