Nagad customers hit 8 crore 

Nagad, the fastest-expanding mobile financial service in the world, has reached a milestone of 8 crore customers. Recently, the country’s one of the leading MFS operators has gone past this landmark number. Such a quick onboarding of customers in only four years of its journey is really a great achievement. 

On Sunday (9 July 2023), Nagad celebrated such an accomplishment together with the return of its brand ambassador and Bangladesh’s cricket star Tamim Iqbal to international cricket after having reversed his retirement decision. A cake was cut at Nagad’s head office to mark these two joyous occasions. 

Responding to Prime Minister Sheikh Hasina’s call, Tamim Iqbal withdrew his retirement. Later, he came to Nagad’s office on Sunday to congratulate the company on its success in reaching a customer base of 8 crore.

During the time, Tamim Iqbal said, “Nagad will play a pivotal role in building a cashless society. It will continue to go ahead and acquire more customers at a pace even faster than it has reached the 8-crore milestone.”  

He also said, “I am a member of Nagad family. I followed Nagad even before I became part of it. It is very surprising that Nagad has acquired 8 crore customers in such a quick time. I have complete trust in Nagad family. I hope our customers will double soon.”

Tamim believes that Nagad is playing an important role in Bangladesh’s transition towards a cashless society as planned by Honourable Prime Minister Sheikh Hasina.
Prime Minister Sheikh Hasina formally inaugurated Nagad, a digital financial service of Bangladesh Postal Department, on 26 March 2019. And it in no time put a big impact on the market. In January next year, the company reached a milestone of 1 crore customers. In August of the same year, its customers increased to 2 crore. In 2021, Nagad’s customers reached 3 crore in March, 4 crore in April and 5 crore in June. The number of its customers surpassed the milestones of 6 crore and 7 crore in February and December 2022 respectively.

This time having achieved the 8-crore landmark, Nagad has now become an MFS provider of having the highest number of customers in the country. Nagad has acquired about 51,000 on average a day over the last four years with its daily transactions now hitting BDT 1,200 crore on average.

Nagad’s success in becoming customers’ first choice as well as its robust growth in transactions highlights its continuous innovations and introduction of products and services tailored to meet ever-changing consumer demand.

Talking about the milestone of 8 crore customers, Tanvir A Mishuk, founder and managing director of Nagad Limited, said, “The positive response that we have been receiving from our customers over the last four years encourages us to go for new innovations and expand our services. We want to bring all kinds of financial transactions of all the people in our country to a digital platform. In this way, Nagad will contribute to the country’s socioeconomic development.” 

Through its ground-breaking innovations of electronic know your customer (e-KYC) and digital KYC (*167#), Nagad has simplified the account opening process, bringing an end to cumbersome paperwork and giving a boost to financial inclusion. Such innovations also earned Nagad quite a few international recognitions.

Riding on Nagad’s such innovations, social safety net allowances and education stipends are now being disbursed through this state-owned MFS carrier. Besides, Nagad is distributing government aid and allowances of different ministries.