Nagad accelerates the digital payments landscape in Bangladesh

By Gloria Mathias

Nagad, the mobile financial service (MFS) provider, has revolutionised Bangladesh’s financial landscape.

The company has reshaped how people handle their finances, offering a more convenient, secure, and affordable means of transactions through its consumer-centric products and services.

With Nagad, cashless transactions have become integral to daily life for many Bangladeshis. The provider has facilitated digital transactions, paying bills, or making purchases.

The platform ensures that user data and financial information remain protected, inspiring confidence among users to embrace cashless payments.

The company’s enticing incentives, like cashback and exciting gifts, have attracted people to non-cash transactions.

The platform’s commitment to the nation’s cashless vision is complemented by strategic collaborations with the Bangladesh government. Partnering with Nagad to disburse social safety net allowances, education stipends, and subsidies digitally, the government has accelerated financial inclusion and reduced dependence on cash, ensuring timely benefits to intended beneficiaries.

Nagad’s penetration into rural areas through its extensive network of Uddoktas (agents) has empowered villagers and farmers with previously unavailable financial tools. This rural outreach has been crucial in advancing financial inclusion and uplifting rural economies.

Tanvir A Mishuk, Founder and Managing Director of Nagad Limited, said, “From the get-go, Nagad has been working on integrating unbanked and underbanked people into financial inclusion and encouraging them to digital payments.”

“We always keep in mind people’s affordability and convenience whenever we launch any products or services. This is how we have gained a large customer base at a faster pace, leading to a constant rise in digital transactions,” he noted.

Nagad Limited is the MFS operator in Bangladesh’s payment industry, with 80 million registered customers and an average daily transaction of over $111 million. The digital payment platform is known as a public-private partnership between Bangladesh Postal Department and the private sector.