Nagad, a mobile financial service provider of Bangladesh Postal Department, has been named the “Best Innovative Digital Financial Service Brand” at the 10th Global Brand Awards 2022 held recently in Dubai. Tanvir A Mishuk, founder and managing director of Nagad, has bagged the “Fintech Personality of the Year 2022” award, says a press release on Wednesday. Read more: Nagad declares charge-free services for police Every year, the UK-based Global Brands Magazine recognises and rewards top companies across the globe for their exceptional performances in different fields, such as economy, education, lifestyle, innovation, technology, and real estate. Nagad’s success demonstrates its commitment to innovations and to offer products and services tailored to customer needs, said the release. Nagad has become one of the top mobile money operators in Bangladesh only in three and half years, thanks to its enviable success in bringing unbanked people into the fold of financial inclusion at a faster pace through its customer-friendly, easy and affordable services, it said. The company has revolutionised the country’s MFS industry, especially by innovating the digital Know Your Customer (KYC) and so far, onboarded more than 6.5 crore customers. Read more: Nagad offers up to Tk200 bonus on 'add money' from Mastercard The state-owned MFS provider is also playing a part in the country’s socioeconomic development as it disburses different safety allowances and education stipends at a nominal charge. The award ceremony was held at the Palm Jumeirah in Dubai on 10 December. Faisal Chowdhury, one of the directors of Nagad, and Samia Sharmin, senior manager of Corporate Communications Department, received the awards on behalf of Nagad at the event. Earlier, Nagad won the Best Innovation Digital Financial Service Award for the first e-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.

Digital Bangladesh is a resounding success and Nagad, a mobile financial service of Bangladesh Postal Department, is a vivid example of that success, Posts and Telecommunications Minister Mustafa Jabbar has said. “Bangladesh is an agriculture-dependent country, but many are now envious of its rapid technological development. One of the major positive outcomes of digitalisation is that we have almost moved towards a cashless society,” the minister told journalists at a programme marking Digital Bangladesh Day-2022 in Daak Bhaban, on Monday.  Read more: FY22: Nagad 3rd highest VAT-paying company in service category, says NBR “We can now make all kinds of financial transactions, including cash-out and cash-in and shopping, through mobile financial services,” Jabbar said, adding that Nagad is playing a big role in this regard. Starting off in 2019, Nagad has now become one of the most popular MFS in the country, he noted. Bangladesh Posts and Telecommunications Division organised a “Digital Postal Service Exhibition” to celebrate Digital Bangladesh Day on Tuesday. It also held a meeting with Posts and Telecommunications Secretary Md Khalilur Rahman in the chair. Presenting a keynote, Prof Dr Mohammad Mahfuzul Islam, vice-chancellor of Bangabandhu Sheikh Mujibur Rahman Digital University, said, “The most digitalisation has happened in Bangladesh’s financial sector. Mobile financial service providers in particular have revolutionised this field. We can mention the name of Nagad as an example.” Read more: Nagad wins Mastercard Excellence Award 2022 in two categories Posts and Telecommunications Secretary Md Khalilur Rahman shared his experience about Digital Bangladesh with everyone and urged all to adapt to the progress. Dr Md Rafiqul Matin, managing Director of Bangladesh Telecommunications Company Ltd, and Brigadier General Md Nasim Parvej, director general of Bangladesh Telecommunications Regulatory Commission, and Shyam Sunder Sikder, chairman of the Bangladesh Telecommunications Regulatory Commission, also spoke on the occasion. Md Harunur Rashid, director general of the Postal Department, gave the welcome address. There were eight stalls at the Postal Department’s exhibition. The visitors were appraised of different digital services, such as electronic money transfer service, postal cash card, online postal life insurance, digital land services, and mobile financial service of Nagad, etc.  Mustafa Jabbar and other guests visited these stalls. Guests came to Nagad’s stall and enquired about cash-out, cash-in and other services. They also learned about how to buy products using the Nagad wallet. Nagad officials gave the guests an idea of how much money is being saved every year as a result of the distribution of various government allowances through Nagad.

Nagad, one of the leading mobile financial service (MFS) institutions, has got its interim licence renewed by the Bangladesh Bank for another three months. In a letter to the Director General of Bangladesh Postal Department, the Payment System Department (PSD) of the central bank on Tuesday informed about the renewal of the three-month interim approval. The letter says that the approval will be effective in compliance of the existing conditions for Nadad, an arm of Bangladesh Post Office (BPO), which is first of its kind FinTech public private partnership in the country. Also read: Nagad lauds rise in social safety net allocation “The licensing process is going on in its own course. Maintaining the due process is important for transparency and the authorities are taking care of it,” said Nagad Manging Director Tanvir A Mishuk before the renewal of the interim license. Nagad had been provided with the interim licence by the regulator (Bangladesh Bank) for the first time in March last year for six months. The MFS provider later managed to have the interim licence extended twice and the latest one is set to expire on June 30. Also read: Three clients joining Nagad network each second On March 26, 2019, the Prime Minister's Office launched the Postal Department's mobile financial service Nagad under the Postal Act. Nagad, which has been innovative and affordable from the very beginning, has drawn over 50 million customers in just over two years and secured its position as a second player of this kind in the country. At present, more than Tk 650 crore is transacted on average a day through Nagad. Currently, 16 MFS carriers are running the service in Bangladesh, though the total licence has reached 30. Dutch Bangla Bank Limited introduced this payment procedure in the country in 2011, which is now rebranded as ROCKET.

Nagad, the mobile financial service wing of the Bangladesh Postal Department, has welcomed the government's move to raise the allocation for social safety net programmes in the proposed budget for the 2021-22 fiscal. Finance Minister AHM Mustofa Kamal has proposed to increase the social safety net allocation by 17.83 percent to Tk 107,624 crore, of the proposed Tk 6.04 trillion budget and 3.11 percent of the country's gross domestic product (GDP). READ: Nagad begins disbursing PM's gift to 14.97 lakh families In the 2020-21 fiscal, the size of social safety net budget was some Tk 95,574 crore, which played a crucial role in the fight against the pandemic. In the proposed budget, 14 lakh new citizens are brought under the ambit of the social safety net. During the pandemic, the disbursement of various government financial assistance through MFS, especially by Nagad, played an important role. It also inspired cashless transactions that helped contain the spread of the virus, according to a release. In the current fiscal, Nagad disbursed 75 percent of the allowances under the social safety net programmes of the Social Welfare Department. The second largest MFS carrier of the country also disbursed majority portions of Prime Minister's Eid aid twice and the allowances for Covid-affected farmers, fisherman and others.  With these efforts, Nagad has now proved to be a game changer in the disbursement of government financial assistance.  On the proposed increase in the social safety net, Nagad's Managing Director Tanvir Ahmed Mishuk said, "To ensure transparency and speedy disbursement of funds, Nagad is now the government's first choice." READ: Three clients joining Nagad network each second   "Prime Minister Sheikh Hasina last year directed all departments to disburse government allowance through Nagad. Following the directive, the government's relevant offices started disbursing their allowances through Nagad, which increased government oversight on the process." Moreover, if the social safety net funds are disbursed through MFS, then it helps digitalisation of the financial sector and strengthen socio-economic factors, he added.  READ: Nagad sets daily account-opening record "We believe that day is not far when Nagad will digitalise the entire government financial allowance service and the beneficiaries will enjoy their deserved money with ease. We hope the government will disburse the social safety net funds through Nagad this year too," the MD said.

The digital financial service of Bangladesh Postal Department has recently crossed a major milestone as its daily transaction went past Tk 200 crore, said Tanvir A Mishuk, managing director of Nagad, at a ceremony on Thursday.