Nagad wins Global Economics’ Best DFS Innovative Award
Nagad, the mobile financial wing of Bangladesh Post Office, has received the ‘Most Innovative Digital Finance Service’ Award of 2021 from the UK-based Global Economics Ltd, said a press release issued on Sunday.
The financial publication and bi-annual business magazine, which is well-known for its thoughtful insights into the financial sectors on various industries across the world, announced the award last week.
The Global Economics Awards’ agenda is to recognise the digital transformations related to technological innovation.
Launched in March 2019, Nagad has already been recognised for its innovative service across the world. Nagad’s innovation — the electronic Know Your Customer — was the first of its kind in Bangladesh. Riding on it, the MFS operator is making a solid contribution to the financial inclusion in the country.
Nagad, in partnership with mobile phone operators, has introduced an account opening system that takes only a few seconds, which is the first of its kind in the world. Anyone can open a Nagad account in just a few seconds by dialling *167# from their mobile phones and setting up the four-digit personal identification number.
Another milestone for Nagad is ensuring transparency and efficiency in the disbursement of government financial assistance and allowances. In 2021, Nagad has successfully disbursed 75 per cent of the social safety net funds, maintaining the highest level of transparency and efficacy.
Speaking about the award announcement of The Global Economics Limited, Tanvir A Mishuk, co-founder and managing director of Nagad, said, ‘Nagad has been working for the digitalisation of the country’s financial sector from the very beginning. The journey has not been smooth. However, any recognition makes the difficult journey easier and paves the way for moving forward. Innovation is the key to success for any digital company.’
‘We, at Nagad, always strive to come up with the best possible solutions for our customers. We believe that our customers deserve nothing less than the best, and we always perform that responsibility,’ he added.
In October 2020, Inclusive Fintech 50, a group of global organisations, selected Nagad as the best fintech start-up for 2020.
In the same year, Nagad won the World Information Technology and Services Alliance Global ICT Excellence Award 2020 as the first Bangladeshi MFS for its role in promoting financial inclusion. At the Digital Bangladesh Fair 2020, Nagad was awarded by the government for its contribution to building Digital Bangladesh.
Currently, the MFS carrier has 5.20 crore customers, and the daily transaction volume averages Tk 650 crore. Recently, Nagad has received excellent response from the market for its work under the slogan – Deshi Nagad-e Beshi Lave, where it mostly focuses on customers’ overall profit using Nagad.
News Courtesy:
https://www.newagebd.net/article/143420/nagad-wins-global-economics-best-dfs-innovative-award
