Business Tabloid, an international business magazine, has awarded Nagad as the Best Digital Financial Services of 2020, says a press release.
Nagad is the digital financial service of Bangladesh Postal Department.
Every year, Business Tabloid, headquartered in London, recognises companies on the international level, purely based on merits and expertise the company holds in its respective industry.
The awards are free to enter and are open to all companies in the globe, regardless of location, size, and ownership. The entries are evaluated by a committee of the publisher, research team, and editorial team of the magazine.
Nominations are evaluated based on various criteria such as innovations, accomplishments, and contributions.
About the recognition, Tanvir A Mishuk, managing director of Nagad, said, “We are delighted to achieve this award. We consider it as a recognition for our massive initiative aimed at technology adoption to achieve financial inclusion in the country. It is also our pride that business magazine like Business Tabloid studied us and has put Nagad on the winning list. Since the launch of the service, we have been working on financial inclusion with utmost importance, and this is a recognition to our relentless efforts.
Tanvir added that the technology that Nagad is using to include millions of unbanked people financially is undoubtedly the best in the country and the most modern in the world.
“In recent times, a lot of international organisations also testified to our technological innovation in payments and transactions. I believe this international recognition will motivate Nagad to work harder for the people of the country. This will also push forward the country to establish a cashless society.”
In October this year, Nagad, a growing digital financial service in the country, was selected as the best fintech startup for 2020 by Inclusive Fintech 50, a well-reputed group of global organisations founded by the MetLife Foundation and Visa.
In November, Nagad won the Digital Opportunity and Financial Inclusion Award from the World Information Technology and Services Alliance (WITSA).
From the beginning, Nagad has been using state-of-the-art technologies and implemented several innovations like Digital KYC for account opening, partnered mobile carriers to introduce “one-touch account opening procedure” by dialling *167# and send money to any phone, the latter of which has been copied by other service providers. These all played a tremendous role in taking the MFS industry forward.
Launched in March 2019, Nagad, one of the largest mobile financial services in Bangladesh, has on boarded about 25 million active subscribers, which account for 30 percent of MFS users in the country. Nagad has played a significant role in providing low-cost services. It has rolled out the lowest cash withdrawal charge among all the mobile financial service operators, charging Tk 9.99 per thousand.
Earlier, Nagad had introduced Tk 6.0 as the charge for every Tk 1,000 cash-out to cut the cost of doing business for five types of small businesses during the coronavirus pandemic.
Nagad is also offering "send money option" for free while other carriers are charging Tk 5 for each transaction.