MoU signed to offer IFIC Bank savings, loan services on Nagad app

Mobile financial services provider Nagad Ltd. and IFIC Bank PLC have signed a memorandum of understanding (MoU) to explore the possibilities of launching new and modern digital financial services for Nagad customers, agents, distributors, and merchants.

The agreement was signed at IFIC Bank’s head office in Dhaka’s Purana Paltan area on Monday. IFIC Bank Managing Director Syed Mansur Mustafa and Nagad Administrator (BPO-Nagad) Md. Motasem Billah were present alongside senior officials from both organisations.

IFIC Bank Deputy Managing Director (DMD) and Chief Information Officer (CIO) Md. Monitur Rahman, along with Chief of Branch Business Helal Ahmed, and Nagad’s Chief Commercial Officer Mohummed Shahin Sarwar Bhuiyan signed the instrument on behalf of their respective organisations.

Under the MoU, the two organisations will jointly evaluate and assess the feasibility of introducing various modern financial services for Nagad’s customers, agents, distributors, and merchants. Under this initiative, opportunities will be reviewed to make IFIC Bank’s various banking, savings, and loan products more accessible through Nagad’s extensive digital and distribution network.

Highlighting the vision behind the initiative, IFIC Bank Managing Director Syed Mansur Mustafa said, “Through this partnership, an opportunity will be created to bring IFIC Bank’s savings and credit services closer to millions of customers across Bangladesh. By leveraging our banking capabilities with Nagad’s extensive digital network, we want to explore new possibilities of delivering credit and deposit services easily through digital channels. At the same time, this initiative will further strengthen the existing cooperation between the two institutions.”

Speaking on the occasion, Nagad Administrator (BPO-Nagad) Md. Motasem Billah said, “Nagad has an extensive network of over 3 lakh agents across the country. As a result, Nagad can play an effective role in bringing banking and financial services to more people across the nation. Through this MoU, we will jointly evaluate the possibility of providing wider financial services for customers, agents, distributors, and merchants. Combining IFIC Bank’s established banking capabilities with Nagad’s digital platform can create opportunities to further expand the scope of digital financial services in the country.”

Through the signing of this MoU, both institutions will jointly assess and evaluate the feasibility, viable models, and implementation opportunities of the proposed areas of business.

The collaboration between IFIC Bank and Nagad began in March 2021 through the ‘Add Money’ service, allowing customers to transfer money directly from their IFIC Bank accounts to their Nagad wallets. Building on this existing partnership, the new initiative aims to explore the potential of connecting IFIC Bank’s banking, savings, and lending products with Nagad’s customer and agent platforms.