Nagad, IFIC Bank join hands to expand digital finance

Nagad Ltd and IFIC Bank PLC have signed an MoU to explore offering the bank’s savings and loan products through the Nagad app, potentially widening digital access to banking services.

The agreement was signed at IFIC Bank’s head office in Purana Paltan, Dhaka, on Monday, with potential services for Nagad customers, agents, distributors and merchants also covered, according to a press release.
IFIC Bank Managing Director Syed Mansur Mustafa and Nagad Administrator Md Motasem Billah were present at the signing ceremony.

IFIC Bank Deputy Managing Director (DMD) and Chief Information Officer (CIO) Md Monitur Rahman, Chief of Branch Business Helal Ahmed, and Nagad Chief Commercial Officer Mohummed Shahin Sarwar Bhuiyan signed the agreement on behalf of their respective organisations.

Under the MoU, the two sides will assess the feasibility of making IFIC Bank’s savings, lending and other banking products accessible through Nagad’s digital and distribution network. They will also examine viable business models and implementation options.

Mustafa said the initiative could bring savings and credit services closer to customers through digital channels. Billah said Nagad’s network of more than three lakh agents could help broaden access to financial services.

The initiative builds on the partnership between the two organisations that began in March 2021 with Nagad’s “Add Money” service, enabling customers to transfer funds from IFIC Bank accounts to Nagad wallets.