Mobile financial services (MFS) provider Nagad has won the Mastercard Excellence Award 2022 for its contribution to digital innovation in Bangladesh's financial sector.

The MFS provider has also won the award in the online category for its contribution to merchant business.

The distribution ceremony of the Mastercard Excellence Award 2022 under the title "Towards a Smart Transformation" was organized at Dhaka hotel recently.

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Mastercard, a global technology company in the payments industry, said this award is given to different financial institutions that contribute to the implementation of the Smart Bangladesh vision.

The company awarded 23 such organisations in 15 categories this year, the fourth of such an arrangement.

In one category, Nagad won the Excellence in Digital Innovation recognition in the fiscal year 2021-22 for Mastercard bill payment. The MFS also won an award in the Excellence in Mastercard Business (Merchant) online 2021-22 category.

Commerce Minister Tipu Munshi joined the award-giving ceremony as the chief guest, which was attended by Bangladesh Bank Executive Director Md Khurshid Alam as the guest of honour.

Mastercard South Asia Chief Operating Officer Bikash Verma and its Bangladesh Country Manager Syed Mohammad Kamal were also present.

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Bikash said they are glad to recognise the organisations that come up with necessary and innovative digital payment solutions and thus contribute to Bangladesh's growth.

Nagad Founder and Managing Director Tanvir A Mishuk said the awards from Mastercard have added a new feather to the MFS provider which is trying to include the unbanked people into the financial system.

Nagad has earlier won the Best Innovation Digital Financial Service Award for the first KYC Innovation in Bangladesh, Inclusive Fintech Fifty Award, Best Digital Financial Service Provider Award, WITSA Global Excellence

Award, Digital Bangladesh Award, E-Commerce Mover Award, Best Marketing Communication Award and more.