Nagad, a popular mobile financial service provider in Bangladesh, has clinched “Mastercard Excellence Award” 2023 for its outstanding contribution to credit card bill payments. The mobile money carrier has been honoured with this prestigious award as the “Master Evolution”, said a press release issued on Monday. On behalf of his company, Nagad’s Executive Director Maruful Islam Jhalak recently received the award from Mastercard high officials at a programme in the capital’s Raddison Blu Hotel. Nagad Ltd won the “Excellence in Mastercard Digital Business” award for facilitating credit card bill payments. Earlier in 2022, the company grabbed “Mastercard Excellence Award” for its remarkable contributions to financial inclusion in Bangladesh. After 25 years, 4 sentenced to death for Cumilla man's death over land dispute This year’s recognition is a testament to Nagad’s dedication to providing seamless and efficient credit bill payment solutions. The award also acknowledges the company’s relentless pursuit of excellence, customer-centric approach, and the positive impact it has made on the financial landscape. After receiving the Mastercard Excellence Award, Nagad’s Executive Director Maruful said, “Such recognition will encourage us to work with more vigour towards reaching our goal of Smart Bangladesh. From the get-go, Nagad has been working to promote digital payments. Only in five years of our journey, we have onboarded around 8 crore customers, which we can say is a revolution in the financial industry. We, along with our partners, want to speed up the ongoing digital transformation, eventually leading our country to a cashless society.” Another bus torched in Dhaka Former Bangladesh Bank Governor and Dhaka University Emeritus Professor Atiur Rahman attended the award ceremony as chief guest while Deputy Chief of Mission at US Embassy in Dhaka Helen LaFave was present there as special guest. Directors of Payment Systems Department of Bangladesh Bank – Md Sharafat Ullah Khan and Md Motasem Billah – were also present at the event as distinguished guests. Nagad’s chief commercial officer Shihab Uddin Chowdhury, chief marketing officer Sadat Adnan Ahmad, chief digital officer Shyamol B. Das, head of product development Golam Jamil Ahmed, and head of business planning Sirajus Salekin also attended the award ceremony. Mentionable, Nagad has won quite a few international awards for its outstanding contribution to the expansion of Bangladesh’s financial market. This year, the company clinched the “Fastest to Unicorn Award” from the Prime Minister Sheikh Hasina at the “Bangladesh Startup Summit 2023”, hosted by Startup Bangladesh Ltd, the flagship venture capital company of the Government’s ICT Division. A targeted ‘disinformation campaign’ over Sajeeb Wazed’s recent Dhaka visit Besides, the MFS carrier was accorded “Best Innovative Digital Financial Service Brand” given by Global Brands Magazine. Other accolades conferred on Nagad include the WITSA Global ICT Excellence Award 2020, Inclusive Fintech 50, Best Digital Financial Service Provider Award, Digital Bangladesh Award, E-Commerce Mover Award, and Best Marketing Communication Award, which also helped to portray Bangladesh positively across the globe.
Nagad Digital Bank, the first full-fledged digital bank in Bangladesh, is all set to transform the local banking landscape. It aims to replace traditional physical interactions and paperwork with a comprehensive array of customer-centric services. This transformation will streamline services and promote financial inclusion, fostering an integrated financial ecosystem. “Our motto is to bring unparalleled banking convenience to the fingertips of millions,” said Tanvir A Mishuk, Nagad’s founder and managing director, during an interview with UNB. “Nagad Digital Bank will redefine how people interact with their finances, emphasizing accessibility, security, and customer support. We’re ushering in a new era of inclusive and convenient banking,” he said. Read more: Nagad became a billion-dollar company in just 3 years, 5 more Bangladeshi unicorns by 2025: Palak “We will operate without physical branches, having only a head office and a call center for customer support. Our services will be delivered through our website and mobile app, enabling financial transactions similar to those in a traditional bank branch,” the Nagad MD said. Mishuk explained that customers would be able to perform many of the same services offered in physical branches, such as opening accounts, checking balances, transferring money, paying bills, applying for loans, and more. “To meet the financial needs of individuals and small businesses, we will introduce digital lending. This will disrupt our financial industry,” he highlighted. By leveraging data on customer transactions and financial behavior, Nagad Digital Bank will offer personalized credit solutions, making borrowing more accessible, he said. The digital bank plans to offer single-digit, collateral-free loans for small informal businesses and farmers, who currently rely on moneylenders charging exorbitant interest rates. “To assess creditworthiness, we’ve developed an AI-based credit rating system. This system evaluates a loan seeker’s transaction data, using their National ID (NID) and mobile number, to instantly disburse loans. All will be done using Nagad’s app, eliminating paperwork and the need to visit bank branches. This will bring the informal sector’s money into the formal channel,” Mishuk said. Read more: Nagad becomes Bangladesh’s fastest unicorn Regarding cost-effectiveness, Mishuk mentioned that the digital bank will have lower operating expenses than traditional banks due to the lack of physical infrastructure. This reliance on technology will result in lower charges and interest rates for customers. Promoting financial inclusion is another key focus. Nagad Digital Bank aims to extend its reach to unbanked and underbanked populations. “Our user-friendly mobile app will act as a gateway to financial services for these marginalized people, enabling them to save, transact, and invest without a traditional bank account,” he added. “We will also give utmost priority to security and trust. We are committed to ensuring the highest standards and have already enhanced our cybersecurity measures to safeguard users’ data and transactions. “All our initiatives are strategically designed to promote the adoption of cashless transactions nationwide. This effort aligns with our government’s goal of achieving 75 percent digital transactions across the country by 2027,” he noted. “By advancing towards this target, we contribute to the vision of establishing a Smart Bangladesh by 2041, fostering a technologically advanced and digitally inclusive nation,” Tanvir A Mishuk said. Read more: Students of XI can pay college admission fees thru’ Nagad
Mobile financial service provider Nagad has come up with a special offer that enables aspiring students of Class XI to pay their admission fees charge-free using its app or USSD *167#, aiming to their college admission process as well as giving them extra benefit. Nagad customers will get an instant cashback of Tk 2.5 after paying the application fee amounting to Tk 150, said a press release issued on Wednesday. For the fee payment using Nagad’s app, a student needs to go to “Bill Pay”, tap XI Class Admission 2023, and enter roll number, contact number, board name, and passing year. Read Also:Nagad dangles ‘Ek Takar’ offer on GP mobile recharge Then they will press the NEXT button and enter the amount. In the next step, they will type the PIN number and tap again. Once the payment is successfully completed, users will receive a confirmation notification. On the other hand, to pay the fee using the USSD, a customer will dial *167# and a menu will appear on the screen from where they will select “Bill Pay” by pressing the menu number 5. Read Also:Workers of Forest Department’s SUFAL project to get wages through Nagad In the third step, another new menu will pop up and users have to go to the “Other” option by pressing the menu number 12 and then will select 1. After that, they will type 1300 as the biller account number. In the following steps, students need to enter roll number, board, mobile number, and passing year. In the final step, they will type PIN number and will get a payment conformation SMS. Read also: Establishing Digital Bank paramount to build smart Bangladesh: Nagad MD A Nagad customer will be eligible to get cashback only for paying the application fee of Class XI admission through the “Bill Pay” option on Nagad app or USSD. The “Class XI Admission” payment campaign, which started on August 10 this year, will continue till September 31st. A Nagad user will enjoy the cashback once during the entire campaign. Besides, a customer must have an active and full-profile Nagad account to avail this offer. Md Shihab Uddin Chowdhury, chief commercial officer of Nagad, said, “Nagad always works to make financial transactions convenient and affordable. We have now introduced an option for students to pay their college admission fees free of charge using Nagad’s platform to facilitate their admission process.” In this way, students will get relief from hassles they would face while paying the fee in person. Besides, they will get accustomed to digital payments, he added. “We believe the easier we will make digital payments, the more people will embrace it,” he noted.
Nagad has turned into a unicorn startup only in four years of its launch – the fastest in Bangladesh to reach this impressive feat. In recognition of the achievement, Tanvir A Mishuk, founder and managing director of Nagad Limited, received the “Fastest to Unicorn Award” from Honourable Prime Minister Sheikh Hasina at “Bangladesh Startup Summit 2023” in Hotel InterContinental Dhaka on Saturday. At the award giving ceremony eight organisations received awards in eight categories. Startup Bangladesh Limited, the flagship venture capital company of the Information and Communication Technology Division of the Government of Bangladesh, organised the two-day event that brought together startups, enterprises, venture capitalists, angel investors, regulators, think-tanks, and experts from various countries Inaugurated by Honourable Prime Minister Sheikh Hasina on 26 March 2019 with a motto of changing lives, Nagad has reshaped the country’s MFS industry with one after another disruptive innovations and inspired confidence among a large number of people to embrace diversified products and services offered by it. Read more: Nagad became a billion-dollar company in just 3 years, 5 more Bangladeshi unicorns by 2025: Palak In this way, the state-owned mobile money carrier has established itself as the fastest unicorn startup in Bangladesh with a valuation of $1 billion, equivalent to BDT 10,000 crore, only in four years of its journey. This is for the first time in Bangladesh, such a grand event has been organised to honour startups. And Nagad, an arm of Bangladesh Postal Department, was the first startup to have got this recognition. State Minister for Information and Communication Technology Zunaid Ahmed Palak presented the keynote at the startup summit. He lauded Nagad’s contribution to building a smart economy in Bangladesh. Nagad has reached a milestone of 8 crore customers only in four years of its inception, with its daily transactions hitting BDT 1,300 crore on average. Read more: Binimoy says it can put an end to illegal digital transactions After receiving the acknowledgement memento, Managing Director of Nagad Limited Tanvir A Mishuk said, “This day will remain memorable for the Nagad family and me. What I’m now feeling cannot be expressed in words. Today we have got the recognition of the dream, with which we embarked on our journey, from the Honourable Prime Minister. We cannot ask for anything else.” Currently, Nagad disburses education stipends, social safety allowances, such as allowances for elderly people, widows and the disabled. It has so far given BDT 25,000 crore among beneficiaries. Md Shamsul Arefin, chairman, Board of Directors, Startup Bangladesh Limited and secretary, ICT Division, and Sami Ahmed, managing director and CEO of Startup Bangladesh Limited, also spoke at the startup summit. Read more: Daily transaction of MFS crosses Tk3200 crore: BB
State minister for ICT Division Zunaid Ahmed Palak has said Nagad, a leading mobile financial service provider in Bangladesh, has grown into a billion-dollar company within the first three years of its journey. The state minister made the remark during his inaugural speech as a special guest at the two-day ‘Smart Bangladesh Summit and Expo’ that began at the International Convention City Bashundhara on Friday. Junior Chamber International (JCI) Bangladesh organised the event. Also read: Establishing Digital Bank paramount to build smart Bangladesh: Nagad MD “At least five more unicorns [billion dollar start-ups] will emerge in Bangladesh by 2025. Honorable Prime Minister Sheikh Hasina has given us a solid foundation where talented, courageous and problem-solving entrepreneurs can lead the world from Bangladesh in doing business,” Palak also said, adding that Nagad leads by example. Nagad, an MFS of Bangladesh Postal Department, embarked on its journey on March 26 in 2019. At the outset, it shook the entire financial industry by innovating electronic know-your-customer (e-KYC). In the e-KYC system, customers can open an MFS account using their smartphone in less than a minute just by taking a photo of their national identity card and a selfie. Later, the state-owned MFS operator came up with an even easier way to open an MFS account just by dialing *167# on a feature phone. The ground-breaking innovations have brought an end to cumbersome paperwork. Also read: Nagad MD proposes cashless transactions to save billions and build a smart Bangladesh Other MFS operators and financial institutions have also adopted the Nagad-innovated e-KYC system and thus reduced their operational costs to a great extent. Nagad’s success reflects its use of state-of-the-art technologies that allow the delivery of various services at minimal charges. In some cases, Nagad provides its customers with free of cost services. Nagad now has several plans lined up with a view to speeding up Bangladesh’s transition to a cashless society. Also read: Nagad welcomes govt’s move to increase safety net allocation In four years of its journey, Nagad’s registered customers now stand at 7.5 crore, with its daily transactions hitting more than Tk 1,200 crore on average. In 2020, the state-owned mobile money carrier scooped the ‘WITSA Global ICT Excellence Award-2019’ for its innovation of account opening just by dialing *167# on a feature phone. Also read: Nagad founder wins Kotler Iconic Achiever of the Year Award-2023
Nagad, a leading mobile financial service provider in Bangladesh, organised an event “Bhalobashar Koto Roop” [various shades of love] for lovers with the participation of its customers and stars on the eve of Pahela Falgun and Valentine’s Day. Customers won exciting prizes by taking part in live quizzes from different parts of the capital through this programme. They also had a lively chat with their favourite stars, says a press release onTuesday afternoon. Hosted by Manju Ahmed, the live programme “Bhalobashar Koto Roop” was held in two phases. Music artist Raef Al Hasan and actress Nusrat Faria participated on the first day, while Musician Shafin Ahmed, actress Sohana Saba, model and actor Nirab, YouTuber Tauhid Hossain Afridi, and artists Pooja and Tanjib Sarowar were present on the second day. In celebration of Valentine’s Day, a special campaign is already going on, offering customers up to 25 percent instant cashback on Nagad payments on the purchase of products from different merchants. A customer making the highest single-day payment this way will get a couple of air tickets on Dhaka-Cox’s Bazar-Dhaka route. Having participated in live quizzes at Bhalobashar Koto Roop event, Nagad customers won Bangladesh Premier League (BPL) match tickets. Celebrities talked to their audience and well-wishers about their life and work at the live event. Only the people, who paid their food bills in the capital’s different restaurants through Nagad, were allowed to join their favourite stars for the chitchat. The restaurants from where Nagad customers participated in the live chat include Gulshan’s Secret Recipe, Bailey Road’s Madchef, Uttara’s Rice & Noodles, Wari’s Grand Darbar, Mirpur’s The Food Company and Dhanmondi’s Crimson Cup. A total of 48 customers won BPL tickets by taking part in the quiz in the two-day live event. Chief Commercial Officer (CCO) of Nagad Md Shihab Uddin Chowdhury said, “We have come up with such an exceptional arrangement to add more colours to people’s life on the occasion of Pahela Falgun and Valentine’s Day. We believe that our customers are the charioteers of our journey.”
Mobile financial services provider Nagad has come up with an instant cashback of up to 21 percent for book lovers on payments for books bought from the two-month Nagad-Rokomari online book fair 2023. The online fair that began Wednesday will continue on March 31. Customers will be able to enjoy the offer more than once, according to a media statement. Under this campaign, customers can enjoy a cashback of up to Tk75 on each transaction and a maximum of Tk100 during the entire campaign only if they buy books from the Rokomari website and make payments through Nagad. The offer, however, will not be valid if the payment is made via the Nagad app or USSD (*167#). Md Shihab Uddin Chowdhury, chief sales officer of Nagad, said, "The month-long Amar Ekushey Book Fair 2023 began today. In the month of Language Movement, we have also started the two-month Nagad-Rokomari Online Book Fair 2023 to encourage our customers to read books." OnnoRokom Group Chair Mahmudul Hasan Sohag said: "Currently, rokomari.com has a collection of two lakh books with over 80,000 writers and more than 8,000 publishers associated with it. The book delivery service from Rokomari is also available for the customers' convenience."
Mobile financial services (MFS) provider has installed a large service booth at this year's Bishwa Ijtema, billed as the second largest congregation of Muslims after Hajj. Anyone can open Nagad Islamic accounts, and avail of cash-in, cash-out and other services at the booth. Islamic accounts of Nagad are fully managed under the supervision of a shariah supervisory committee. Read more: Nagad to feature in Philip Kotler's book 'Essentials of Modern Marketing' "Through Nagad Islamic MFS accounts, customers can easily manage their funds in an interest-free and Shariah-compliant manner, maintaining their religious values and principles," Nagad said Thursday. "Customers can easily convert their regular Nagad accounts into Islamic accounts. For that, they need to go to the My Nagad option in the Nagad app and click Account Type and then the running app will be changed to an Islamic account," it added. A customer will know that his account has been successfully converted to an Islamic account only when his or her Nagad app turns green. Read More: GMP issues traffic directives to reduce sufferings of Ijtema devotees The first phase of the three-day Biswa Ijtema is set to begin Friday (January 13, 2023) morning on the bank of the River Turag in Gazipur's Tongi.
Mobile financial service provider Nagad will feature as a case study in the Bangladesh edition of world-leading marketing guru Philip Kotler's upcoming book "Essentials of Modern Marketing." Tanvir A Mishuk, founder and managing director of Nagad, has worked as a case co-author for this book. Northern Education Group, a strategic partner (Bangladesh) of Kotler's organisation Kotler Impact and World Marketing Summit Group, recently made the revelation. Read more: FY23: DPE to sign new deal with Nagad for stipend disbursement Professor Kotler along with his associates will give a new dimension to Essentials of Modern Marketing by incorporating academic case studies of different independent organisations worldwide. Nagad, the ICT Division, the Ministry of Land, Grameenphone and other organisations from Bangladesh have had the opportunity to add their cases to this book. Kotler's "Marketing Management" is a widely used book in today's world. Essentials of Modern Marketing covers up-to-date and insightful marketing issues. Apart from this, the book focuses on how to use different tools or techniques, rather than on product marketing. Read more: Nagad wins UK-based Global Brand Award 2022 Nagad secured its place in the Bangladesh edition of Essentials of Modern Marketing for its "timely innovations and smart marketing," the MFS said in a statement. About Nagad's inclusion in Kotler's upcoming book, Mishuk said: "Such an achievement is a source of inspiration for us. Securing a position in Philip Kotler's book is a recognition of what Nagad has done in just three and half years in taking the country's digital financial services to a new height."
The government of Bangladesh will distribute stipends to primary school students through mobile financial services (MFS) provider Nagad for 2022-23 fiscal. The Directorate of Primary Education (DPE) will sign an agreement with Nagad soon, according to a media statement. In the last fiscal year, the government paid stipends for education materials to over 1.3 crore primary school children through the MFS provider. Read more: Nagad upgrades system to offer better services The government will bring students at PTI Experimental Schools and Shishu Kallyan Trust-run primary schools under stipends in this fiscal year. For this, the DPE will make necessary reforms to primary education stipend distribution-related guidelines. Muhammad Zahidul Islam, head of public communications of Nagad, said: "We successfully disbursed education stipends and other social safety allowances in the 2021-2022 fiscal at a nominal charge." "We will continue our services in the current fiscal year as well if we are entrusted with the job." Read more: BURO partners with Nagad for easier savings, instalment payments Students are registered on Nagad's digital platform with information from their birth certificates and mobile phone numbers alongside the NIDs of their guardians. So, the students' guardians instantly receive the funds along with cash-out charges in their Nagad wallets once the stipend is disbursed.