Nagad gives Tk 33.2m to postal dept as revenue share in FY21

Mobile financial service Nagad has handed over Tk 33.20 million (Tk 3,31,94,877) to the Bangladesh Post Office as its revenue share for FY21.

Posts and Telecommunications Division Secretary Md. Afzal Hossain received a cheque of that amount from Nagad Executive Director Md Shafayet Alam recently at Bangladesh Secretariat, reports BSS.

During the time, Director-General of the Directorate of Posts Md. Siraz Uddin and other senior officials were also present.

As per the agreement, the postal department is entitled to have 51 per cent of the total revenue generated from the services of Nagad while the remaining 49 per cent goes to Nagad Limited.

Earlier, in the FY20, the postal department received Tk 11.20 million from the mobile financial service of the Bangladesh Post Office.

After receiving the cheque, Afzal Hossain said the postal department and Third Wave Technologies Limited launched Nagad in 2017 under an agreement and thus it reached in a better stage after overcoming various ups and downs.

He said, "Nagad has established a strong position among all the mobile financial services in the country. The customers and income of Nagad are increasing day by day.

Prime Minister herself started the transaction of Nagad with Tk 10,000. Nagad is owned by the Directorate of Posts. It is well-recognized and I believe that Nagad will play a huge role in serving the people and will contribute to building a cashless society."

Afzal also said, "Currently we are in the second position. I believe Nagad will be able to move to the top position very soon and serve the country and the people."

Nagad Executive Director said that from the very beginning, it has been conducting all the activities as per the instructions of the postal department.

The revenue received by the postal department in the just-concluded fiscal year was much higher than the previous year.

In just two and a half years of its rollout as a service of the postal department, Nagad has revolutionized the country's mobile financial service market.

As a result, the common people of the country can enjoy all the latest services, including the lowest cash-out charge. Anyone can open a Nagad account in a few seconds by dialing *167# on any mobile phone anytime, from anywhere.

Nine countries, including Australia, Singapore and Japan, expressed their interest to launch MFS service replicating the model of Nagad during an event of the Asia Pacific Postal Union, an organisation of the postal departments in various countries in the Asia-Pacific region.