Nagad
Mobile Financial Service in Bangladesh
From Wikipedia, the free encyclopedia
Nagad (Bengali: নগদ) is a Bangladeshi Mobile Financial Service (MFS),[1] operating under the authority of the Bangladesh Post Office,[2] an attached department of the Ministry of Post and Telecommunication.[3]
| Company type | Private |
|---|---|
| Founded | March 26, 2019 |
| Founder | Tanvir A Mishuk |
| Headquarters | Delta Dahlia Tower, 36, Kemal Ataturk Avenue, Banani, Dhaka 1213, Bangladesh |
Area served | Bangladesh |
| Services | Mobile financial services |
| Website | nagad |
It is the new version of the previously introduced Postal Cash Card and Electronic Money Transfer System (EMTS) of the Bangladesh Post Office.[4] Its headquarters is located at 36 Kemal Ataturk Avenue, Banani, Dhaka — 1213, Bangladesh.[5] Nagad is the first digital bank in the country.[6]
Operations
This financial service is regulated under the Bangladesh Postal Act Amendment 2010 Section 3(2), a unique law procured especially for the Bangladesh Post Office by the government of Bangladesh.[7] The digital financial service was launched by the Bangladesh Post Office on 11 November 2018. It started operations on 26 March 2019,[8] celebrating the 48th Independence Day of the country.[4]
Nagad started its journey with demanding services like cash-in, cash-out, send money, and mobile recharge. More popular services like bills payment and e-commerce payment gateway are now available.[9] From the very beginning, Nagad has its own mobile app for customers and partners. It also introduced a revolutionary customer on-boarding feature- DKYC (Digital KYC) blending Bangla OCR, automated identity verification and localized data that has minimized overall customer acquisition and life cycle time to one/tenth of market practice as well focusing on paper-less environment.[10]
