Postal Department’s mobile financial service Nagad and Community Bank Bangladesh PLC have signed a strategic partnership agreement to ensure simpler, faster, and seamless digital financial services for customers. This agreement will facilitate remittances, fund transfers, and other digital services while expanding the business operations of both institutions, a press release said.

The agreement was signed on Thursday at the head office of Community Bank Bangladesh PLC, Police Plaza Concord, in Gulshan-1, Dhaka. Bangladesh Bank-appointed Nagad Administrator Md. Motasem Billah and Mohammed Emtiaz Uddin, Managing Director of Community Bank Bangladesh PLC, signed the agreement on behalf of their respective organisations.

Under the agreement, remittances received through Community Bank will be easily delivered to expatriates’ families through Nagad’s extensive network. In addition, the customer onboarding and system integration processes between the two institutions are being streamlined to make them more efficient.

Using Nagad’s digital platform, money sent by expatriates will reach customers almost instantly. As a result, beneficiaries of expatriates, including those in remote and underserved areas, will be able to receive their remittances conveniently and seamlessly. Highlighting the remittance integration, both institutions confirmed that foreign earnings will reach beneficiaries almost instantly through Nagad’s digital platform, ensuring hassle-free cashouts even in rural areas.

Speaking at the event, Nagad Administrator Md. Motasem Billah said, “Traditional banking operations are costly in any country. As digital transactions grow, operational expenses decrease significantly, and Nagad is actively working toward that goal. We look forward to building an even stronger partnership between Nagad and Community Bank in the future.”

Managing Director of Community Bank Bangladesh PLC Mohammed Emtiaz Uddin said, “Both organizations aim to jointly offer a plethora of digital services to customers, including nano loans and micro-DPS. This partnership will extend beyond a simple agreement, further strengthening our business ties and collaboration in the future.”

From Community Bank Bangladesh PLC, CAMLCO and Chief Operating Officer Shamsul Haque Sufyani; CITO, Head of RMD & Head of Digital Financial Services Md. Tanjim Morshed Bhuiyan; Head of Corporate Banking & Head of Business (Branch) Dr. Md. Ariful Islam; and Head of Transaction Banking, Agent Banking & Foreign Remittance Sk. Parvez Marakar, along with other senior officials of the bank, were present at the event.

Representing Nagad, Chief Commercial Officer Mohummed Shahin Sarwar Bhuiyan, Head of Remittance Md. Ahsanul Hoque Bashar, Head of Bank, FI, Insurance & MFI Istiaque Ahmed Shawon, Senior Business Development Manager Shah Imran, and Senior Manager Paik Ikbal Hossain, along with other senior officials of the organisation, attended the ceremony.

To facilitate seamless digital payments, Nagad recently introduced ‘Bangla QR’, further advancing Bangladesh’s journey toward a cashless economy.