The world’s fastest growing mobile financial services Nagad is now the operator of four crore subscribers. Recently, the financial service of Bangladesh Postal Department has surpassed this landmark. At the same time, the daily turnover of ‘Nagad’ has crossed Rs 400 crore.
Such a success of a government service in just two years of launching commercial services has resonated around. During the ongoing Covid, the government has introduced digitalization in the distribution of various allowances, stipends and financial assistance to make it easier for the beneficiaries to reach the beneficiaries, ensure transparency and save government money.
In just ten months after the inauguration of the service by Hon’ble Prime Minister Sheikh Hasina on March 26, 2019, the ‘Nagad’ has crossed the landmark of one crore customers. It only takes six months to get the next one crore subscribers. It takes another seven months to come from two crores to three crores. And it took less than two months to get the last one crore subscribers.
To facilitate the customer’s account opening process, anyone can connect to ‘Nagad’ at any time by simply dialing * 16 # from any mobile phone. Launched in partnership with mobile phone operators, the service is also the first of its kind in the world. Earlier, e-KYC was launched for the first time in the country’s financial sector for customer registration and the response was ‘Nagad’. Following the path of ‘Nagad’, many more financial institutions have now introduced e-KYC in customer registration.
Due to all the innovative services of ‘Nagad’, the amount of transactions has been increasing from the beginning as expected. In early January 2020, the cash mark crossed the Rs 100 crore transaction mark. At the event, Mr. Sajeeb Wazed Joy, Information and Communication Technology Adviser to the Hon’ble Prime Minister, set a target of Rs. 200 crore in daily transactions within the next one year. Before that, however, the number of daily transactions doubled in December of the same year. The daily turnover was Rs 300 crore in March and Rs 400 crore in a week.
Mustafa Jabbar, Hon’ble Minister for Posts and Telecommunications, described the rapid advancement of ‘Nagad’ as a successful combination of cutting-edge technological innovation and the introduction of customer-friendly services. He said, “Success was inevitable as the postal service ‘Nagad’ was an excellent example of ensuring the freedom of financial transactions of the customers at a nominal price.” From the beginning I have been watching the progress of ‘Nagad’. The example of ‘Nagad’ in delivering services from the center to the edge through mobile phones is one of the best examples of the government’s digitization process. I believe that in a very short time, ‘Nagad’ will become the number one mobile financial service in the country. ”
Director General of the Bangladesh Postal Department. Siraj Uddin congratulated all the staff and customers involved in the service for this excellent achievement of ‘Nagad’ and said, “The name of the operator who has revolutionized the country in mobile financial services is ‘Nagad’. The rapid expansion of a government service has made me more confident than ever that ‘Nagad’ will remain an important part of the government’s vision for change. ”