Nagad

Nagad (Bengali: নগদ) is a Digital Financial Service (DFS)[1] in Bangladesh operating under the authority of Bangladesh Post Office,[2] an attached department of the Ministry of Post and Telecommunication (Bangladesh),[3] and operated by Third Wave Technologies Limited (TWTL). It is the new version of the previously introduced Postal Cash Card and Electronic Money Transfer System (EMTS) of the Bangladesh Post Office.[4]

Nagad
নগদ
Official logo
Product typeDigital Financial Service
CountryBangladesh
Introduced11 November 2018 (2018-11-11)
MarketsNationwide
TaglineDigital Financial Service[1] of Postal Department[2]
Websitenagad.com.bd

Nagad headquarters located at Kemal Atatürk Avenue in Dhaka, Bangladesh.

Formation

This financial service 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.[5] The digital financial service was launched by the Bangladesh Post Office on 11 November 2018. It started operations on 26 March 2019[6] 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, E-commerce Payment gateway are on the way.[7] From the very beginning, Nagad has its own Mobile App for Customers and Partners. It also introduced revolutionary Customer on-boarding feature- DKYC (Digital KYC) blending Bangla OCR, automated Identity verification and localized data that has minimized overall customer acquisition & life cycle time to one/tenth of market practice as well focusing on Paper-less environment.[8]

References
  1. "About Us". nagad. Nagad. Archived from the original on 24 April 2019. Retrieved 24 April 2019.
  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.
  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. "Post Office launches digital financial service "Nagad"". Banglanews24.com. 11 November 2018. Archived from the original on 24 April 2019. Retrieved 24 April 2019.
  6. নগদ’-সার্ভিস-উদ্বোধন-করলেন-প্রধানমন্ত্রী. Prothom Alo (in Bengali). Archived from the original on 1 July 2019.
  7. বার্তা, বিজ্ঞাপন. "করোনা টেস্টের ফি প্রদান একমাত্র 'নগদ'-এ". Prothomalo (in Bengali). Retrieved 19 September 2020.
  8. 'ডিজিটাল বাংলাদেশ' রূপকল্পেরই অংশ নগদ. Jugantor (in Bengali). Retrieved 19 May 2019.
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