Shawdesh desk:

Nagad, the mobile financial arm of the  Bangladesh Post Office, is a top level success of the government’s Digital  Bangladesh vision.

The state-owned service has introduced the art of technological advancement for mobile payments which also eased the account opening process  and boosted the financial inclusion of the country.

Since its inception on March 26, 2019, Nagad has been using advanced technology which brought 5.75 crore users in a very short time side by side also enforced revolution in financial industry of Bangladesh, said a press release.

Nagad has been working for a long time to reach the benefits of Digital Bangladesh to people of the country. To that end, Nagad has revolutionized  the distribution of allowances of the government’s social safety net
programmes with highest level of transparency and accuracy.

Through the use of advanced technology, Nagad is successfully distributing student stipends and various financial assistance to the citizens by ensuring transparency.

In the fiscal 2020-21, Nagad has distributed about eight crore governments financial assistance among three crore beneficiaries. Besides, from the very beginning, Nagad has been using advanced technologies to ensure proper distribution of government allowances, hence, it has identified fraudulence and returned about Taka 365 crore to the Bangladesh Bank.

For the first time in the country, Nagad has played an important role to increase financial inclusion by inventing an innovative method of setting PIN by dialing *167#. Consequently, the number of customers and transactions of Nagad has increased rapidly. Currently, the average daily turnover of Nagad
is around Taka 750 crore.

Nagad’s innovative services are also playing a positive role in changing the daily lives of customers. Because of its innovative solutions, many  entrepreneurs have become successful in the country.

New entrepreneurs are also being created and contributing to creating more. The use of modern and easy services of Nagad has also relieved technological issues at the entrepreneurial and consumers level.

Since the beginning, by the use of advanced technology, the world’s  fastest-growing mobile financial service Nagad has been providing affordable  services to its customers. Therefore, Nagad is one step ahead in the MFS sector compared to others.

In the last year, Nagad users have saved Taka 1,007 crore on cash out, send money, bill payment, account registration savings and savings on profit.

On the occasion of Digital Bangladesh Day, Nagad’s Managing Director Tanvir A Mishuk said: “From the beginning, Nagad has been a partner with government to build Digital Bangladesh targeting to upgrade citizens life to the digital space. About 5.75 crore people have been included in the financial inclusion through Nagad which is an effort to achieve that goal.”

Besides, he said government grants such as, education stipend, old age allowance, widow allowances, are sent to the beneficiary’s through mobile.

“All these are the blessings of digital Bangladesh. And I believe that this progress will accelerate in the days ahead,” he added.