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Mobile financial services (MFS) provider Nagad has introduced state-of-the-art technologies in mobile payments which eased the account opening process and boosted the financial inclusion of the country.
Since its inception in 2019, Nagad has been using advanced technologies which helped it draw 5.75 crore users.
The MFS has revolutionised the distribution of allowances of the government's social safety net programme.
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Through the use of advanced technology, Nagad is successfully distributing student stipends and financial assistance.
In the fiscal year 2020-21, Nagad distributed about 8 crore government financial assistance among 3 crore beneficiaries.
The MFS has played an important role in increasing financial inclusion by inventing an innovative method of setting PIN by dialling *167#. The number of customers and transactions in Nagad has increased rapidly, as a result.
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The average daily turnover of Nagad is now around Tk750 crore, according to the MFS.
Nagad Managing Director Tanvir A Mishuk said: "Government grants such as education stipend; old age, widow allowances are being sent to the beneficiaries through mobile."
"The use of advanced technologies and skills is one of the reasons behind the success of Nagad."
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