Nagad's electronic creation, “Know Your Customer” (e-KYC), was the first of its kind in Bangladesh
UK-based Global Economics Ltd. has handed Nagad, the “Most Innovative Digital Finance Service” award of 2021, for its initiatives on financial inclusion through an extraordinary mobile application.
The financial publication and bi-annual business magazine, which is prominent for its insights into the financial sectors of various industries around the world, announced the award last week. According to the magazine’s award policy, the award recognizes digital transformations related to technological innovation.
Launched in March 2019, Nagad, the mobile financial wing of the Bangladesh Post Office, has already been acknowledged for its innovative services globally. Nagad's electronic creation, “Know Your Customer” (e-KYC), was the first of its kind in Bangladesh.
Thanks to the innovation, Nagad, in partnership with mobile phone operators, has introduced an account opening system that only takes a few seconds, the first of its kind in the world.
According to a press release, people can now form a Nagad account within a matter of seconds, by dialing *167# from their mobile phones and adding in their four-digit Personal Identification Number (PIN).
With this innovation, one saves time, money and effort as users can now refrain from visiting physical locations or submitting papers.
Another milestone for Nagad is the assurance of transparency and efficiency during the disbursement of government financial assistance and allowances. In 2021, Nagad successfully lended 75% of social safety net funds, maintaining the highest level of transparency and efficacy.
Speaking about the award from Global Economics Ltd, Tanvir A Mishuk, co-founder and managing director of Nagad, said: “Nagad has been working for the digitalization of the country's financial sector from the very beginning. Overcoming the bumps in our journey and striving for Innovation, we, at Nagad, always aim to put forward the best possible solutions for our customers, as that is our responsibility towards them.”
In October 2020, Inclusive Fintech 50, a group of global organisations, selected Nagad as the best fintech startup for 2020, a rare recognition for any South Asian company.
In the same year, Nagad won the World Information Technology and Services Alliance (WITSA) Global ICT Excellence Award 2020, for being the first Bangladeshi MFS to play a role in promoting financial inclusion.
Currently, the MFS carrier consists of 5.20 crore customers, and the daily transaction volume averages at Tk650 crore.
Nagad has recently been applauded by the market for its work under the slogan– “Deshi Nagad-e Beshi Lave”, which focuses on the customers’ overall profit through the app.