Nagad

Nagad
Company type	Private
Founded	March 26, 2019; 5 years ago
Headquarters	Delta Dahlia Tower, 36, Kemal Ataturk Avenue, Banani, Dhaka 1213, Bangladesh
Area served	Bangladesh
Services	Mobile financial services
Parent	Bangladesh Post Office
Website	nagad.com.bd

Nagad (Bengali: নগদ) is a Bangladeshi digital financial service (DFS),^[1] operating under the authority of the Bangladesh Post Office,^[2] an attached department of the Ministry of Post and Telecommunication.^[3]

It is the new version of the previously introduced Postal Cash Card and Electronic Money Transfer System (EMTS) of the Bangladesh Post Office.^[4] Its headquarters is located at 36 Kemal Ataturk Avenue, Banani, Dhaka — 1213, Bangladesh.^[5] Nagad is the first digital bank in the country.^[6]

Operations

This financial service is regulated under the Bangladesh Postal Act Amendment 2010 Section 3(2), a unique law procured especially for the Bangladesh Post Office by the government of Bangladesh.^[7] The digital financial service was launched by the Bangladesh Post Office on 11 November 2018. It started operations on 26 March 2019,^[8] celebrating the 48th Independence Day of the country.^[4]

Nagad started its journey with demanding services like cash-in, cash-out, send money, and mobile recharge. More popular services like bills payment and e-commerce payment gateway are now available.^[9] From the very beginning, Nagad has its own mobile app for customers and partners. It also introduced a revolutionary customer on-boarding feature- DKYC (Digital KYC) blending Bangla OCR, automated identity verification and localized data that has minimized overall customer acquisition and life cycle time to one/tenth of market practice as well focusing on paper-less environment.^[10]

Awards

Most Emerging Brand of Bangladesh (2023)^[11]^[12]
Mastercard Excellence Award (2023)^[13]^[14]
Best Innovative DFS-2021 (2022)^[15]^[16]

Controversies

In January 2025, the Bangladesh Bank reported financial irregularities amounting to Tk 2,300 crore (approximately USD 210 million) in the operations of Nagad. The central bank alleged unreported transactions, regulatory non-compliance, and possible mismanagement of customer funds, raising serious concerns about transparency and oversight.^[17]^[18]

References

^ "About Us - Nagad".
^ Muhammad Zahidul Islam (22 October 2018). "Nagad to make MFS sector lopsided: Higher transaction limits may fuel suspicious transactions". The Daily Star. Archived from the original on 25 April 2019. Retrieved 24 April 2019.
^ "Tarana appoints 19 female drivers at post office". Dhaka Tribune. 10 April 2017. Archived from the original on 24 April 2019. Retrieved 16 April 2017.
^ ^a ^b "PM opens digital financial service Nagad". Dhaka Tribune. 26 March 2019. Archived from the original on 24 April 2019. Retrieved 24 April 2019.
^ "Nagad – Headquarters Locations, Products, Competitors, Financials, Employees". cbinsights.com. Retrieved 30 December 2022.
^ "Nagad, Kori to get licence to open full-fledged digital bank". Prothom Alo. Retrieved 24 October 2023.
^ "Post Office launches digital financial service "Nagad"". Banglanews24.com. 11 October 2018. Retrieved 24 April 2019.
^ নগদ'-সার্ভিস-উদ্বোধন-করলেন-প্রধানমন্ত্রী. Prothom Alo (in Bengali). Archived from the original on 1 July 2019.
^ করোনা টেস্টের ফি প্রদান একমাত্র 'নগদ'-এ. Prothom Alo (in Bengali). Retrieved 19 September 2020.
^ 'ডিজিটাল বাংলাদেশ' রূপকল্পেরই অংশ নগদ. Jugantor (in Bengali). Retrieved 19 May 2019.
^ "Nagad honoured as 'Most Emerging Brand' of Bangladesh". The Business Standard. Retrieved 24 December 2023.
^ "Nagad honoured as most emerging brand of Bangladesh". Bangladesh Sangbad Sangstha (BSS). 24 December 2023. Retrieved 24 December 2023.
^ "Nagad wins Mastercard Excellence Award 2023". The Business Standard. Retrieved 27 November 2023.
^ "Nagad gets Mastercard Excellence Award 2023". The Daily Star. 27 November 2023. Retrieved 27 November 2023.
^ "Nagad receives Best DFS Innovative Award in Dubai". The Financial Express. Retrieved 22 January 2022.
^ "Nagad receives Global Economics' Best DFS Innovative Award in Dubai". The Business Standard. 22 January 2022. Retrieved 22 January 2022.
^ "Tk2,300 crore irregularities detected in Nagad: Governor". The Business Standard. 12 January 2025. Retrieved 15 January 2025.
^ bdnews24.com. "Bangladesh Bank governor flags irregularities worth Tk 23bn at Nagad". Bangladesh Bank governor flags irregularities worth Tk 23bn at Na. Retrieved 15 January 2025.{{cite web}}: CS1 maint: numeric names: authors list (link)

External links

Official website
Nagad on Facebook

[About_Us_Nagad-1] "About Us - Nagad".

[lopsided-2] Muhammad Zahidul Islam (22 October 2018). "Nagad to make MFS sector lopsided: Higher transaction limits may fuel suspicious transactions". The Daily Star. Archived from the original on 25 April 2019. Retrieved 24 April 2019.

[3] "Tarana appoints 19 female drivers at post office". Dhaka Tribune. 10 April 2017. Archived from the original on 24 April 2019. Retrieved 16 April 2017.

[PM_opens-4] "PM opens digital financial service Nagad". Dhaka Tribune. 26 March 2019. Archived from the original on 24 April 2019. Retrieved 24 April 2019.

[5] "Nagad – Headquarters Locations, Products, Competitors, Financials, Employees". cbinsights.com. Retrieved 30 December 2022.

[6] "Nagad, Kori to get licence to open full-fledged digital bank". Prothom Alo. Retrieved 24 October 2023.

[PO_launches-7] "Post Office launches digital financial service "Nagad"". Banglanews24.com. 11 October 2018. Retrieved 24 April 2019.

[8] নগদ'-সার্ভিস-উদ্বোধন-করলেন-প্রধানমন্ত্রী. Prothom Alo (in Bengali). Archived from the original on 1 July 2019.

[9] করোনা টেস্টের ফি প্রদান একমাত্র 'নগদ'-এ. Prothom Alo (in Bengali). Retrieved 19 September 2020.

[10] 'ডিজিটাল বাংলাদেশ' রূপকল্পেরই অংশ নগদ. Jugantor (in Bengali). Retrieved 19 May 2019.

[11] "Nagad honoured as 'Most Emerging Brand' of Bangladesh". The Business Standard. Retrieved 24 December 2023.

[12] "Nagad honoured as most emerging brand of Bangladesh". Bangladesh Sangbad Sangstha (BSS). 24 December 2023. Retrieved 24 December 2023.

[13] "Nagad wins Mastercard Excellence Award 2023". The Business Standard. Retrieved 27 November 2023.

[14] "Nagad gets Mastercard Excellence Award 2023". The Daily Star. 27 November 2023. Retrieved 27 November 2023.

[15] "Nagad receives Best DFS Innovative Award in Dubai". The Financial Express. Retrieved 22 January 2022.

[16] "Nagad receives Global Economics' Best DFS Innovative Award in Dubai". The Business Standard. 22 January 2022. Retrieved 22 January 2022.

[17] "Tk2,300 crore irregularities detected in Nagad: Governor". The Business Standard. 12 January 2025. Retrieved 15 January 2025.

[18] ws24.com. "Bangladesh Bank governor flags irregularities worth Tk 23bn at Nagad". Bangladesh Bank governor flags irregularities worth Tk 23bn at Na. Retrieved 15 January 2025.{{cite web}}: CS1 maint: numeric names: authors list (link)

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