Nagad to receive remittances through National Bank

Nagad Limited, the mobile financial service (MFS) provider of the Bangladesh Postal Department, has signed an agreement with National Bank PLC to launch a new and convenient channel for expatriates’ families to receive remittances in Bangladesh.

Adil Chowdhury, managing director of National Bank PLC, and Md Motasem Billah, administrator of Nagad Limited, signed the agreement at the latter’s head office in Banani, Dhaka, according to a press release.

Describing the initiative as a groundbreaking step towards expanding remittance services to marginalised and underserved communities, Chowdhury and Billah expressed optimism that the partnership would boost remittance inflows and contribute positively to the national economy.

Under the arrangement, remittances sent from abroad through National Bank will be credited directly to beneficiaries’ Nagad mobile wallets. Expatriates will be able to send money through international exchange houses, money transfer operators (MTOs) or banks.

Beneficiaries, including those in remote areas, will be able to receive and use the funds round the clock from anywhere, with minimal cash-out charges. Remittance recipients will also continue to enjoy the government’s 2.5 percent incentive.

The service will be available through more than 60 MTOs and over 300,000 Nagad Uddokta points across the country.

Md Meshkat-ul-Anwar Khan, deputy managing director (in-charge) of the bank, and Milton Roy, head of the remittance division; attended the signing ceremony.

Md Habibur Rahman and Md Abu Taleb, senior associate administrators of the MFS provider; Anwar Ullah, associate administrator; Muhammad Shaheen Sarwar Bhuiyan, chief commercial officer; and Md Ahsanul Haque Bashar, head of remittance, along with other officials from both organisations, were also present.