DHAKA, Bangladesh, May 24, 2024 /PRNewswire/ -- Within just three
years of its inception, Nagad, a leading mobile financial service
provider based in Bangladesh, has
established itself as the most successful startup unicorn in the
country, according to State Minister for Posts, Telecommunications
and Information Technology (ICT) Zunaid
Ahmed Palak.
At the same time, Nagad has contributed BDT 145 million – equivalent to more than
$1.2 million – to the government's
revenue earnings over the last four years, he noted.
The state minister made these remarks at an event of the
Bangladesh Association of Software and Information Services
(BASIS), the national trade body for the software and IT-enabled
service industry.
"Nagad is a partner of our Postal Department. Leveraging the
infrastructure, workforce, and policy support of this department,
they have become a successful startup unicorn within three years,
while also sharing BDT 145 million in
revenue with the government," the honourable state minister
elaborated.
Highlighting the role of the Postal Department and State
Minister Zunaid Ahmed Palak in
Nagad's rise, Tanvir A Mishuk, founder and chief executive officer
of Nagad Ltd., said, "The Postal Department has been supporting us
since the beginning of our journey, and the ICT minister has also
been by our side since then. Whenever we face a problem, he helps
us resolve it quickly."
Nagad is now going to launch a digital bank within a few months,
which will offer all financial services on a single digital
platform.
Mentioning special loan facilities for all BASIS members once
Nagad Digital Bank comes into operation, Tanvir A Mishuk pointed
out, "BASIS plays a crucial role in shaping policies in our IT
sector. I request that they contribute to policy updates as per
requirements. I promise that Nagad Digital Bank will provide
collateral-free loans for all BASIS entrepreneurs."
According to the revenue-sharing agreement, the Postal
Department is entitled to getting 51% of Nagad's income.
The Postal Department received BDT 11.2
million, equivalent to over $95,000, in 2020. As Nagad's services went on
expanding and its customer base continued to grow, the department's
revenue also increased proportionally. In 2021, Nagad's
contribution amounted to BDT 33.2
million, equivalent to more than $2,83,000, and the figure rose to BDT 45 million, equivalent to nearly $3,84,000 in the following year – 2022. In the
latest contribution, Nagad shared BDT 55
million, equivalent to nearly $4,70,000, with the department from its income
generated in 2023.
In 2023, Nagad received the "Fastest to Unicorn Award" from
Honourable Prime Minister Sheikh Hasina.
About Nagad Ltd (https://www.nagad.com.bd/)
Nagad Limited is one of the leading MFS operators in
Bangladesh's payment industry with
95 million registered customers and an average daily transaction of
more than USD 153 million. The
digital payment platform, known as a successful public-private
partnership between Bangladesh Postal Department and the private
sector, was inaugurated in 2019 by Honourable Prime Minister Sheikh
Hasina of the people's republic of Bangladesh.
Contact:
Lincoln Md. Lutforzaman
Sarker
Assistant Vice President
(AVP),
Media and Communications, Nagad
Limited.
Email: Lincoln.lutforzaman@nagad.com.bd
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