DHAKA, Bangladesh, July 31, 2024 /PRNewswire/ -- Bangladesh is set to enter the digital banking era in the last quarter of this year, with Nagad Ltd., the world's fastest-growing fintech startup founded by Tanvir A Mishuk, leading from the front in terms of ascending into this next wave in banking - first of its kind in this South Asian country's history.
All have been done, from the employment of state-of-the-art technologies to the development of AI for assessing customers' credit rating to other necessary infrastructure. Now is the wait for the right time to launch its full-fledged operations.
Nagad Founder and CEO Tanvir A Mishuk - an innovator with a creative mind - was the first to conceptualise digital banking in Bangladesh. He has persuaded Bangladesh policymakers to formulate digital banking guidelines, eventually securing a licence to launch the country's first digital bank recently (03 June).
Mr. Tanvir is a magician who can turn challenging situations into opportunities and create innovative disruptions - as evidenced by his enviable success in establishing Nagad as a unicorn in only four years and securing the Nagad Digital Bank PLC license.
One of his most significant accomplishments was the introduction of e-KYC in Bangladesh, a groundbreaking innovation that simplified the account-opening process. The USSD-based customer acquisition allows the opening of a financial account by dialling *167# on any phone. This innovation has rapidly brought many unbanked people into the fold of financial inclusion, with 55% of the population now having access to financial services.
Under Mr. Tanvir's leadership, Nagad quickly captured a top market position, thanks to its easy and convenient products and services offered at the market's lowest charge. This significantly increased financial access for millions of underserved people. Nagad became crucial for government disbursements to distressed people, digitising disbursements and revolutionising education stipend payments. Nagad has now become the sole channel for government disbursements, distributing nearly USD 2 billion annually.
Nagad's unique products and services have set new benchmarks in the country's financial industry, meeting local needs and attracting international attention for their innovative approaches and effectiveness. Tanvir's relentless work has been recognised with numerous local and international accolades, including the Fastest to Unicorn Award from Prime Minister Sheikh Hasina, Kotler Iconic Achiever of the Year-2023, and WITSA Global ICT Excellence Award 2020, among others.
Nagad CEO Tanvir A Mishuk said, "Banking services will be at people's fingertips, saying goodbye to in-person bank visits. We will offer collateral-free loans at single-digit interests, introduce micro savings schemes, and provide solutions to day-to-day transactions."
About Nagad Ltd (https://www.nagad.com.bd/)
Nagad Limited is one of the leading mobile financial services in Bangladesh with 90 million registered customers and daily transactions of more than $153 million on average. The digital platform, a successful public-private partnership between Bangladesh Postal Department and the private sector, was inaugurated in 2019 by Honourable Prime Minister Sheikh Hasina of the People's Republic of Bangladesh.
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Contact:
Lincoln Md. Lutforzaman Sarker
Assistant Vice President (AVP),
Media & Communications,
Nagad Limited.
Email: lincoln.lutforzaman@nagad.com.bd
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