About 1.80 lakh new clients are joining the network of Nagad every day just by pressing a couple of buttons on their mobile phones, thanks to an innovation that allows them to open the account of a mobile financial service without filling out any documents. This is a record in opening accounts and an example of boosting the financial inclusion using technology.
New clients are joining Nagad, the digital financial service of the postal department, in droves after it introduced the opening of accounts through dialling of *167# and the setting up four-digit PIN. Besides, people can open an account through the app of Nagad after having their national identification number verified.
After introducing the effortless account opening process, recently the second largest MFS carrier has also launched some campaigns, which also rushing users to join the network of Nagad. The download of Nagad app has gone up to such a level that it is in the top chart of the Google Play Store among the apps from Bangladesh.
Also read: Nagad to disburse 75 percent of social safety net allowances
Recently, Nagad has signed agreements with all mobile phone operators to allow their subscribers to open MFS account by dialling *167#. As mobile phone operators have the information of a NID of a subscriber, whenever a prospective user dials *167# to express his or her interest to open the MFS account, their information is instantly verified against the NID database and the process to open the account is completed. The innovation of Nagad has already caught the attention of many countries and global agencies.
Even in near past, people had to spend a considerable amount of time and money to open an MFS account and had to wait for days and even for weeks. In order to improve the situation, Nagad introduced country’s first digital KYC (know your customer). Later, Nagad took the step to open MFS accounts in just a minute through the Porichoy app of the government of Bangladesh. Now, a mobile phone user can easily become an MFS account-holder by dialling *167# and set the PIN.
Also read: Daily transactions on Nagad surges past Tk 200 cr
Only on February 17, about 1.85 lakh people joined the Nagad platform. A similar pace of client registration was observed before and after the day. On average, 1.5 lakh people registered with Nagad every day in the last two weeks. As a result, the effective number of clients of Nagad has gone past 3 crore, a development that is significantly contributing to the financial inclusion in the country.
Speaking about the unprecedented success Nagad’s Managing Director Tanvir A Mishuk said, “We had wanted from the very beginning that we would take Nagad to the people across the country very easily. Aiming that we have reduced the cost and ease the account opening process and through it we also have ensured liberty of using financial service. We already are observing the result of our endeavour. Hopefully, we will become the most popular MFS operator in the country very soon.”
With this effort Nagad already become the second largest carrier of the country having 30 percent MFS users. Nagad is working to raise it to 50 percent by this year.
Also read: Nagad, Southeast Bank, Mastercard Launch ‘Add Money’ Service
Nagad has introduced an attractive mobile recharge offer where user can get Tk 20 in bonus by recharging Tk 20 from their Nagad wallet. Besides, the state owned MFS carrier has also created opportunities for the customers to avail lowest cash-out charge, free send-money and bill payment facilities, the highest interest rate on deposits, and hassle-free payment offers.
Also, Nagad is disbursing the stipend and the allowance for educational accessories among the primary school students. The government will disburse the stipends among 1.40 crore primary-level students this year in the largest-ever digital stipend fund distribution in the world in terms number of primary level students. Besides, 75 percent allowance of the Social Welfare Ministry would be distributed through Nagad. The government is also disbursing the stimulus funds through Nagad among the poultry farmers who have been hit hard by the coronavirus pandemic.
Read Fintech MFS: Mobile Wallet for Easy Money Transfer, Payment & Savings in Bangladesh