DHAKA,
Bangladesh, July 31,
2024 /PRNewswire/ -- Bangladesh is set to enter
the digital banking era in the last quarter of this year, with
Nagad Ltd., the world's fastest-growing fintech startup founded by
Tanvir A Mishuk, leading from the front in terms of ascending into
this next wave in banking – first of its kind in this South Asian
country's history.
All have been done, from the employment of state-of-the-art
technologies to the development of AI for assessing customers'
credit rating to other necessary infrastructure. Now is the wait
for the right time to launch its full-fledged operations.
Nagad Founder and CEO Tanvir A Mishuk – an innovator with a
creative mind – was the first to conceptualise digital banking in
Bangladesh. He has persuaded
Bangladesh policymakers to
formulate digital banking guidelines, eventually securing a licence
to launch the country's first digital bank recently (03 June).
Mr. Tanvir is a magician who can turn challenging situations
into opportunities and create innovative disruptions – as evidenced
by his enviable success in establishing Nagad as a unicorn in only
four years and securing the Nagad Digital Bank PLC license.
One of his most significant accomplishments was the introduction
of e-KYC in Bangladesh, a
groundbreaking innovation that simplified the account-opening
process. The USSD-based customer acquisition allows the opening of
a financial account by dialling *167# on any phone. This innovation
has rapidly brought many unbanked people into the fold of financial
inclusion, with 55% of the population now having access to
financial services.
Under Mr. Tanvir's leadership, Nagad quickly captured a top
market position, thanks to its easy and convenient products and
services offered at the market's lowest charge. This significantly
increased financial access for millions of underserved people.
Nagad became crucial for government disbursements to distressed
people, digitising disbursements and revolutionising education
stipend payments. Nagad has now become the sole channel for
government disbursements, distributing nearly USD 2 billion annually.
Nagad's unique products and services have set new benchmarks in
the country's financial industry, meeting local needs and
attracting international attention for their innovative approaches
and effectiveness. Tanvir's relentless work has been recognised
with numerous local and international accolades, including the
Fastest to Unicorn Award from Prime Minister Sheikh Hasina, Kotler
Iconic Achiever of the Year-2023, and WITSA Global ICT Excellence
Award 2020, among others.
Nagad CEO Tanvir A Mishuk said, "Banking services will be at
people's fingertips, saying goodbye to in-person bank visits. We
will offer collateral-free loans at single-digit interests,
introduce micro savings schemes, and provide solutions to
day-to-day transactions."
About Nagad Ltd (https://www.nagad.com.bd/)
Nagad Limited is one of the leading mobile financial services
in Bangladesh with 90 million
registered customers and daily transactions of more than
$153 million on average. The digital
platform, 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.
Ends
Contact:
Lincoln Md. Lutforzaman
Sarker
Assistant Vice President
(AVP),
Media &
Communications,
Nagad Limited.
Email:
lincoln.lutforzaman@nagad.com.bd
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SOURCE Nagad Limited