Industry

Bkash in persuasion to raise Nagad’s cash-out charge

DHAKA Mobile Financial Services (MFS) operator bKash is in persuasion to raise the cash-out charge of digital financial service provider Nagad on the ground of creating level playing field.

To this end, the MFS operator sent a letter to the Posts and Telecommunication Division, seeking policy support from the government for their smooth business operation.

Talking to BSS, Posts and Telecommunications Minister Mustafa Jabbar today said Nagad, being an entity of Bangladesh Post Office, will run operation with own style considering business case.

We would operate Nagad's business pinning upon our own goal prioritizing the interest of country's mass people, he added.

Prime Minister Sheikh Hasina officially inaugurated operation of Nagad on 26 March, 2019 and within the short span of time, Nagad has expanded service network across the country. On January 10, Nagad has exceeded milestone of Taka 100 crore in daily transactions.

Officials familiar with the process said bKash has been persuading in different tiers of policymakers to re-fix Nagad's cash-out charge to Taka 18.50 and as part of this process it also met high ups of government.

They said if the new charge is set, MFS transaction cost of mass people would be increased, resulting bKash would get business benefit by extending its monopoly stake further in the market. Market insiders said bKash has been charging Taka 20 for per Taka 1,000 since long while Nagad is currently offering customers the most value for money cash-out charge in the industry which is Taka 14.50 for per Taka 1,000. In addition, Nagad is also offering of Taka 5.00 cash back for per Taka 1,000 cash-in, they added.

They said Nagad has been moving ahead with different offers to bring equilibrium in the market.

Source: Bangladesh Sangbad Sangstha (BSS)