Nagad hands over Tk3.32cro to postal department as revenue share

The mobile financial service Nagad handed over Tk3.32 crore to the authority of Bangladesh Post Office as its revenue share for the fiscal year 2020-21.

At a recent function at the Secretariat, Secretary of Posts and Telecommunications Md Afzal Hossain received the cheque from Nagad Executive Director Md Shafayet Alam. 

Director-General of the Department of Posts Md Siraz Uddin and other senior officials were also present.

As per the agreement, the postal department is entitled to 51 percent of the total revenue generated from the services of Nagad and remaining 49 percent goes to Nagad Limited. 

Earlier, in the financial year of 2019-20, the postal department received Tk1.12 crore from Nagad.

The postal department and Third Wave Technologies Limited launched Nagad in 2017 under an agreement and reached a better stage after overcoming various ups and downs. 

Secretary Md Afzal Hossain said, "Nagad has established a strong position among all the mobile financial services in the country. The customers and income of Nagad are increasing day by day. The Prime Minister herself started the transaction of Nagad with Tk10,000. Nagad is owned by the Department of Posts and Telecommunications. It is well-recognised. I believe that Nagad will play a huge role in serving the people and will contribute to building a cashless society." 

He said, "Currently we are in the second position. I believe Nagad will be able to move to the top position very soon and serve the country and the people."

Nagad Executive Director Md Shafayet Alam said that from the very beginning, Nagad has been conducting all the activities as per the instructions of the postal department. The revenue received by the postal department in the just-concluded fiscal year was much higher than the previous year. He hopes that with the trust and love of the people, Nagad will be able to earn more revenues for the postal department in the coming days.

In just two and a half years of its rollout as a service of the postal department, Nagad has revolutionized the country's mobile financial service market. As a result, the common people of the country can enjoy all the latest services, including the lowest cash-out charge. Anyone can open a Nagad account in a few seconds by dialing *167# on any mobile phone anytime, from anywhere.

Moreover, Nagad is disbursing various assistance and allowances of the government among the beneficiaries in a very transparent manner, starting from the Eid gift of the Hon'ble Prime Minister. Even during the coronavirus pandemic and lockdowns, Nagad has played an important role in keeping the lives of ordinary people normal with uninterrupted service. Nagad has built a position in the market in a very short time on the back of the people's interest and trust.

Nine countries, including Australia, Singapore and Japan, expressed their interest in introducing service in the model of Nagad during an event of the Asia Pacific Postal Union, an organization of the postal departments in various countries in the Asia-Pacific region.