NRB Bank PLC and Nagad, the mobile financial service of the Bangladesh Postal Department, have signed a strategic partnership agreement to expand financial services to remote areas and enable instant delivery of inward foreign remittances to Nagad wallets.
The agreement was signed at NRB Bank’s corporate head office in Dhaka, by Bangladesh Bank-appointed administrator of Nagad Md Motasem Billah and managing director and CEO of NRB Bank Tarek Reaz Khan.
Under the partnership, NRB Bank will use Nagad’s platform to extend services to areas where the bank has no physical branches. Inward foreign remittances sent through NRB Bank will reach beneficiaries’ Nagad wallets instantly, allowing recipients across the country to receive and use funds 24/7.
Tarek Reaz Khan said the partnership with Nagad would help modernise traditional banking transactions. He said the bank’s 109 branches and sub-branches face challenges in reaching remote areas, while Nagad’s network of over 300,000 agent points would expand its operational reach.
The two institutions also plan to expand services including nano-loans and corporate collection services under the agreement.
Officials from both organisations expressed optimism that the initiative would boost trade and commerce across the country.
