Nagad launches remittance service

 Nagad, a mobile financial service provider (MFS) of the Bangladesh Postal Department, on Thursday (23 March) launched remittance services with approval from the Bangladesh Bank.  

The state-owned MFS has also started a bonus campaign to encourage remittance inflows through legal channels, reads a press release. 

As per the release, expatriate Bangladeshis in different countries can remit their money to their families back home through Nagad instantly and safely at low costs, which will help to shore up the country's forex reserves, thus, strengthening the financial industry. 

Under the campaign that will run till 30 April this year, customers will get a cash bonus of up to Tk200 alongside the government incentive of Tk25 per Tk 1,000 while they receive remittances in their Nagad wallets.  

A customer receiving remittances amounting to Tk 10,000 or more in his or her Nagad account will get Tk100 as a cash bonus. Each customer will be eligible for a maximum of Tk200 in bonus during the campaign period. 

Nagad's remittance services will be available 24 hours a day and 365 days a year. So, anyone from any corner of the world can promptly send home remittances.   

Expatriates can remit money to Bangladesh at a low cost from all European Union countries, including Italy, the United States, the United Kingdom, Canada, Qatar, Kuwait, Oman, United Arab Emirates, Saudi Arabia, Singapore and Japan. 

Remittances can be sent via Nagad from these countries through partner exchange houses, money transfer operators or banks. 

Initially, expatriates can immediately send remittances to Nagad wallets through partner exchange houses of Sonali Bank Limited PLC, Mutual Trust Bank Limited, NCC Bank Limited, Bank Asia Limited, Social Islami Bank Limited and Trust Bank Limited. Gradually, Nagad will expand its remittance services all over the world through all banks in the country, says the release.  

Speaking on the launch of the remittance service, Tanvir A Mishuk, founder and managing director of Nagad Limited, said, "From the beginning, we have been working to make people's daily life easier. As part of it, today, we have added remittance to our people-centric services, which will enable our expatriates abroad to instantly send home money at a low cost." 

"Nagad also assures its customers of the lowest charge in the market for inward remittances," he noted.  

Tanvir Mishuk also said, "Remittance is a prime pillar of our economy. We feel proud to have been involved in the legal process of raking up remittances, which will benefit our country." 

"We will always stay beside our expatriate men and women with many more affordable services, he noted, adding, "I strongly believe that they all will support Nagad in this journey," he added.