Nagad cuts transaction charge for SMEs

Nagad, a mobile financing service run by the Bangladesh post office, has cut down transaction charge to Tk 6 for small and medium enterprises (SMEs), reports news agency BSS.

Nagad has taken this move in response to prime minister Sheikh Hasina’s call to stand by people in this critical time due to the novel coronavirus outbreak, said a press release on Thursday.

As part of the initiative, Nagad has introduced ‘Swadhin Merchant’ for small and medium businessmen. A Swadhin Marchant will have to pay Tk 6 for a business transaction of Tk 1,000 to other Swadhin Merchant.

Nagad thinks people of the country will survive if small businesspersons can run their business, and that’s why it has decided to stand beside five types of business – pharmacy, essential goods, post office, market and small and medium investors.

The mobile financial service operator following the directives of posts and telecommunications minister Mustafa Jabbar also contacted mobile phone operators to enable mobile recharge retailers to purchase digital money.

From now on, the customers of Robi, Banglalink and Teletalk will be able to recharge mobile balance using Nagad anytime in this crucial moment, said the release.

Nagad said it has slashed advertisement budget to decrease transaction cost. Nagad also has implemented various steps such as deducting no charge for cashing out of first 1,000 taka and taking no settlement charge for essential commodity and medicine.

In addition, Nagad employees are distributing food and essential goods among destitute people in as many as 492 upazilas of the country.