Nagad ignites SDGs thru' digital financial inclusion in Bangladesh

DHAKA, Bangladesh, July 14, 2023 /PRNewswire/ -- Nagad, the world's fastest-growing mobile money carrier based in Bangladesh, has been instrumental in speeding up this South Asian country's journey towards achieving sustainable development goals (SDGs) through its relentless efforts in the form of digital financial inclusion of underserved people.

The SDGs were adopted by United Nations in 2015 with a universal call for action to end poverty, protect the planet, and ensure that by 2030 all people enjoy peace and prosperity. In terms of meeting SDGs, Bangladesh has had positive outcomes in areas, such as poverty eradication, education, health, employment, gender equality, and financial inclusion.

Nagad is working with the government as its development partner and is leading the way towards attaining SDGs.

By leveraging state-on-the-art technologies and disruptive innovations, Nagad has expanded access to financial services, particularly for unbanked and underbanked individuals. People can easily open accounts digitally, make instant transactions, and access various financial services using this platform. The company has recently reached the milestone of 80 million registered customers, with its daily transactions reaching over USD111 million on average.

The MFS carrier provides a convenient and secure means for individuals, especially in remote areas, to store, transfer money using their mobile phones and engage in economic activities, thus empowering people who previously lacked access to traditional banking services.

The state-owned mobile money operator also digitalised G2P payments, such as social safety allowances, education stipends, and other financial aid. By digitising such payments, Nagad ensures faster, more efficient, and transparent disbursements, reducing leakage and ensuring that funds reach the intended beneficiaries promptly. In this way, it is helping Bangladesh government find sustainable solutions to alleviate poverty and achieve food security. It has so far disbursed over USD 1.85 billion among beneficiaries.

Nagad has simplified the account opening process which does not require any paperwork. People now can open accounts either through e-KYC on smartphones or by simply dialling *167# on their feature phones. Thus, the use of papers has reduced, resulting in a positive impact on environment.

Tanvir A Mishuk, founder and managing director of Nagad Limited, said, "We think development should be sustainable. Keeping this in mind, we have been working as a development partner of the government since we entered the mobile financial market. Nagad is making a clear contribution to at least 9 out of the 17 SDGs."

The SDGs can be a stepping stone to reach our goal of Smart Bangladesh by 2041. In this case, Nagad will be a powerful tool, he noted.

About Nagad Ltd (https://www.nagad.com.bd/)

Nagad Limited is one of the leading MFS operators in Bangladesh's payment industry with 80 million registered customers and an average daily transaction of over USD 111 million. The payment platform, known as a successful public-private partnership between Bangladesh Postal Department and the private sector, was inaugurated in 2019 by Prime Minister Sheikh Hasina of the people's republic of Bangladesh.