Nagad wins best digital financial service award

Business Tabloid, an international business magazine, has awarded Nagad as the best digital financial service provider of 2020.

The state-owned mobile financial service, a concern of Bangladesh Post Office, was evaluated based on its merits and expertise it held among other MFS providers, said a press release.

Nominations every year are evaluated by an independent committee selected by the London-based Business Tabloid, based on various criteria such as innovations, accomplishments, and contributions.

"It is also our pride that business magazine like Business Tabloid studied us and has put Nagad on the winning list. Since the launch of the service, we have been working on financial inclusion with utmost importance, and this is a recognition to our relentless efforts," said Tanvir A Mishuk, managing director of Nagad.

In November, Nagad won the Digital Opportunity and Financial Inclusion Award from the World Information Technology and Services Alliance (WITSA).

In October, Inclusive Fintech 50, a group of global organisations founded by the MetLife Foundation and Visa, selected Nagad as the best fintech startup for 2020.

Launched in March 2019, Nagad, the second-largest MFS carrier of the country, has already had about 2.5 crore active subscribers, which account for 30 per cent of the MFS user base in Bangladesh. It plays a significant role in providing low-cost services.

Nagad has been making rounds for offering the lowest withdrawal charge among all the mobile financial service (MFS) operators in the country, charging Tk 9.99.

Earlier, aiming to stand beside five types of small businesses, Nagad also introduced Tk 6 as the charge for every Tk 1,000 withdrawn to cut their cost of doing business during the coronavirus pandemic.