Nagad crossed the landmark of 10 million customers just 10 months after its inauguration
Nagad, the digital financial arm of the Bangladesh Post Office, has recently surpassed the 40 million user landmark, along with passing the Tk400 crore mark of the daily transaction in only two years since launching.
“It is a time of great joy for us to have reached the milestone of Tk400 crore transaction in just two years of inception. It came as we have continued our innovative efforts,” said Tanvir A Mishuk, managing director and co-founder of Nagad in response to the achievement.
Nagad crossed the landmark of 10 million customers just 10 months after Prime Minister Sheikh Hasina inaugurated the service on March 26, 2019, the company said in a press release.
It took six months to get onboard the next 10 million subscribers, and another seven months to raise the number of users from 20 million to 30 million.
Furthermore, it took less than two months to add the last 10 million customers, the press release adds.
The fastest account-opening system of Nagad rolled out in partnership with mobile phone operators is the first of its kind globally. Earlier, Nagad created a buzz after pioneering e-KYC (know your customers) in the country’s financial sector for customer registration.
Following in the footstep of Nagad, many financial institutions have now introduced e-KYC.
The firm’s transactions crossed the Tk100-crore mark in January 2020. At one of the events at the time, Sajeeb Wazed Joy, information and communication technology adviser to the prime minister, set a target of Tk200 crore in daily transaction volume within the next one year.
However, daily transaction volume doubled in December of the same year.
Daily transactions crossed Tk300 crore in March, and in one month, it crossed Tk400 crore last week.
Posts and Telecommunications Minister Mustafa Jabbar described the rapid advancement of Nagad as a successful combination of technological innovation and the introduction of customer-friendly services.
“Nagad’s success has become inevitable after it set an excellent example by ensuring the freedom of financial transactions for customers at a nominal price. I have been watching the progress of Nagad from the beginning,” he said.
The example Nagad has set in delivering services from the centre to the remotest parts of the country through mobile phones is, in fact, one of the best examples of the government’s digitalization process, the minister added.
“I believe Nagad will become the number one mobile financial service in the country in a very short time,” Jabbar further said.
Md Siraz Uddin, director general of Posts, said Nagad has revolutionized mobile financial services (MFS) in Bangladesh.
“The rapid expansion of the government service has made me more confident than ever that Nagad will remain as an important part of the government’s vision for change,” he added.
There are currently 12,000 merchants on Nagad’s network with 500 e-commerce platforms, according to the company.
The bills of all utilities, including electricity, water, gas, and broadband internet can be paid through Nagad without any additional cost.
It is also easy to recharge mobile balance and buy various packages from Nagad.
There has been a radical change in the allowance distribution system of the government after Nagad disbursed the Eid gift from the prime minister last year among the people who lost jobs to Covid-19.
The social safety net allowance and the stipend of students to the mobile wallets of 10 million mothers was also distributed through Nagad.
This year, Nagad will disburse 45% of the prime minister’s Eid gift.