Mobile financial services provider (MFS) Nagad handed over nearly Tk4.5 crore to the postal department as revenue share in the fiscal year (FY) 2021-22. Posts and Telecommunications Secretary Md Khalilur Rahman received a cheque from Nagad Executive Director Md Shafayet Alam Wednesday in Dhaka. Posts and Telecommunications Minister Mustafa Jabbar, Director General of the postal department Md Harunur Rashid, and Nagad Founder and Managing Director Tanvir A Mishuk were also present. As per an agreement, the postal department is entitled to 51 percent of the total revenue earned by Nagad and the remaining 49 percent goes to the MFS. Read more: Nagad holds 'Distributors Meet 2022' Nagad gave the postal department Tk3.31 crore in FY21 and Tk1.12 crore in FY20. Jabbar said: "Nagad has saved the country thousand crores of taka. From the very beginning, we were with Nagad. We are and will be with them." "There is a huge difference between Nagad and Bkash's cash out charge, and that is thousand crores of taka. We thank Nagad for this. The country needs Nagad."   Tanvir said: "Every year we share our revenue shares with the postal department. According to the agreement between the department and Nagad, today we shared 51 percent of revenues with it."  

Customers of mobile financial services provider (MFS) upay can now make payment of different service-related fees such as correction of national identity (NID) card and collection of duplicate NID. The service will be available to customers through the upay app and USSD code "268." Upay signed an agreement with the Election Commission (EC) Tuesday. Read: US-Bangla Airlines offers chance to youths to become pilot Rezaul Hossain, managing director and chief executive officer of upay, and Mohammad Azizul Islam, director of administration and finance at the NID wing under the EC Secretariat, signed the deal. Upay, a subsidiary of United Commercial Bank, launched its operation in March 2021. Since its launching, the company has acquired around 60 lakhs customers. It has more than one lakh agent points across the country, according to a media statement. Read Healthcare payments: Nagad offers discounts of up to Tk2,350.

Nagad is set to issue a zero-coupon bond of Tk 5 billion with a face value Tk 7.5 billion at the end of its five-year maturity, in a first for a mobile financial services provider in Bangladesh. Strong interest from many foreign investors has already been sighted since the announcement of the bond for the DFS disruptor in Bangladesh. Reportedly, Kiu Global, a US-based digital services company, already expressed interest to subscribe an amount equivalent to USD 30 million of the mentioned bond., said a media release Tuesday. Read: Nagad’s interim licence gets renewal for another 3 months The announcement of the landmark issue was made Monday at New York during an investor show titled “The Rise of Bengal Tiger: Potentials of Trade & Investment in Bangladesh”. It wasorganized by the Bangladesh Securities and Exchange Commission (BSEC). Nagad, one of the key partners of the event, received initial approval from the BSEC for the bond issue. Read: Regional financial intuitions' leaders praise Nagad's PPP model Riverstone Capital is acting as the arranger of the bond wherein Green Delta Capital will be the trustee. Nagad, will use the proceeds from the bond subscription for future readiness of the company’s digital infrastructure; development of network, hardware and the digital financial service platform; purchase IT equipment; marketing and promotional activities; and working capital financing. All these are aimed at accelerating the Digital Bangladesh initiative of Honorable Prime Minister Sheikh Hasina and will be an integral part of it, the  release also said. Read Nagad wins 'Best Innovative Digital Financial Services Brand' award Tanvir A Mishuk, managing director and co-founder of Nagad, said, “With the development of the capital market in Bangladesh, the bond market has also become vibrant in recent past. We consider this as a better source to raise investment. Moreover, Nagad has always been innovative and that is why we chose bond market over traditional financing.” Professor Shibli Rubayat-Ul-Islam, Chairman of BSEC, said, the BSEC, in collaboration with our ecosystem of regulators and stakeholders, is working towards the development of Bangladesh’s capital markets, particularly debt market, which will be vital for financing long-term needs of our industries and infrastructure. He hoped that Nagad’s issue will encourage greater participation of our leading corporates, state-owned enterprises, municipalities in the debt capital, devising optimal financing strategies that will help them grow and prosper sustainably. Nagad’s initiative of issuing its first corporate bond is commendable and will contribute towards setting the right direction for the capital market. Read Healthcare payments: Nagad offers discounts of up to Tk2,350 The BSEC organized this investment roadshow with the view to showcasing the strength and opportunities of business and investment in Bangladesh for foreign investors. High-level delegates from Bangladesh and the US, along with business conglomerates and investors were attending different seminars in New York, Washington DC, Los Angeles (California) and Silicon Valley (Santa Clara), said the release.