Nagad

Mobile Financial Service in Bangladesh

Nagad

Logo since 2024

Company type| Private
Founded| March 26, 2019; 5 years ago (2019-03-26)
Headquarters| Delta Dahlia Tower, 36, Kemal Ataturk Avenue, Banani, Dhaka 1213, Bangladesh

Area served

| Bangladesh
Services| Mobile financial services
Parent| Bangladesh Post Office
Website| nagad.com.bd

Nagad (Bengali: নগদ) is a Bangladeshi Digital Large Financial Service (DFS),[1] operating under the authority of 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 headquarter is located at 36 Kemal Ataturk Avenue, Banani, Dhaka — 1213, Bangladesh.[5] Second unicorn of the country, Nagad has been awarded as the fastest company in Bangladesh to reach the milestone of becoming a unicorn startup.[6] It is also first digital bank in the country.[7]

## Formation

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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.[8] The digital financial service was launched by the Bangladesh Post Office on 11 November 2018. It started operations on 26 March 2019,[9] celebrating the 48th Independence Day of the country.[4]

Nagad started its journey with demanding services like Cash-In, Cash-Out, Send Money, Mobile Recharge. More popular services like Bills Payment and E-commerce Payment gateway are now available.[10] 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 & life cycle time to one/tenth of market practice as well focusing on Paper-less environment.[11]

## Awards

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* Most Emerging Brand of Bangladesh (2023)[12][13]

* Mastercard Excellence Award (2023)[14][15]

* Best Innovative DFS-2021 (2022)[16][17]

## References

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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 becomes Bangladesh's fastest unicorn" (Press release). PR Newswire. Retrieved 31 July 2023.
7. ^ "Nagad, Kori to get licence to open full-fledged digital bank". Prothom Alo. Retrieved 24 October 2023.
8. ^ "Post Office launches digital financial service "Nagad"". Banglanews24.com. 11 October 2018. Retrieved 24 April 2019.
9. ^ নগদ'-সার্ভিস-উদ্বোধন-করলেন-প্রধানমন্ত্রী. Prothom Alo (in Bengali). Archived from the original on 1 July 2019.
10. ^ করোনা টেস্টের ফি প্রদান একমাত্র 'নগদ'-এ. Prothom Alo (in Bengali). Retrieved 19 September 2020.
11. ^ 'ডিজিটাল বাংলাদেশ' রূপকল্পেরই অংশ নগদ. Jugantor (in Bengali). Retrieved 19 May 2019.
12. ^ "Nagad honoured as 'Most Emerging Brand' of Bangladesh". The Business Standard. Retrieved 24 December 2023.
13. ^ "Nagad honoured as most emerging brand of Bangladesh". Bangladesh Sangbad Sangstha (BSS). 24 December 2023. Retrieved 24 December 2023.
14. ^ "Nagad wins Mastercard Excellence Award 2023". The Business Standard. Retrieved 27 November 2023.
15. ^ "Nagad gets Mastercard Excellence Award 2023". The Daily Star. 27 November 2023. Retrieved 27 November 2023.
16. ^ "Nagad receives Best DFS Innovative Award in Dubai". The Financial Express. Retrieved 22 January 2022.
17. ^ "Nagad receives Global Economics' Best DFS Innovative Award in Dubai". The Business Standard. 22 January 2022. Retrieved 22 January 2022.

## External links

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* Official website
* Nagad on Facebook