Tanvir A. Mishuk, Managing Director of Nagad, said that the company is thrilled to have attained the milestone of Tk 9.53 billion transaction in a single day in less than three years of advancing innovative endeavors.
He stated that Eid sees a substantial surge in customer transactions.
“Additionally, people no longer desire to carry a huge amount of cash. As a result, transactions through MFS, including Nagad, are gaining popularity,” he added.
Experts believe that obtaining close to Tk 10 billion in a single day is a significant step toward developing a cashless society in Bangladesh and it is the innovations that helped Nagad to reach near Tk 10 billion in a single day since Prime Minister Sheikh Hasina inaugurated the MFS three years ago.
The volume of Individual and commercial transactions has grown significantly ahead of Eid. The majority of customers now use Nagad to conduct Eid shopping, pay salary allowances, and transfer Eid costs to their family and relatives.
That explains the momentous rise in transaction volume.
Cash-in and Cash-out are two of the main services that largely contributed to reaching the Tk 7 billion daily transactions milestone for Nagad. Of which, direct Cash-in through agents accounted for more than Tk 2.2 billion while add-money through cards and banks totaled more than Tk 100 million.
Additionally, more than Tk 2.78 billion of government safety net and other assistance has been disbursed through Nagad.
Cash-out charges for Nagad are the lowest among other operators, as a result, customers are reliably choosing this service for financial transactions.
On Thursday, the total cash-out was Tk 2.37 billion. P2P and Merchant Payment had a combined transaction of over Tk 2 billion.
In addition to providing affordable innovative services, the government has digitised the distribution of various allowances, stipends, and financial assistance during the Covid-19 Pandemic, making it easier to reach beneficiaries by ensuring transparency and saving the government cost.
In just 10 months since its inauguration on 26 March, 2019, Nagad has surpassed 1 billion transaction landmark. It took about a year reach into Tk 2 billion transaction a day. In March last year, Nagad reached to Tk 3 billion transaction mark and within another less than 2 months it reached Tk 4 billion transaction.
On 6 May, 2021, Nagad achieved a transaction of Tk 5 billion in a single day. In the same month, the operator reached the Tk 6 billion and Tk 7 billion transaction thresholds.
Because of all the unique offerings, Nagad’s transaction volume has been expanding steadily since its inception. The Managing Director of Nagad attributes the company’s quick growth to a successful combination of cutting-edge innovation and the provision of customer-centric services.
He stated, “We are relentlessly trying to make all the innovative services available in Nagad, and to achieve it, we are doing the impossible every day. Nagad has pioneered the innovation to create an account by simply dialing *167# and setting the PIN, which is a first-of-its-kind innovation in the world.”
Nagad gained popularity after creating the country’s first e-KYC method for enrolling customers. The number of Nagad subscribers has now surpassed 62.5 million.