Nagad, one of Bangladesh's leading mobile financial service providers, has been cleared of allegations of financial misconduct after a thorough audit by an independent firm, carried out under regulatory oversight, according to official sources.  They said the review addressed claims of irregularities, fraud and unauthorised digital money creation, with no evidence of wrongdoing found. The audit confirmed Nagad’s compliance with established financial regulations, dismissing accusations, including claims of undue influence by powerful figures. A company spokesperson, Niaz Morshed, welcomed the outcome, saying, “The audit reaffirms what we have always maintained: Nagad operates with transparency and integrity.” Since its launch in 2019, Nagad has grown to become a key player in the mobile financial services (MFS) sector. With over 90 million customers and a 40% market share, the company has stood out for its innovative offerings and a unique partnership model with the government, sharing 51% of its revenue with the state. Bangladesh Bank forms new management board for Nagad In a related development, Nagad has received approval to establish Nagad Digital Bank PLC. The new venture aims to expand banking services to underserved communities, furthering financial inclusion in Bangladesh. Meanwhile, allegations against its founder Tanvir A Mishuk were dismissed in court. The case, initiated through a General Diary by Badiuzzaman Didar, was found to lack merit following a legal review. Mishuk’s legal representative, Barrister M Nawshad Zamir, said, “The court’s decision underscores the baselessness of the claims. Mishuk has always upheld the highest standards of professionalism and transparency.” Though Bangladesh Bank has not yet issued a statement regarding the audit findings, Nagad has expressed confidence in the resolution of these matters as a reflection of its integrity and operational compliance. This outcome is expected to bolster the company’s standing in the fintech industry and support its continued growth and innovation.  

Bangladeshi mobile financial service provider Nagad Ltd and Huawei Technologies have signed an agreement, which will provide world-class smart transaction experiences through Nagad. The agreement was signed in the presence of Prime Minister Sheikh Hasina at the Shangri-La Hotel in Beijing on Tuesday, according to a press release. Following this agreement, Nagad Digital Bank and Nagad’s existing mobile financial services will be integrated with cutting-edge global technologies. As a result, customers of the country’s first digital bank will enjoy international-standard transaction services anytime, anywhere, it said. Nagad mega campaign: 31 more winners receive attractive gifts Nagad founder and CEO Tanvir A Mishuk and President of Huawei South Asia Region and CEO of Huawei Bangladesh Pan Junfeng signed the agreement on behalf of their respective organisations. Finance Minister Abul Hassan Mahmood Ali, Foreign Minister Dr Hasan Mahmud, PM’s Private Industry and Investment Adviser Salman F Rahman, State Minister for Posts, Telecommunications, and Information Technology Zunaid Ahmed Palak and Chairman of Nagad Digital Bank Muhammad Farid Khan, were present at the time. Several ministers and senior officials of the Chinese government were also present at the event. At the time, Li Fei, Chinese Vice-Minister of Commerce, praised Nagad’s contribution to Bangladesh’s economic growth and financial inclusion, said the media release. Farid Khan, Chairman of Nagad Digital Bank, said, “Nagad MFS has brought about a major revolution in Bangladesh’s financial sector over the past five years. Now is the time to take it to a global standard. Nagad and Huawei will jointly work to achieve this for Bangladesh. Nagad Digital Bank will play a unique role in this, which will significantly contribute to building a smart Bangladesh.” Proposal to expand social safety net positive: Nagad “To ensure the technological development required for a 100 percent cashless society, we have signed this agreement with the world-renowned company Huawei Technologies. Through this, our MFS and digital bank customers in Bangladesh will enjoy world-class services causing digital transactions to become more comfortable and affordable,” he also said. Prime Minister Sheikh Hasina began her China visit on July 8. During this visit, several notable agreements and memorandums of understanding are being signed between the two countries, added the release.

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.