Nagad hands Tk 33.2m to postal department as revenue in fiscal 2020-21

Mobile financial service provider Nagad has handed over nearly Tk 33.2 million to Bangladesh Post Office as revenue share in 2020-21 fiscal year.

Post and Telecommunication Secretary Md Afzal Hossain received a cheque of the share from Nagad Executive Director Md Shafayet Alam at a recent function in the Secretariat.

Md Siraz Uddin, director-general of the Department of Posts and other senior officials were also present.

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

Launched in 2017 by the postal department and Third Wave Technologies Limited, Nagad gave the postal department Tk 11.2 million in the financial year 2019-20.

“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,” Secretary Afzal said.

“I believe that Nagad will play a huge role in serving the people and will contribute to building a cashless society.”

Nagad Executive Director Shafayet said he hopes that with the “trust and love of the people”, Nagad will be able to earn more revenue for the postal department.

Anyone can open a Nagad account in a few seconds by dialing *167# on any mobile phone anytime, from anywhere.

It has helped the government distribute cash aid during the pandemic.

Nagad said in a statement that nine countries, including Australia, Singapore and Japan, expressed their interest in introducing services in the model of Nagad during an event of the Asia Pacific Postal Union, an organisation of the postal departments in in the Asia-Pacific region.