Nagad, the mobile financial service that has simplified the financial inclusion process through state-of-the-art innovations, has created 3.35 crore new customers alone in 2021, lifting the financial service of the postal department to a unique height.
From January 1 to December 22 this year, more than 94 thousand new subscribers, on average, joined the network of Nagad every day. According to the latest figures, Nagad has 5.80 crore registered customers. Attractive and affordable services of Nagad and easy account opening process have made it easy for the people from far and wide to be connected with digital services.
Speaking about the achievement, Tanvir A Mishuk, Managing Director of the disruptive mobile payment service carrier said, “Nagad has brought about revolution to the mobile financial service in the country since its inception. Nagad became the best mobile financial service in the country three years ago for ensuring digital services for customers and due to its customer-friendly, easy and affordable service. We promise that Nagad will amaze everyone with many newer services in the future.”
Just by dialing *167#, 2.01 crore people have joined Nagad in the last one year, which is a new record for opening accounts in the mobile financial sector. With this, the company has set a shining example of accelerating financial inclusion in Bangladesh through the use of technologies.
One of the best innovations of Nagad is the method of opening an account by dialing *167#, which has changed the entire mobile financial sector in the whole 2021. Because of the innovation, any individual can now connect with the network of Nagad by simply dialing *167# from any mobile phone operator and setting a four-digit PIN. There were days at the beginning of the year when about two and half lakh people joined the Nagad every day by opening the account under the process. This state-of-the-art technology of Nagad has already received considerable response in the international arena and has won multiple international accolades.
Nagad is the first country in Bangladesh to have introduced an account opening process by uploading the picture of both sides of a national identification card through the mobile app. Hon’ble Prime Minister Sheikh Hasina inaugurated Nagad on March 26, 2019 by opening her own account in this process. Although the process was initially criticized by many, later MFS operators, banks and other financial institutions started following the same procedure to open accounts. This year, 35 lakh accounts have been opened with Nagad in this process.
The use of Nagad is increasing day by day thanks to simplification of the account opening. That is why the download of Nagad app has gone up manifold. As a result, Nagad app was placed in the top chart of Play Store on various occasions of the year.
Besides, the mobile financial service operator has played an important role in distributing government allowances, including the allowances of the social safety net programmes. Nagad has played a key role in ensuring transparency in the disbursement of allowances among the marginalized beneficiaries. Under this process, more than 98 lakh new accounts have been added to Nagad network. The government has disbursed BDT 5,065 crore under the social safety net programmes in the last financial year through MFS operators, of which 75 per cent was disbursed by Nagad.