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Business EconomyPosted at: Feb 19 2021 3:22PM


Nagad driving digital transformation in Bangladesh

Dhaka, Feb 19 (UNI) A year ago when Coronavirus pandemic brought everything to a halt across the world, digital technology not only made work from home possible and connected people but also made digital payments widespread.
The pandemic provided an opportunity to a newbie digital platform, Nagad which came to the rescue of business entities in Bangladesh as well as common people for transferring money from their bank accounts and also enabled people to pay the prescribed fees for Covid-19 tests.
Nagad, meaning cash, promoted online payments, e-commerce and utility bill payments in a big way in Bangladesh.
“We showed the ability to solve some of the daunting challenges faced by the people, and that is reason we got massive business success,” said Tanvir A Mishuk, managing director of Nagad.
Bangladesh government is using the digital financial technology to disburse safety net allowances to the millions, who live in the far-flung areas. With impressive economic growth predictions, Bangladesh has gone full throttle in allowing Nagad to develop technology for instant opening of a mobile financial service account which in turn has ensured large scale financial inclusion in one of the most densely populated nations in the world.
Nagad has emerged as a successful model of public-private partnership in Bangladesh and joined hands with leading mobile phone carriers to implement a system giving freedom to people in terms of payments and transactions.

The Nagad chief pointed out that people in Bangladesh never rolled in the economy as they were used to keeping their money under their pillow or into the paddy warehouse.
Mishuk, a young Bangladeshi change-maker, has been instrumental in changing payment behavior of people, bringing the unbanked money to the formal channel and digitalizing the financial industry.
Nagad has become one of the fastest-growing digital financial service providers globally and has so far included more than 30 million active users to the financial system.
Launched by Prime Minister Sheikh Hasina in March 2019, Nagad has introduced digital KYC (know your customer) which initially faced severe criticism from the existing players. However, within a few months, the process became popular and a majority of banks are now using this process for opening bank accounts that earlier took about a week and involved multi-page tedious forms.
Nagad is also distributing government allowances among 8.85 million senior citizens, widows, destitute women, insolvent people with disabilities and physically challenged students. The government has set aside about $700 million during 2020-21 fiscal year for the programme and out of it three-fourths will be channelled through Nagad which is also engaged in distributing the stipend and allowances for educational accessories among 15 million primary school students in Bangladesh.
In April last year, Prime Minister Hasina launched the initiative to disburse government assistance among 1.7 million people, who lost jobs during Covid-19 pandemic, through Nagad’s network.
Nagad currently controls about 30 per cent market share and plans to raise it to at least 50 per cent by this year marking 50th anniversary of independence of Bangladesh. The start-up has partnered with Bangladesh Post Office in also digitalizing the century-old post office.
The platform has also won several international honors for driving financial inclusion using technology. In November, the World Information Technology and Services Alliance (WITSA) awarded it with the WITSA Global ICT Excellence Award 2020.

“People now currently transacting more than $35 million a day using Nagad mobile wallets, I think a massive shifting of payment transaction behavior in Bangladesh where people use to avoided formal financial channels,” said Mishuk.
To ensure these services, Nagad, the second largest digital financial service provider in Bangladesh, already appointed 240,000 agents across the country and partnered with more than 12,000 merchants.
UNI VT SB 1521
Tags: #Nagad driving digital transformation in Bangladesh
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