Nagad digital bank will launch this year in Bangladesh image credit shutterstock

Nagad is to launch a digital bank within a few months, offering all financial services on a single digital platform. The mobile financial service provider has 95 million registered customers and average daily transactions of more than $153m. Nagad launched as a public-private partnership between Bangladesh Postal Department and the private sector.

According to the revenue-sharing agreement, the Postal Department receives 51% of Nagad’s income.

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Within three years of its inception, Nagad has established itself as the most successful startup unicorn in the country.

At the same time, Nagad has contributed BDT145m ($1.2m) to the government’s revenue earnings.

Tanvir Mishuk, founder and CEO, Nagad, said: “The Postal Department has been supporting us since the beginning of our journey. The Minister for Posts, Telecommunications and Information Technology has also been by our side since then. Whenever we face a problem, he helps us resolve it quickly.”

The Bangladesh Association of Software and Information Services (BASIS), the national trade body for the software and IT-enabled service industry, will benefit once Nagad launches its digital bank.

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Mishuk added: “BASIS plays a crucial role in shaping policies in our IT sector. I request that they contribute to policy updates as per requirements. I promise that Nagad Digital Bank will provide collateral-free loans for all BASIS entrepreneurs.”

Around three-in-four adults in Bangladesh still do not have an account with a bank or non-bank financial institution. The World Bank’s Global Findex Database includes Bangladesh as among the top seven countries that have a sizeable unbanked population. The central bank has permitted Nagad Digital Bank and Kori Digital Bank to set up digital banks in Bangladesh to boost financial inclusion.