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ডাক বিভাগের ডিজিটাল লেনদেন
Bangladesh is a thriving economic playground, pulsing with optimism and aspiration. A population of 165 million people, nearly half of which are under 25, have awakened to the vast possibilities of the future. They eagerly adopt new ideas from the outside while also conﬁdently forging their own path.
Underpinning this dynamism is the Bangladesh Government’s proven and longstanding commitment to sustainable and equitable growth. The result is another year of exceptional GDP growth above 7% in 2021. In fact, there has not been a single year below 6% growth over the past decade, an unparalleled global track record. The foundations for digital growth have also been laid with over 100% mobile penetration and 60% for internet, setting up the next leg of inclusive development.
Financial services are among the ﬁrst markets to reap the beneﬁts of Bangladesh’s potent mix of economic dynamism and digital readiness. While the unbanked in Bangladesh is typically pegged as 53% of the adult population, the reality of the market opportunity is even starker when including the underbanked, which is widely considered to be over 80% of the addressable population, or nearly 85 million people.
The answer to bridging this vast gap is digital ﬁnancial services. Beyond simply providing a ﬁnancial account, there is an acute need to reimagine ﬁnancial services to empower the masses. Nagad was born to take up this challenge and introduce ﬁnancial inclusion in line with the Sustainable Development Goals of the People’s Republic of Bangladesh. Under the innovative and century-old ﬁnancial authority of the Bangladesh Post Oﬃce, Nagad was launched by The Honorable Prime Minister of Bangladesh, Sheikh Hasina, on March 26th, 2019 as a groundbreaking public-private partnership. The mission is clear: provide a comprehensive digital and ever-evolving financial service to the country’s people and small businesses.
Nagad was built under technology-ﬁrst principles to meet the challenge. Some of its most signiﬁcant innovations have been grounded in simple yet elegant solutions to increase market access alongside technical breakthroughs in facial recognition and security.
For example, Nagad reduced the time required to open an account from ﬁve days to ﬁve seconds through the introduction of Digital KYC. This innovation was the result of a cross-industry partnership between Nagad, the telecommunications industry and the Bangladesh government through its linkage with Porichoy, an identity-veriﬁcation organization spearheaded by Mr. Sajeeb Wazed Joy, ICT Aﬀairs Advisor to the HPM in order to support the growth of digital solutions without compromising security. The campaign generated such a momentum that 3 Nagad accounts were being opened every second.
Nagad has grown faster than arguably any digital ﬁnancial service globally ever. From a standing start in November 2018, when the service was launched on a beta basis, the ﬁrm has attracted over 50 million customers, or almost half of the country’s adult population. Nearly 152,000 retail agents around the country, all of which are small businesses, serve this vast customer base. The service is fast approaching ﬁve million transactions per day.
Nagad oﬀers its users a rich variety of essential services, including domestic cash transfers, digital money (P2P) transfers, bill payments, mobile talk-time purchases, and payments for e-commerce, local services, insurance and taxes. Annualized transaction volume is US$26 billion, which has grown nearly tenfold over the previous year.
Most rewardingly, Nagad has been a partner to the Bangladesh government in helping to transfer nearly US$500 million in social safety net and other critical disbursements to citizens during the onslaught of the pandemic. In its ﬁght against the economic ravages of the pandemic situation, Nagad also introduced the industry’s lowest cash-out charge in order to keep the ﬁnancial arteries pumping for the masses.
In recognition of its achievements during its young life, Nagad has been the recipient of the following awards over the past year:
Nagad is poised to become an essential component of Bangladesh’s financial fabric. In alignment with the needs of the people and the development goals of the Bangladesh Government, Nagad envisions its role as a one-stop digital banking destination in partnership with the entire financial services industry.
Nagad is focused on the next phase of its growth in empowering the financial lives of the country’s people through the introduction of the following services: Insurance Products, Online Brokerage, Wealth Management, E-commerce, Islamic Financial Services, B2B Financial Services, SME Loan.
At Nagad, we believe that strategic partnerships are the key to providing the people of Bangladesh the most relevant and impactful digital money services. We invite you to reimagine and leapfrog into the future of financial services alongside us.