DHAKA : Mobile
financial services provider Nagad Ltd. and IFIC Bank PLC have signed a
memorandum of understanding (MoU) to explore the possibilities of launching new
and modern digital financial services for Nagad customers, agents,
distributors, and merchants, a press release said.
The agreement was signed at IFIC Bank’s head office in
Dhaka’s Purana Paltan area on Monday. IFIC Bank Managing Director Syed Mansur
Mustafa and Nagad Administrator (BPO-Nagad) Md. Motasem Billah were present
alongside senior officials from both organisations.
IFIC Bank Deputy Managing Director (DMD) and Chief Information
Officer (CIO) Md. Monitur Rahman, along with Chief of Branch Business Helal
Ahmed, and Nagad’s Chief Commercial Officer Mohummed Shahin Sarwar Bhuiyan
signed the instrument on behalf of their respective organisations.
Under the MoU, the two organisations will jointly evaluate
and assess the feasibility of introducing various modern financial services for
Nagad’s customers, agents, distributors, and merchants. Under this initiative,
opportunities will be reviewed to make IFIC Bank’s various banking, savings,
and loan products more accessible through Nagad’s extensive digital and
distribution network.
Highlighting the vision behind the initiative, IFIC Bank
Managing Director Syed Mansur Mustafa said, “Through this partnership, an
opportunity will be created to bring IFIC Bank’s savings and credit services
closer to millions of customers across Bangladesh. By leveraging our banking
capabilities with Nagad’s extensive digital network, we want to explore new
possibilities of delivering credit and deposit services easily through digital
channels. At the same time, this initiative will further strengthen the
existing cooperation between the two institutions.”
Speaking on the occasion, Nagad Administrator (BPO-Nagad)
Md. Motasem Billah said, “Nagad has an extensive network of over 3 lakh agents
across the country. As a result, Nagad can play an effective role in bringing
banking and financial services to more people across the nation. Through this
MoU, we will jointly evaluate the possibility of providing wider financial
services for customers, agents, distributors, and merchants. Combining IFIC
Bank’s established banking capabilities with Nagad’s digital platform can
create opportunities to further expand the scope of digital financial services
in the country.”
Through the signing of this MoU, both institutions will
jointly assess and evaluate the feasibility, viable models, and implementation
opportunities of the proposed areas of business.
The collaboration between IFIC Bank and Nagad began in March 2021 through the ‘Add Money’ service, allowing customers to transfer money directly from their IFIC Bank accounts to their Nagad wallets. Building on this existing partnership, the new initiative aims to explore the potential of connecting IFIC Bank’s banking, savings, and lending products with Nagad’s customer and agent platforms.
