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DHAKA, Bangladesh, 12 October 2022 /PRNewswire/ — Visa, the global leader in payment solutions, has provided Nagad, Bangladesh’s provider of disruptive mobile financial services, with the “Excellence in Fintech Product Innovation 2022” award in recognition of its innovations to advance the country’s financial inclusion goals.
Within three years of its existence, Nagad has introduced the electronic Know Your Customer (e-KYC) to Bangladesh utilize the country’s national identity card database.
Thanks to e-KYC, a mobile financial account can be opened without paper documentation from one’s smartphone – a move that has significantly reduced the financial sector’s client costs.
The fall in operating costs led to lower tariffs for customers, a disruptive move for the industry. It also made the platform more affordable for the poor and low-income.
To bring the feature phone users on board with the e-KYC process, Nagad has come up with a separate process for them: a Nagad account can be opened in minutes by dialing *167# from the feature phone and entering a PIN.
This was a big leap forward Bangladesh’s agenda for financial inclusion.
And those who do not yet have any Nagad account can also receive money from a Nagad account to their mobile number. When the Nagad account is opened, within three days, the amount received will appear in the balance. This is yet another contribution to innovation within Bangladesh’s the financial sector and towards building customers’ trust on the platform.
Today, thanks to Nagad’s ease of use, lower prices and inclusive strategy, it has leapfrogged the incumbents to become the preferred digital financial service provider of the masses and has amassed more than 65 million customers in just three and a half years.
Nagad is now building on this solid base to establish the country’s first digital bank, which will be another contribution to technological progress in Bangladesh’s the financial sector.
Tanvir A Mishuk, Founder and CEO of Nagad said, “Nagad is continuously working to introduce revolutionary payment solutions for Bangladesh keeping ordinary and marginal people in mind. This Visa award will definitely inspire us to introduce more such solutions that will make people’s lives easier.”
Soumya Basucountry manager, Bangladesh, Nepal & BhutanVisa, said: “We are pleased to recognize Nagad’s contribution through the ‘Excellence in Fintech Product Innovation 2022’ award and congratulate them.”
Nagad and Visa partnered on a solution a few months ago that allows consumers to use Nagad to transfer money directly from their wallet to any bank account linked to a Visa card.
About Nagad Ltd (
Nagad Limited is one of the leading mobile financial services (MFS) in the payments industry Bangladesh with 65 million registered customers and an average daily transaction of approx USD 80 million. The digital payment platform is known as a successful public-private partnership between the Bangladesh Postal Department and the private sector. Inaugurated in 2019 by Prime Minister Sheikh Hasina of the People’s Republic Bangladesh.
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