Nagad, the mobile financial service of the Bangladesh Postal Department, has entered a strategic partnership with ONE Bank to expand digital financial transaction services for customers, under which remittances sent by expatriates through the bank will reach Nagad wallets.
Under the partnership, remittances sent through ONE Bank will reach the Nagad wallets of rural and marginalised populations faster and more easily, said a press release here today.
Expatriates can send money home through international exchange houses, Money Transfer Operators (MTOs) or banks. Nagad customers, including those in rural and remote regions, will be able to access these funds 24/7 from anywhere in the country.
Both institutions will also 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.
In a recent ceremony, at ONE Bank’s corporate headquarters in Gulshan, Nagad Chief Commercial Officer Mohummed Shahin Sarwar Bhuiyan and ONE Bank Deputy Managing Director Kazi Ziaul Islam put pen to papers on behalf of their respective organisations.
Mohummed Shahin Sarwar Bhuiyan said: “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,” he added.
Kazi Ziaul Islam 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.”
