Bangladesh Post Office is going to introduce a digital financial service to increase people's financial freedom with additional security and control.
Dubbed Nagad, the service will be regulated under the ‘Bangladesh Postal Act Amendments 2010’ Section 3(2), a law made especially for the Bangladesh Post Office, said a press release.
The Postal Cash Card Service of Bangladesh Post Office, launched in 2010, was the first ever digital service extension under the then newly formed law. This particular service was introduced in accordance with the prime minister’s vision of ‘Digital Bangladesh’.
The postal division’s nationwide infrastructure and experience of providing financial services for more than a century were considered the main catalyst behind this initiative.
Regarding the increased transaction limit of the initiative, director general of the Bangladesh Post Office Sushanta Kumar Mandal said, “As a government organisation, we have the experience of more than a hundred years in managing financial transactions. Through our nationwide network of 9886 post offices and its employees, Bangladesh Postal Division is well equipped in tackling any irregularity in this digital financial sector with speed and efficiency.”
She added that the postal division has been successfully accommodating financial transactions for the marginal population under different projects of the World Bank, Red Cross, UNDP, a2i, WFP and others.