Corporate
Nagad Surpasses 80 Million Customers Milestone
Nagad, the mobile financial service of Bangladesh Post Office, has reached an impressive milestone of serving eight crore customers. The leading MFS operator in the country achieved this remarkable feat within just four years of its establishment.
To celebrate this achievement, Nagad held a special event at its head office, coinciding with the return of its brand ambassador and cricket star, Tamim Iqbal, to international cricket after reversing his retirement decision. A cake-cutting ceremony marked the joyous occasion, as stated in a press release.
Responding to Prime Minister Sheikh Hasina’s call, Tamim Iqbal withdrew his retirement and visited Nagad’s office to congratulate the company on its success in reaching the eight crore customer base. Tamim praised Nagad’s role in driving the transition to a cashless society, emphasizing its potential to acquire customers even faster in the future.
Nagad was officially inaugurated by Prime Minister Sheikh Hasina on March 26, 2019. The company reached one crore customers in January 2020, followed by two crores in August of the same year. In 2021, the customer count surpassed three crores in March, four crores in April, and five crores in June. The milestones of six crore and seven crore were achieved in February and December 2022, respectively.
With the recent milestone of eight crore customers, Nagad has emerged as the MFS provider with the highest number of customers in Bangladesh. The company has been adding an average of 51,000 customers per day over the past four years, and its daily transactions now average Tk 1,200 crore.
Nagad’s success in becoming customers’ preferred choice and its rapid transaction growth reflect its continuous innovation and introduction of tailored products and services to meet evolving consumer needs.
Tanvir A Mishuk, the founder and managing director of Nagad Limited, expressed gratitude for the positive response received from customers, which encourages the company to pursue new innovations and expand its services. Mishuk emphasized Nagad’s goal of digitizing all financial transactions in Bangladesh, contributing to the country’s socioeconomic development.
Nagad’s innovative solutions have enabled the disbursement of social safety net allowances, education stipends, and government aid through its MFS platform. The company has become a trusted partner in delivering various ministry-related allowances and benefits.
Grameenphone (GP) and bKash Partner to Simplify Financial Inclusion
Grameenphone, a leading smart connectivity provider in Bangladesh, has teamed up with bKash, the country’s largest Mobile Financial Service (MFS) provider, to enable seamless bKash account openings directly through the MyGP app. This innovative feature sets a new standard for accessibility and ease of use in mobile financial services.
The integration within the MyGP app marks a pioneering initiative, being the first of its kind in Bangladesh. This collaboration reinforces Grameenphone and bKash as major innovators in their respective industries. According to a press release, this partnership allows customers to register for bKash accounts by simply clicking on a dedicated section within the MyGP app.
With user consent and a few verifications, customers are swiftly directed to the bKash registration platform, where they can complete the eKYC (electronic Know Your Customer) process. This streamlined procedure enables customers to quickly access a wide range of financial services offered by bKash. Initially, this service is available to Android users through the MyGP app.
New customers who open a bKash account via the MyGP app will receive a bonus of up to Taka 125, encouraging them to explore the diverse features and services provided by the bKash platform.
Expressing his enthusiasm for the partnership, Yasir Azman, CEO of Grameenphone, stated, “At Grameenphone, our customers are at the heart of everything we do. Our collaboration with bKash reflects our customer-centric approach and our commitment to promoting financial inclusion and digital empowerment to create a Smart Bangladesh.”
Kamal Quadir, Founder and CEO of bKash, echoed this sentiment, adding, “Financial inclusion and inclusive services have been part of bKash’s DNA since its inception. This innovative joint initiative with Grameenphone will allow customers to instantly access various financial services, contributing to the digital ecosystem. This increased accessibility will enable more customers to embark on Bangladesh’s cashless journey.”
Startup Bangladesh Limited has unveiled a strategic investment of BDT 1 crore in Pulse Tech Ltd, a move set to revolutionize digital healthcare in Bangladesh. This significant investment signals a profound commitment to bolstering the nation’s digital healthcare sector.
During a formal signing ceremony in Dhaka, attended by key figures including Md. Shamsul Arefin, Chairman of the Board of Directors at Startup Bangladesh, and Senior Secretary of the ICT Division, alongside Sami Ahmed, Managing Director of Startup Bangladesh, the investment was officially announced. Also present were Arefeen Raafi Ahmed, Co-founder and Managing Director, and Kazi Ashikur Rasul, Co-founder and CEO of Pulse Tech Ltd, along with senior management.
Pulse Tech Ltd. is renowned for its innovative solutions tailored for the retail pharmaceutical industry in Bangladesh. Their comprehensive B2B SaaS platform empowers retail pharmacies to efficiently source products, manage inventory, and track transactions in a seamless digital environment. With a mission to eliminate counterfeit and expired products from the market, Pulse Tech aims to transform retail pharmacies into comprehensive healthcare hubs, offering services such as diagnostic test booking, telemedicine, and medicine supply.
Md. Shamsul Arefin underscored the strategic importance of the investment, stating, “Investing in Pulse Tech Ltd. is a strategic move to enhance our national healthcare infrastructure. Through this investment, we aim to enable Pulse Tech to innovate and expand its services in the retail pharma industry, crucial for advancing healthcare technology in Bangladesh.”
Sami Ahmed, Managing Director of Startup Bangladesh, echoed this sentiment, expressing, “We believe in the transformative potential of technology and are proud to partner with Pulse Tech as they drive digital healthcare innovation. Our investment reflects our confidence in their vision and our commitment to nurturing startups vital for technological advancement and economic growth.”
With this injection of capital, Pulse Tech is poised to accelerate technology development and expand operations, focusing on improving the efficiency of retail pharmacies and accessibility of authentic medicines nationwide. The investment from Startup Bangladesh is anticipated to have a significant impact on the healthcare sector, providing state-of-the-art solutions to meet the evolving needs of the Bangladeshi population.
Arefeen Raafi Ahmed, Co-founder and Managing Director of Pulse Tech Ltd., expressed excitement about the partnership, stating, “We are thrilled to welcome Startup Bangladesh as our newest investor. Their guidance and support will be instrumental in helping us achieve our organizational goals and positively impact Bangladesh’s retail pharmaceutical industry and healthcare landscape.”
This strategic alliance between Startup Bangladesh and Pulse Tech Ltd. marks a pivotal step towards a technologically advanced and health-conscious Bangladesh.
Following the merger of EXIM and Padma, BASIC Bank is now set to merge with City Bank. The decision was reached during a meeting held today (8 April) at the Bangladesh Bank. Sources within the central bank revealed that the merger will be voluntary. This significant decision emerged from a meeting between Bangladesh Bank Governor Abdur Rauf Talukdar and City Bank’s Chairman Aziz Al Qaiser and Managing Director (MD) Mashrur Arefin.
Previously, on 19 March, the board of City Bank received a recommendation to merge with Basic Bank. Subsequently, discussions ensued between the boards of both City Bank and Basic Bank. Officials from both banks engaged in internal discussions regarding this matter. Despite the merger, sources indicate that the two banks will continue to report separate financials for the next three years.
