Nagad is gaining more than 50,000 customers daily
According to a press release on Sunday, Nagad, a prominent mobile financial services provider in Bangladesh, has been adding an average of 50,800 customers to its network daily over the past four years, thanks to its continuous innovations in delivering affordable products and services to its customers.
Since its launch by Prime Minister Sheikh Hasina on March 26, 2019, Nagad has been offering seamless services to its customers to meet their evolving needs.
With a customer base of around 7.43 crore, the state-owned MFS operator has contributed to the widespread adoption of digital financial transactions.
As per the press release, Nagad’s substantial customer base now translates into average daily transactions of Tk1,000 crore and sometimes even more.
Nagad, which started as a mobile money carrier under the Bangladesh Postal Department, quickly expanded and gained a strong foothold in the MFS market. Nagad has always offered a variety of services at affordable rates, and even for free, saving customers around Tk1,000 crore annually.
According to Tanvir A Mishuk, the founder and managing director of Nagad, the company is dedicated to bringing comfort and financial freedom to people’s lives by providing quality services at the lowest prices on the market. Nagad is currently working on delivering a complete digital financial solution to its customers.
Read more: Nagad launches campaign ahead of Eid-ul-Fitr
Since entering the MFS market, Nagad has achieved many milestones with its customer-centric products and services. Its electronic know-your-customer (e-KYC) system has been a game-changer, as customers can open accounts within a minute by using their national identity card and a selfie taken with their smartphones. Other MFS providers and banks have adopted Nagad’s e-KYC system, which has reduced their costs of doing business.
Nagad has also made agreements with the Bangladesh Telecommunication Regulatory Commission (BTRC) and telecom operators to add all mobile subscribers to its platform, enabling feature phone users in rural areas to gain access to mobile financial services. Such innovations have earned Nagad many accolades at home and abroad.
Nagad provides various services at minimal costs, including the lowest cash-out charge in the market at Tk 9.99. The state-owned MFS also pioneered free services such as send money and bill pay, which many other MFS operators have since adopted. Nagad’s innovative and people-friendly services have onboarded 7.43 crore people in just four years, making it the fastest-growing company in the industry.
Read more: Nagad launches campaign ahead of Eid-ul-Fitr
Nagad has also digitalised disbursements of government allowances and education stipends, ensuring transparency and reaching intended beneficiaries directly. In the last two years, Nagad has disbursed 75% of all social safety net allowances, such as old-age allowance and widow allowance, and has also disbursed stipends to primary school children with transparency and accuracy. The government’s costs of disbursements have decreased significantly as a result of Nagad’s efforts.
Nagad is now working towards establishing a digital bank to provide all financial services at people’s fingertips.
