Nagad, the mobile financial service of the Bangladesh Postal Department, has signed an innovative agreement with NRB Bank PLC to make financial transactions easier, more affordable, and convenient for customers.

The agreement was signed at NRB Bank’s corporate head office in the capital’s Gulshan. Under this partnership, NRB Bank will leverage Nagad’s platform to extend services to remote areas where the bank lacks physical branches. Officials expressed optimism that this initiative will boost trade and commerce significantly across the country.

Md. Motasem Billah, Bangladesh Bank-appointed administrator of Nagad, and Tarek Reaz Khan, managing director and CEO of NRB Bank, signed the agreement on behalf of their respective organisations.

Under the deal, inward foreign remittances sent through NRB Bank will reach beneficiaries’ Nagad wallets instantly in remote areas. As a result, recipients across the country can receive and use remitted funds 24/7. Additionally, both institutions plan to expand services including nano-loans and corporate collection services.

From Nagad, Chief Commercial Officer Mohummed Shahin Sarwar Bhuiyan and Head of Remittance Md. Ahsanul Hoque Bashar attended the signing ceremony among others. Representing NRB Bank were Deputy Managing Directors Anwar Uddin and M. Rashidul Huda, Head of Branch Banking Md. Towfiqul Alam Chowdhury, Head of Transaction Banking Md. Arifuzzaman, and Acting Head of Remittance Syed Mahfuz Ali and other high officials.

At the event, Nagad Administrator Md. Motasem Billah said, “Fintech will transform traditional transaction systems in the coming days. Inter-institutional collaboration is essential to meet the demands of the time. Nagad is moving forward by fulfilling this need, making a positive contribution to the national economy.”

MD and CEO of NRB Bank Tarek Reaz Khan said, “We aim to modernise traditional banking transactions. Partnering with a service provider like Nagad is crucial for us. Through our 109 branches and sub-branches nationwide, reaching remote areas remains challenging. Utilising Nagad’s network of over 300,000 agent points will significantly broaden our operational scope.”

Nagad has launched multiple initiatives to encourage digital transactions and promote legal remittance channels. It regularly conducts awareness and reward-based campaigns for expatriates and their families. Recently, under a campaign titled “Har Na Mana Har”, Nagad offered foreign remittance recipients the chance to win gold necklaces. Furthermore, Nagad has expanded cashless transaction capabilities by launching “Bangla QR” payments and integrating with the National Payment Switch Bangladesh (NPSB), enabling users to make payments at 10 lakh Bangla QR merchant outlets nationwide via the Nagad app.