Nagad, the mobile financial service of the Bangladesh Post Office, shattered multiple transaction records in the recently concluded month of May. Alongside achieving the highest-ever monthly transactions in its history, the MFS platform also broke its single-day transaction records multiple times just ahead of Eid-ul-Adha. A new record was also  set for the number of active users, a press release said. 

In May, Nagad processed a total transaction volume amounting to BDT 44,639 crore. The company’s previous highest monthly record was set in March this year, when customers transacted BDT 41,469 crore. In addition, customers conducted transactions worth BDT 40,301 crore in January of this year. Notably, Nagad has rewritten its transaction milestones in at least four out of the last six months.

During the week of Eid-ul-Adha in May, the MFS provider broke its single-day transaction record twice. On 24 May alone, BDT 2,162 crore was transacted through Nagad. Following a one-day gap, the figure rose to BDT 2,177 crore on 26 May. Earlier, on 20 May, transactions stood at BDT 2,105 crore. 

Transaction needs normally surge during the Eid season. Consequently, customers relied heavily on Nagad for cash-ins, cash-outs, inward remittances, mobile recharges, utility bill payments, and merchant shopping. Furthermore, Nagad served as a primary channel for distributing government allowances and financial aid this month, further cementing its place in public trust.

Commenting on this growth trend, Md. Motasem Billah, the Bangladesh Bank-appointed administrator at Nagad, said, “Nagad offers a kind of features that easily attract customers. Since our costs are lower, Nagad is highly popular among the common people of our country. For every 1000 cashed out, it saves customers BDT 6.50. Among all existing mobile financial services in the country, Nagad still offers the lowest cash-out rates.”

“Moreover, other features like free send-money and maximum benefits on receiving remittances give users an edge. As a result, public trust in Nagad is rising daily, allowing us to consistently break our own records. I firmly believe that by maintaining this momentum, we will handle even larger transaction volumes in the future,” he added.

He also attributed this growing consumer confidence to Nagad’s technological advancements, which ensure maximum security for transactions.

Since its inception, Nagad has focused on bringing diverse transaction services to digital platforms, which has accelerated transactions and positively impacted the rural economy. By onboarding millions of unbanked citizens into financial systems, Nagad continues to play a vital role in building a cashless society.