DHAKA: Bangladesh Post Office, under the Government of Bangladesh, is all set to introduce its digital financial service “Nagad”.
Nagad, first of its kind service in the country, promises increased financial freedom with additional security and control, said a press release Thursday (Oct 11).
The service will be regulated under the Bangaldesh Postal Act Amendment 2010 Section 3(2), a unique law procured especially for the Bangladesh Post Office.
The Postal Cash Card Service of Bangladesh Post Office, initiated in 2010, was the first ever digital service extension under the then newly formed law. The service was introduced in accordance to the “Digital Bangladesh” vision of Prime Minister Sheikh Hasina. The nationwide infrastructure and an experience of providing financial services spanning more than a century of the postal division was considered the main catalyst behind this initiative.
“As a government organization, we have the experience of more than a hundred years in managing financial transactions,” said Director General of the Bangladesh Post Office Sushanta Kumar Mandal.
“Through our nationwide network of 9886 post offices and its employees, Bangladesh Postal Division is well equipped in tackling any irregularity in this digital financial sector with speed and efficiency. It needs to be noted that the Postal Division has been successfully accommodating financial transactions for the marginal population under different projects of the World Bank, Red Cross, UNDP, a2i, WFP and others,” he added
“We also have the full support of the government to regulate this. Hence, there is no scope of overlapping with any other regulatory bodies,” he said further.
However, the Postal Division believes that this service will be pivotal in increasing the overall scope of financial inclusion while bringing in new dynamics to this stagnant sector.
BDST: 1405 HRS, OCT 11, 2018