Nagad keen to provide digital financial services to four banks

Nagad, a digital service of Bangladesh Post Office, has expressed willingness to provide its digital financial services to four banks, including the state-run Rupali Bank.

In this connection, the country's fastest-growing mobile financial services (MFS) provider submitted proposal letters to the banks separately on Wednesday.

"We've been informed from market sources that your current arrangement with SureCash is coming to an end very soon wherein we are keen to extend our services to you and facilitate our robust solution that in turn may ease the pain points faced during these difficult times," Rahel Ahmed, chief executive officer (CEO) of Nagad, said in the proposal letter to Md Obayed Ullah Al Masud, managing director and CEO of Rupali Bank Limited.

Talking to the FE, Mr Ahmed, also a former MD and CEO of Prime Bank Limited, said Nagad wants to work with the state-owned commercial bank (SoCB) to help avert any possible difficulties of the payment system.

"We've also submitted the similar proposal letters to other three partner banks of SureCash," the Nagad CEO said while replying to a query.

The banks are First Security Islami Bank Limited, Bangladesh Commerce Bank Limited and Jamuna Bank Limited.

Currently, the state-run MFS provider is providing services to more than 30 million customers, 700-plus corporate entities, including multinational companies, all major government initiatives, integrated 15 banks and over 15,000 merchants through its distribution network of 190,000-plus agent points across the country.

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