Nagad’s daily transaction surpasses Tk200 crore milestone

The digital financial service of the Bangladesh Postal Department has recently crossed a major milestone as its daily transaction went past Tk200 crore.

This information was revealed by Tanvir A Mishuk, managing director of Nagad, at a ceremony on Thursday, reads a press release.

The government has set a target for Nagad to reach the Tk200 crore daily transaction mark by January next year. The country's fastest-growing digital financial carrier has achieved the target much ahead of that deadline.

Earlier in January this year, Nagad, the second-largest mobile financial service, carrier in the country, crossed the milestone of a daily transaction of Tk100 crore.

Mishuk attributed the rapid advancement of Nagad to the introduction of state-of-the-art technological innovations and customer-friendly services.

He said, "We are working towards the goal of making all conventional services available on Nagad under the slogan of 'Everything will be through Nagad'. And for that, we are working every day in the hope of achieving the impossible."

"Opening a Nagad account is just a dial away, and anyone can open the account by simply dialing *167# from their mobile phones. It was not possible anywhere else in the world, but Nagad has made it possible. There was a time when a lot had to be done to open an account. In just one and a half years of inception, Nagad has reached the milestone of Tk 200 crore. It is a great pleasure for us," he added.

Mishuk mentioned, Sajeeb Wazed Joy, Information and Communication Technology Affair adviser to the prime minister said Nagad should touch the Tk200 crore daily transaction mark before January 2021.

Having already achieved that milestone, Mishuk said, "I would like to thank and express our graduate to the Prime Minister for giving us the opportunity to serve the people."

At the same time, Mishuk also expressed his gratitude to Sajeeb Wajed Joy for advice and guidance.

In less than two years after its launch, 12,000 merchants have been added to Nagad's network. It is facilitating transactions on about 350 e-commerce platforms, the press release noted.

Paying the bills for all services, including electricity, water, gas and telephone, can now be done through Nagad without any additional cost. As well as, paying bills of more than 200 broadband internet companies and purchasing mobile airtime and various packages from Nagad are now just a matter of seconds.

Various financial activities of the government, especially the distribution of stipends for primary school students, various government grants and allowances will go through Nagad. As a result, the beneficiaries will receive the benefits as none can take any portion of their money. Apart from this, there is no additional risk to withdraw the money.

Nagad during the pandemic

Government provided financial assistance through digital channels to 50 lakh families who lost their jobs due to the Covid-19 lockdown. Of them, 17 lakh were distributed through Nagad. Also, on the 90th birthday of Bangamata Fazilatunnisa Mujib, allowances among distressed women were distributed using Nagad.

Nagad has put in place a system so that people can transfer money from VISA and MasterCard to their Nagad wallet while sitting at home during the pandemic, which allows people to pay the fees from their homes and at booths.

In addition, salaries and allowances of more than 2 lakh garment workers were distributed through Nagad during the pandemic.