Nagad wins global award for innovation

Staff Correspondent

12 July, 2021 12:00 AM printer

Nagad, the mobile financial wing of Bangladesh Post Office, has received yet another prestigious global recognition.

The UK-based Global Economics Limited has crowned Nagad with the “Most Innovative Digital Finance Service” Award of 2021, said a press release.

The award has been given for Nagad’s outstanding initiatives on financial inclusion through the development of an extraordinary mobile application.

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. The award was announced last week.

According to the magazine’s award policy, the technology holds the key to various industrial innovations and prosperity. The Global Economics Awards’ agenda is to recognize 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 (e-KYC), 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 has been working for the digitalization of the country's financial sector from the very beginning,” said Tanvir A Mishuk, co-founder and managing director of Nagad.

Earlier in October 2020, Inclusive Fintech 50, a group of global organisations, selected Nagad as the best fintech startup for 2020, a rare recognition for any South Asian company.

Currently, the MFS carrier has 5.20 crore customers, and the daily transaction volume averages Tk 650 crore.

Nagad said it recently received excellent response from the market for its work under the slogan – Deshi Nagad-e Beshi Laabh - where it mostly focuses on customers' overall profit using Nagad.