Categories
  Encyclosphere.org ENCYCLOREADER
  supported by EncyclosphereKSF

Nagad

From Wikipedia - Reading time: 4 min

Nagad
Company typePrivate
FoundedMarch 26, 2019; 5 years ago (2019-03-26)
HeadquartersDelta Dahlia Tower, 36, Kemal Ataturk Avenue, Banani, Dhaka 1213, Bangladesh
Area served
Bangladesh
ServicesMobile financial services
ParentBangladesh Post Office
Websitenagad.com.bd

Nagad (Bengali: নগদ) is a Bangladeshi digital financial service (DFS),[1] operating under the authority of the Bangladesh Post Office,[2] an attached department of the Ministry of Post and Telecommunication.[3]

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

[edit]

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]

Awards

[edit]

Controversies

[edit]

In January 2025, the Bangladesh Bank reported financial irregularities amounting to Tk 2,300 crore (approximately USD 210 million) in the operations of Nagad. The central bank alleged unreported transactions, regulatory non-compliance, and possible mismanagement of customer funds, raising serious concerns about transparency and oversight.[17][18]

References

[edit]
  1. ^ "About Us - Nagad".
  2. ^ Muhammad Zahidul Islam (22 October 2018). "Nagad to make MFS sector lopsided: Higher transaction limits may fuel suspicious transactions". The Daily Star. Archived from the original on 25 April 2019. Retrieved 24 April 2019.
  3. ^ "Tarana appoints 19 female drivers at post office". Dhaka Tribune. 10 April 2017. Archived from the original on 24 April 2019. Retrieved 16 April 2017.
  4. ^ a b "PM opens digital financial service Nagad". Dhaka Tribune. 26 March 2019. Archived from the original on 24 April 2019. Retrieved 24 April 2019.
  5. ^ "Nagad – Headquarters Locations, Products, Competitors, Financials, Employees". cbinsights.com. Retrieved 30 December 2022.
  6. ^ "Nagad, Kori to get licence to open full-fledged digital bank". Prothom Alo. Retrieved 24 October 2023.
  7. ^ "Post Office launches digital financial service "Nagad"". Banglanews24.com. 11 October 2018. Retrieved 24 April 2019.
  8. ^ নগদ'-সার্ভিস-উদ্বোধন-করলেন-প্রধানমন্ত্রী. Prothom Alo (in Bengali). Archived from the original on 1 July 2019.
  9. ^ করোনা টেস্টের ফি প্রদান একমাত্র 'নগদ'-এ. Prothom Alo (in Bengali). Retrieved 19 September 2020.
  10. ^ 'ডিজিটাল বাংলাদেশ' রূপকল্পেরই অংশ নগদ. Jugantor (in Bengali). Retrieved 19 May 2019.
  11. ^ "Nagad honoured as 'Most Emerging Brand' of Bangladesh". The Business Standard. Retrieved 24 December 2023.
  12. ^ "Nagad honoured as most emerging brand of Bangladesh". Bangladesh Sangbad Sangstha (BSS). 24 December 2023. Retrieved 24 December 2023.
  13. ^ "Nagad wins Mastercard Excellence Award 2023". The Business Standard. Retrieved 27 November 2023.
  14. ^ "Nagad gets Mastercard Excellence Award 2023". The Daily Star. 27 November 2023. Retrieved 27 November 2023.
  15. ^ "Nagad receives Best DFS Innovative Award in Dubai". The Financial Express. Retrieved 22 January 2022.
  16. ^ "Nagad receives Global Economics' Best DFS Innovative Award in Dubai". The Business Standard. 22 January 2022. Retrieved 22 January 2022.
  17. ^ "Tk2,300 crore irregularities detected in Nagad: Governor". The Business Standard. 12 January 2025. Retrieved 15 January 2025.
  18. ^ bdnews24.com. "Bangladesh Bank governor flags irregularities worth Tk 23bn at Nagad". Bangladesh Bank governor flags irregularities worth Tk 23bn at Na. Retrieved 15 January 2025.{{cite web}}: CS1 maint: numeric names: authors list (link)
[edit]
Licensed under CC BY-SA 3.0 | Source: https://en.wikipedia.org/wiki/Nagad
6 views | Status: cached on March 06 2025 05:22:17
↧ Download as ZWI file
Encyclosphere.org EncycloReader is supported by the EncyclosphereKSF