Nagad, the mobile financial service of the Bangladesh Postal Department, has entered into a strategic partnership with Bengal Commercial Bank PLC to make digital financial transactions easier, faster, and more convenient for customers.
The signing ceremony took place on Sunday at the head office of Bengal Commercial Bank in the capital’s Gulshan area. Md Motasem Billah, the Bangladesh Bank-appointed administrator of Nagad, and KM Awlad Hossain, managing director of Bengal Commercial Bank PLC, signed the agreement on behalf of their respective organisations.
Under the agreement, Nagad will maintain a Trust Cum Settlement Account with Bengal Commercial Bank, reads a press release.
The partnership is expected to boost business operations between the two institutions and streamline digital transactions for users. This includes various digital financial services, such as Add Money, remittance disbursement, and transactions through the National Payment Switch Bangladesh (NPSB) between Bengal Commercial Bank PLC and the Nagad Wallet.
Additionally, Nagad will help deliver inward remittances sent through the bank directly to families in remote parts of the country more quickly and easily. The agreement is also expected to simplify customer integration and onboarding processes for both entities, enabling broader financial inclusion and helping accelerate the growth of cashless transactions nationwide.
Speaking at the event, Nagad Administrator Md Motasem Billah highlighted the wide reach of the mobile financial service. “Nagad’s network spans across every city, village, and neighbourhood from Teknaf to Tetulia. Customers can rely on Nagad anywhere for bill payments, cashouts, cash-ins, and all digital transactions,” he said.
Billah added, “Why should Nagad use this vast network alone? Instead, we want financial institutions like Bengal Commercial Bank to leverage our network to offer their services, such as nano-loans, EMIs, and DPS. I believe this will truly drive the country towards a cashless economy.”
Bengal Commercial Bank Managing Director KM Awlad Hossain said the strategic partnership will make digital financial transactions easier, faster, and more secure by creating deposit and loan opportunities for customers. “At the same time, this initiative will play an important role in expanding remittance services and cashless transactions,” he added.
The signing ceremony was attended by senior officials from both organisations, including Bengal Commercial Bank AMD & CBO Nasim Sekander and DMD & CTO Dr Md Rafiqul Islam.
Nagad was represented by Senior Associate Administrator Probal Ahmed, Chief Financial Officer Afzal Ahmed, Head of Business Sales Md Saidur Rahman Dipu, and Head of Remittance Department Md Ahsanul Hoque Bashar.
Nagad has been actively conducting various initiatives to encourage digital transactions and boost legal remittance inflows. Currently, users can make payments via the Nagad app at 10 lakh Bangla QR merchant outlets across the country.
