Product type | Digital Financial Service |
---|---|
Country | Bangladesh |
Introduced | 26 March 2019 |
Markets | Nationwide |
Tagline | Digital Financial Service of Postal Department [1] [2] |
Website |
nagad |
Nagad ( Bengali: নগদ) is a Bangladeshi Digital Large Financial Service (DFS), [2] operating under the authority of Bangladesh Post Office, [1] an attached department of the Ministry of Post and Telecommunication (Bangladesh). [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 headquarter is located at 36 Kemal Ataturk Avenue, Banani, Dhaka — 1213, Bangladesh. [5] Second unicorn of the country, Nagad has been awarded as the fastest company in Bangladesh to reach the milestone of becoming a unicorn startup. [6] It is also first digital bank in the country. [7]
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. [8] The digital financial service was launched by the Bangladesh Post Office on 11 November 2018. It started operations on 26 March 2019, [9] celebrating the 48th Independence Day of the country. [4]
Nagad started its journey with demanding services like Cash-In, Cash-Out 2 Taka/minute, Send Money, 50% Bonus and Mobile Recharge. More popular services like Bills Payment and E-commerce Payment gateway are now available. [10] 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 & life cycle time to one/tenth of market practice as well focusing on Paper-less environment. [11]