Daily transactions of Nagad, a leading mobile financial service provider in Bangladesh, have increased by around Tk 100 crore on an average, following the Postal Department taking on the responsibility to oversee its operations.
According to sources at the Postal Department, customers are responding positively after the department took over Nagad’s operational responsibilities, leading to this notable growth in daily transaction volume, said a press release on Saturday (May 17).
Nagad, operating under a revenue-sharing agreement with the Postal Department, has seen an encouraging response from customers since the transition. As a trusted state institution, the Postal Department is delivering mobile financial services (MFS) to citizens through Nagad, it added.
This public trust, combined with cost-effective and reliable services, has contributed to an average daily increase of Tk 100 crore in transaction volume, the Postal Department stated.
According to an office order issued last Thursday, the Postal Department was directed to assume full operational responsibility of Nagad following a stay order issued by the Appellate Division of the Supreme Court on the Bangladesh Bank’s appointment of an administrator to the company. The directive was issued by Faiz Ahmad Taiyeb, special assistant to the Chief Adviser.
In response, a committee was formed to oversee all necessary actions, including on-site supervision at Nagad’s headquarters and relevant locations, and to submit periodic reports.
Committee members include Director Md. Abu Taleb and Md. Aminur Rahman of the Postal Directorate. Other members are Postal Attaché SM Wadudul Islam, Programmer Md. Moniruzzaman, DPMG Sanjit Chandra Pandit, Md. Shaheduzzaman Sarkar, Khandaker Shahnur Sabbir, and AKM Moniruzzaman.
Regarding the recent surge in Nagad’s daily transactions, Nagad CEO Md. Shafayet Alam said, “From the get-go, Nagad has been working to make people’s lives easier. That’s why we are dreaming of further expanding our services with over 8 crore customers. With our customers’ trust, we have stood firm in the market despite various rumours, misinformation, and confusion. We believe we can offer even better services in the future.”
“Customer trust in Nagad, operating under the revenue-sharing agreement with the Postal Department, has always existed and will continue to do so,” he added.
In August last year, the Bangladesh Bank appointed an administrator to Nagad, which was challenged in court by the current CEO, Md. Shafayet Alam. Last week, the Chamber Judge of the
Appellate Division stayed the High Court’s verdict that allowed the administrator’s appointment. As a result, the previous board can now continue overseeing Nagad’s operations without any legal obstacle.