NRB Bank PLC has signed an agreement with Nagad, the mobile financial service of the Bangladesh Postal Department, to make financial transactions easier, more affordable, and convenient for customers both customers.
The agreement was signed at NRB Bank's corporate head office in the capital’s Gulshan.
Under this partnership, NRB Bank will leverage Nagad’s platform to extend services to remote areas where the bank lacks physical branches.
Officials expressed optimism that this initiative will boost trade and commerce significantly across the country.
MD and CEO of NRB Bank Tarek Reaz Khan said: “We aim to modernize traditional banking transactions. Partnering with a service provider like Nagad is crucial for us. Through our 109 branches and sub-branches nationwide, reaching remote areas remains challenging. Utilizing Nagad’s network of over 300,000 agent points will significantly broaden our operational scope.”
Md Motasem Billah, Bangladesh Bank-appointed administrator of Nagad, and Tarek Reaz Khan, managing director and CEO of NRB Bank, signed the agreement on behalf of their respective organizations.
Under the deal, inward foreign remittances sent through NRB Bank will reach beneficiaries’ Nagad wallets instantly in remote areas.
As a result, recipients across the country can receive and use remitted funds 24/7.
Additionally, both institutions plan to expand services including nano-loans and corporate collection services.