Dhaka:Nagad, the mobile financial service of the Bangladesh Postal Department, has formed a strategic partnership with ONE Bank to enhance digital financial transaction services. This collaboration will enable remittances sent by expatriates through ONE Bank to be delivered directly to Nagad wallets.
According to Bangladesh Sangbad Sangstha, the partnership aims to ensure that remittances sent through ONE Bank reach the Nagad wallets of rural and marginalized populations more swiftly and efficiently. A press release highlighted that expatriates can send money home through various channels, including international exchange houses, Money Transfer Operators (MTOs), or banks. As a result, Nagad customers, especially those in rural and remote areas, will have 24/7 access to these funds.
The collaboration will also explore the potential introduction of features allowing customers to pay monthly savings deposit scheme (DPS) installments and EMIs for different loan products, such as ONE Bank's nano loans, through Nagad in the future.
During a recent ceremony at ONE Bank's corporate headquarters in Gulshan, Nagad Chief Commercial Officer Mohummed Shahin Sarwar Bhuiyan and ONE Bank Deputy Managing Director Kazi Ziaul Islam formalized the agreement on behalf of their organizations. Bhuiyan emphasized that delivering remittances through ONE Bank directly to customer wallets will enable people, particularly in remote areas, to receive and use these funds at any time. He expressed hope that adding features for loan and DPS installment payments will simplify daily financial transactions for customers.
Kazi Ziaul Islam noted that Nagad's extensive network across the country allows customers in remote regions, where opening a bank branch may not be feasible, to receive remittances and make loan and DPS payments through Nagad.