• Friday, Feb 03, 2023
  • Last Update : 10:24 am

Nagad hands 3.32C to postal department as revenue share in fiscal 2020-21

  • Published at 10:45 am September 20th, 2021

Earlier, in the financial year of 2019-20, the postal department received Tk1.12 crore from Nagad.

The mobile financial service Nagad is the most successful service of the Bangladesh post office in terms of revenue. 

The company handed over Tk3,31,94,877 to the authority for the fiscal year 2020-21 as its share, according to a press release. 

At a recent function at the secretariat, Secretary of Posts and Telecommunications Md Afzal Hossain have received a cheque mentioning the amount from Nagad’s Executive Director Md Shafayet Alam. 

Director-General of the Department of Posts Md Siraz Uddin and other senior officials were also present.

As per the agreement, the postal department is entitled to 51% of the total revenue generated from the services of Nagad and the remaining 49% goes to Nagad Limited. 

Earlier, in the financial year of 2019-20, the postal department received Tk1.12 crore from Nagad.

After receiving the cheque, Md. Afzal Hossain said the postal department and Third Wave Technologies Limited launched Nagad in 2017 under an agreement and reached a better stage after overcoming various ups and downs. 

He said: “Nagad has established a strong position among all the mobile financial services in the country. The customers and income of Nagad are increasing day by day. Nagad is owned by the Department of Posts and Telecommunications. It is well-recognized.” 

“Honorable Prime Minister herself started the transaction of Nagad with Tk 10,000. I believe that Nagad will play a huge role in serving the people and will contribute to building a cashless society,” he also added. 

He said, “Currently we are in the second position. I believe Nagad will be able to move to the top position very soon and serve the country and the people.”

Md Shafayet Alam said that from the very beginning, Nagad has been conducting all the activities as per the instructions of the postal department. 

The revenue received by the postal department in the just-concluded fiscal year was much higher than the previous year. 

In just two and a half years of its rollout as a service of the postal department, Nagad has revolutionized the country's mobile financial service market. 

Moreover, Nagad is disbursing various assistance and allowances of the government among the beneficiaries in a very transparent manner, starting from the Eid gift of the Honorable Prime Minister. 

Even during the coronavirus pandemic and lockdowns, Nagad has played an important role in keeping the lives of ordinary people normal with uninterrupted service. 

Nine countries, including Australia, Singapore and Japan, expressed their interest in introducing service in the model of Nagad during an event of the Asia Pacific Postal Union, an organization of the postal departments in various countries in the Asia-Pacific region.

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