Nagad ( bn, নগদ) is a

Bangladeshi Bangladeshis ( bn, বাংলাদেশী ) are the citizens of Bangladesh, a South Asian country centered on the transnational historical region of Bengal along the eponymous bay. Bangladeshi citizenship was formed in 1971, when the ...

Digital Financial Service (DFS), operating under the authority of

Bangladesh Post Office The Bangladesh Post Office ( bn, বাংলাদেশ ডাক বিভাগ) also known by trade name Bangla Post is a government-operated agency responsible for providing postal services in Bangladesh. It is a subsidiary of the Ministr ...

, an attached department of the Ministry of Post and Telecommunication (Bangladesh),. It is the new version of the previously introduced Postal Cash Card and Electronic Money Transfer System (EMTS) of the

. Nagad also becomes the 2nd Unicorn

startup A startup or start-up is a company or project undertaken by an entrepreneur to seek, develop, and validate a scalable business model. While entrepreneurship refers to all new businesses, including self-employment and businesses that never intend t ...

(a startup whose valuation is $1 billion or more) in

Bangladesh Bangladesh (}, ), officially the People's Republic of Bangladesh, is a country in South Asia. It is the eighth-most populous country in the world, with a population exceeding 165 million people in an area of . Bangladesh is among the mos ...

, after

bkash bKash ( bn, বিকাশ) is a mobile financial service in Bangladesh operating under the authority of Bangladesh Bank as a subsidiary of BRAC Bank Limited. This mobile money system started as a joint venture between BRAC Bank Limited, Bangl ...

. Nagad headquarters located at Kemal Atatürk Avenue in

Dhaka Dhaka ( or ; bn, ঢাকা, Ḍhākā, ), formerly known as Dacca, is the capital and largest city of Bangladesh, as well as the world's largest Bengali-speaking city. It is the eighth largest and sixth most densely populated city ...

, Bangladesh.

Formation

In 2017 "Third Wave Technology Ltd" makes an agreement with Bangladesh Post Office (BPO) for Mobile Financial Service (MFS) under BPO. Though BPO had no ownership of Third Wave Technologies Ltd, there was profit sharing between them. Third Wave Technologies Ltd was renamed as Nagad Ltd in February 2019 allegedly without informing BPO. In March 2019, Nagad Ltd started out as the mobile financial service (MFS) of the Bangladesh Post Office (BPO) as "Nagad" brand. In June 2021, BPO declared it will own 51% share, while the remaining 49% share will be held by Nagad Ltd. Now, the government has set out to form a new subsidiary to help it secure a full-fledged licence from the central bank. 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 The Government of the People's Republic of Bangladesh ( bn, গণপ্রজাতন্ত্রী বাংলাদেশ সরকার — ) is the central executive government of Bangladesh. The government was constituted by the Con ...

. The digital financial service was launched by the Bangladesh Post Office on 11 November 2018. It started operations on 26 March 2019, celebrating the 48th Independence Day of the country. 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 A payment gateway is a merchant service provided by an e-commerce application service provider that authorizes credit card or direct payments processing for e-businesses, online retailers, bricks and clicks, or traditional brick and mortar. The p ...

are now available. From the very beginning, Nagad has its ow
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.

Awards

* Best Innovative DFS-2021 (2022)

References

External links

* * {{authority control Internet properties established in 2019 Financial services companies established in 2019 Mobile payments Mobile payments in Bangladesh 2019 establishments in Bangladesh Payment service providers Online payments Government agencies of Bangladesh