Dhaka: Nagad, the mobile financial service provider, and Bengal Commercial Bank have signed a strategic partnership to facilitate digital financial transactions, including Add Money, remittance disbursement, and transactions through the National Payment Switch Bangladesh (NPSB). Under the agreement, Nagad will maintain a Trust Cum Settlement Account with Bengal Commercial Bank, while the partnership aims to streamline digital financial services between the two institutions, as stated in a press release today.
According to Bangladesh Sangbad Sangstha, the agreement is expected to enhance business operations between the two organizations and facilitate inward remittances sent through the bank directly to families in remote parts of the country via the Nagad network. The signing ceremony took place at Bengal Commercial Bank's head office in Gulshan on Sunday, with KM Awlad Hossain, Managing Director of Bengal Commercial Bank, and Md. Motasem Billah, Bangladesh Bank-appointed Administrator of Nagad, signing the agreement on behalf of their respective organizations.
The partnership will also simplify customer integration and onboarding processes for both entities, which, according to the organizations, will contribute to expanding financial inclusion and accelerating cashless transactions nationwide. Speaking at the event, Motasem Billah highlighted that Nagad's network spans every city, village, and neighborhood from Teknaf to Tetulia, allowing customers to access services such as bill payments, cashouts, cash-ins, and other digital transactions.
Billah emphasized the importance of leveraging Nagad's extensive network by financial institutions like Bengal Commercial Bank to offer services such as nano-loans, EMIs, and DPS, which he believes will contribute to driving the country towards a cashless economy. Awlad Hossain remarked that the partnership would facilitate easier, faster, and more secure digital financial transactions by creating deposit and loan opportunities for customers.
He further noted that the initiative would play a significant role in expanding remittance services and cashless transactions. The release mentioned that Nagad has been conducting various initiatives to encourage digital transactions and boost legal remittance inflows. Currently, users can make payments through the Nagad app at 10 lakh Bangla QR merchant outlets across the country.