Nagad: the world’s fastest growing DFS operated by Bangladesh Post Office
With nearly 10,000 post offices, Bangladesh Post Office (BPO) has more outlets across the country than all banks in Bangladesh. BPO has agreements with banks and MTOs to deliver remittances, and aims to lead the country’s booming digital financial service (DFS) revolution. BPO launched Nagad, which facilitates the day-to-day financial transaction needs of an increasing part of the 50% un(der)banked population. Nagad combines the electronic money transfer system and postal cash card for transactions via cash-in, cash-out, and sending money. It also includes mobile top-up, utility bill payments, and e-commerce payment gateway, but not yet a link to postal savings. Nagad sets itself apart by ensuring meticulous customer service, operated by BPO and its technical partner. On 19 June 2020, the Asian Pacific Postal Union defined Nagad as the world’s fastest growing DFS.
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