Nagad, the mobile financial service of the Bangladesh Postal Department, has entered a strategic partnership with ONE Bank PLC to expand digital financial transaction services for customers, a press release said.
The agreement was signed recently at a ceremony held at ONE Bank’s corporate headquarters in Gulshan, Dhaka.
Mohummed Shahin Sarwar Bhuiyan, chief commercial officer of Nagad, and Kazi Ziaul Islam, deputy managing director of ONE Bank, signed the agreement on behalf of their respective organisations.
Under this strategic partnership, remittances sent by expatriates through ONE Bank will reach rural and marginalised populations’ Nagad wallets faster and more easily. Expatriates can send their hard-earned money home through international exchange houses, Money Transfer Operators (MTOs) or banks. Nagad customers, also those in rural and remote regions, will be able to access these funds 24/7 from anywhere in the country.
Besides, both institutions will explore the feasibility of introducing features that allow customers to pay monthly savings deposit scheme (DPS) installments and EMIs of different loan products, including ONE Bank’s nano loans, through Nagad in the future.
Speaking at the event, Mohummed Shahin Sarwar Bhuiyan, chief commercial officer of Nagad, said: “This partnership with ONE Bank will further expand the reach of digital financial services delivered via Nagad. By delivering remittances sent through ONE Bank directly to customer wallets, people, particularly in remote parts of the country, can receive and utilise these funds at any time. Furthermore, we hope that adding features to pay loan and DPS installments will make daily financial transactions even easier for our customers.”
Kazi Ziaul Islam, deputy managing director of ONE Bank, said: “Nagad has an extensive and strong network across the country. Using this network, customers in remote areas where opening a bank branch is not feasible can receive remittances and pay loans and DPS installments through Nagad. Simultaneously, by assessing the feasibility of launching ONE Bank’s nano loan service via Nagad’s digital platform, we aim to introduce innovative services tailored to customer needs.”
The ceremony was also attended by Md. Ahsanul Hoque Bashar, head of Remittance at Nagad, along with Senior Managers Shah Imran and Paik Ikbal Hossain. Representing ONE Bank were Iftekhar Ahmed Zafar, Deputy Managing Director; A. K. M. Salah Uddin Khan, EVP and Head of Public Sector (Liability); Choudhury Maksudul Haq, SVP and in-charge, International Division; Asma Noorjahan, VP and Head of Public Sector (Cash Management); A. K. M. Abdullah-Al-Mamun, SAVP and in-charge, Remittance Unit; along with other senior officials from both organisations.
