Nagad Islamic and IBBL partner for transparent financial services

Nagad, a mobile financial services (MFS) provider in the Bangladesh Postal Department, and Islami Bangladesh Bank Ltd (IBBL) have forged ties to help customers conduct seamless financial transactions – from adding money to DPS payouts to the transfer of funds – through their Nagad wallets.

Additionally, customers will be able to enjoy Nagad and Nagad Islamic services using IBBL’s “CellFin” app.

To that end, provider MFS and the bank recently signed a partnership agreement at a hotel in the city.

Minister of Posts and Telecommunications Mustafa Jabbar, Secretary of Posts and Telecommunications Division Md Khalilur Rahman, Director General of Department of Posts Md Harunur Rashid, Director General of Islamic Foundation Md Munim Hasan, Director General and CEO of IBBL Muhammad Munirul Maula , Founder and Managing Director of Nagad Tanvir A Mishuk, as well as other senior officials from Nagad and Islami Bank were present at the ceremony.

Now people can add money to their Islamic Nagad and Nagad wallets instantly from their Islami Bank accounts without any fees. Additionally, they can pay DPS installments to Islami Bank as well as transfer funds to Nagad accounts, a press release reads.

Minister of Posts and Telecommunications Mustafa Jabbar said, “Today we are happy that an institution like Nagad is partnering with Islami Bank. I thank Nagad for all its innovations aimed at improving the customer experience.

MFS company innovations like e-KYC have been a game-changer in bringing more and more unbanked people under financial inclusion, he noted.

Nagad’s collaboration with Islami Bank has also set a good example for others, Mustafa Jabbar pointed out.

“Wish Islami Bank and Nagad Islamic all the best. We hope digital Bangladesh will lead to a prosperous Bangladesh,” the minister added.

At the event, IBBL Managing Director and CEO Muhammad Munirul Maula said, “Nagad has onboarded 6.5 crore customers in just three and a half years. I thank them for that.”

Nagad has introduced Islamic services, which is the need of the hour, he also said, adding, “The MFS provider has come up with services that millions of people have been longing for for a long time.”

Nagad will taste more success in the days to come, believes the IBBL MD.

“The collaboration between our CellFin app and Nagad Islamic will bring more unbanked people to financial inclusion,” hopes Muhammad Munirul Maula.

Founder and Managing Director of Nagad Tanvir A Mishuk said in his speech, “I thank Islami Bank for starting a journey with Nagad. Banks cannot bring services to people’s doorsteps, but platforms like Nagad can. We want to give smart cards to our 6.5 crore customers next year.”

Nagad started with a vision of reaching people with as low a cost as possible, he noted, adding, “From the very beginning, we have been working on innovations for people’s well-being. The country’s MFS sector will not be held hostage to anyone, we want to provide this service to everyone.”

In the meantime, customers will receive a Tk30 mobile recharge if they make an add money transaction of 3,550 Tk to their Nagad and Nagad Islamic wallets from IBBL accounts, the statement added.

A customer can only take advantage of this offer once. From the 20th of this month, the offer will remain valid until November 30th.

Nagad has expanded the reach of its “Bank to Nagad” extra money service to provide consumers with faster and improved services. Banks’ internet banking users can instantly transfer money to their Nagad accounts without any fees.

Nagad customers can now benefit from the money adding service of more than 30 banks.

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