Nagad posted its highest-ever monthly transaction volume in May, processing Tk44,639 crore as demand surged ahead of Eid-ul-Adha and more users turned to the mobile financial service platform for payments, remittances and government allowance disbursements.
The Bangladesh Post Office-backed mobile financial service provider also broke its single-day transaction record twice during the Eid week and reached a new high in active users, the company said in a press release on Monday.
The May transaction volume surpassed Nagad’s previous monthly record of Tk41,469 crore set in March this year.
Customers also transacted Tk40,301 crore through the platform in January, meaning Nagad has reset its transaction benchmark in four of the last six months.
The company said transaction demand accelerated during the Eid season as customers used the platform for cash-ins, cash-outs, inward remittances, mobile recharges, utility bill payments and merchant purchases.
Nagad also handled government allowance and financial aid distributions during the month, helping drive transaction growth further.
The platform crossed multiple daily transaction milestones during the Eid-ul-Adha period.
Transactions reached Tk2,105 crore on 20 May before climbing to Tk2,162 crore on 24 May.
After a one-day gap, daily transactions rose again to Tk2,177 crore on 26 May, setting a fresh single-day record for the company.
Bangladesh Bank-appointed Nagad Administrator Md Motasem Billah said lower transaction costs and customer-focused features were helping the platform attract more users.
“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,” he said.
“For every Tk1,000 cashed out, it saves customers Tk6.50. Among all existing mobile financial services in the country, Nagad still offers the lowest cash-out rates.”
Billah said free send-money services and incentives on inward remittance receipts had also contributed to rising customer confidence.
“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 linked the growth to Nagad’s technology upgrades, saying stronger security systems had helped build consumer trust in digital transactions.
Since launching operations, Nagad has focused on expanding digital transaction services to broader sections of the population, particularly unbanked users in rural areas.
The company said digitising financial services had accelerated transactions and contributed positively to the rural economy while supporting efforts to build a cashless society in Bangladesh.
