Nagad Digital Financial Services in Bangladesh

Table of Contents

Introduction

Nagad, a prominent digital financial services provider in Bangladesh, is spearheading a transformation in the country’s financial landscape. With a vision that aligns with the needs of the population and the development objectives of the Bangladesh Government, Nagad aims to be the ultimate digital banking destination, collaborating with the entire financial services industry.

A Thriving Economic Landscape

Bangladesh is a thriving economic hub with a youthful and ambitious demographic. More than half of its 165 million citizens are under the age of 25, demonstrating a keen enthusiasm for embracing new technologies and innovative concepts.

A Pioneering Partnership

Launched in March 2019, Nagad is the result of a collaborative effort between the Hon’ble Prime Minister of the People’s Republic of Bangladesh and the Bangladesh Post Office. The mission is crystal clear: to deliver comprehensive and inventive digital financial services to the citizens and small businesses of Bangladesh.

Impressive Milestones

In a remarkably short period, Nagad has achieved remarkable milestones. With a customer base exceeding 58.5 million and a network of 240,000 merchants, it processes over 70 billion Bangladeshi takas in transactions every day. Nagad has also revolutionized the account-opening process, making it as simple as dialing *167#.

Recognition and Awards

Nagad’s accomplishments have received widespread recognition, including:

Digital Marketing Award, December 2021: Securing Bronze in the ‘App Marketing’ category for the “T20 Quiz” campaign.
Fintech Impact Award, November 2021: Acknowledged for its contribution to Financial Inclusion by simplifying account opening through technology.
Mastercard Excellence Award 2021, November 2021: Recognized for excellence in the Mastercard Business (Merchant)-Online 2020-21 category.
Commward by Bangladesh Brand Forum, August 2021:
Bronze in the ‘Efficacy’ category for the “Shob Hobe Nagad-e” Campaign.
Silver in the ‘Integrated Marketing Communication’ category for the “Shob Hobe Nagad-e” Campaign.
Global Economics Awards 2021, March 2021:
Recognized for providing the Most Innovative Digital Finance Services.
Awarded as the Best New Mobile App in Digital Finance.
Business Tabloid Awards, December 2020: Named Best Digital Financial Services-Bangladesh 2020.
WITSA Award, November 2020: Honored for Digital Opportunity and Inclusion for Nagad’s Role in Promoting Financial Inclusion.
InclusiveFintech50, October 2020: Recognized as The Best Fintech Startup for 2020.

Steps to Open a ‘Nagad’ Account Using the USSD Code

In today’s fast-paced world, convenience is key. ‘Nagad’ introduces a groundbreaking way to open accounts with a simple dial of *167# from any mobile number within the country. No more paperwork, NID, photographs, or signatures required. It’s hassle-free and available to all mobile operator customers.

Steps to Open a ‘Nagad’ Account:

Dial *167#
Set your 4-digit PIN (Keep it secret)
Confirm your PIN
Choose your profit entitlement.

That’s it! Your ‘Nagad’ Account is good to go.

Terms and Conditions for Customer Account Registration:

Lowest cash-out charges in the country
Free send money and bill pay facilities
Highest profit rates on your ‘Nagad’ Account
Exciting mobile recharge offers
Hassle-free payment options

App: Nagad Account Registration Guide using Mobile Application

Step 1: Download Nagad App

To make your life comfortable, download the Nagad App and experience all our services.

Download Nagad App from Play Store or App Store.

Step 2: Account Setup

Follow these simple steps to set up your Nagad Account:

Select your National Identity Card (NID) type.
Upload both sides of your National Identity Card (NID).
Take a selfie.
Read and accept the terms and conditions.
Provide your digital signature.

Step 3: Verification

Check all the information, and you’re ready to enjoy Nagad’s services! Your ‘Nagad’ Account is now ready to roll.

Terms and Conditions for Customer Account Registration:

Enjoy the country’s lowest cash out charge.
Benefit from free money transfer and bill payment facilities.
Receive the highest profit rates for your available balance in the ‘Nagad’ Account.
Explore exciting mobile recharge offers and hassle-free payment options.

Important Notices:

‘Nagad’ or its authorized representatives will never ask you to disclose your One-time Password (OTP) or Personal Identification Number (PIN) of your ‘Nagad’ account.
We will never request any payment from you.
‘Nagad’ will only contact you using 16167 or 096 096 16167. If you have any concerns or doubts, hang up and call back to 16167 or 096 096 16167 to verify the authenticity of the call or to get the required information.
‘Nagad’ is not liable for any loss or damages resulting from the actions of third parties.

Dispute Resolution:

If you encounter any issues or disputes, please contact ‘Nagad’ through the ‘Nagad’ hotline numbers: 16167 or 096 096 16167.

Limit and Charges

Services	TXN Amount (Daily)	TXN Count (Daily)	TXN Amount (Monthly)	TXN Count (Monthly)	Min	Max
Send Money	25,000	50	200,000	100	10	25,000
Cash Out	25,000	15	150,000	150	50	25,000
Cash In	30,000	15	200,000	150	50	30,000
Check Balance	Not Applicable	Not Applicable	Not Applicable	Not Applicable	Not Applicable	Not Applicable
Mobile Recharge	100,000	50	100,000	1,500	For ‘Grameenphone, Robi, Airtel, Banglalink’ mobile recharge, minimum 20 Tk. (except recharge offer amounts) recharge is allowed. Only For Teletalk minimum 10Tk recharge is allowed.	50,000 (For Pre-paid & Skitto mobile recharge – Max. 1,000 taka recharge is allowed)
Remittance	125,000 (Including 2.5% Govt. Incentive)	15	500,000 (Including 2.5% Govt. Incentive)	60	50	125,000 (Including 2.5% Govt. Incentive)
Transfer Money to VISA Debit Card	50,000	50	300,000	100	10	50,000
Add Money (Bank to Nagad / Card to Nagad)	Existing Cash In limits applicable. Cash in limits include any transfer received from Bank, Cash in from Uddokta & Cash in from Card. i.e. Cash In From Uddokta and receive from bank & card will share the same limit.

Conclusion

Nagad is rapidly emerging as a pivotal digital financial services provider in Bangladesh, steadfast in its commitment to delivering the most pertinent and impactful digital financial services to the people of Bangladesh. Nagad is well-poised to become an integral element of Bangladesh’s financial landscape, playing a significant role in helping the nation achieve its development objectives.