Nagad's stride in digital financial sector

FE Desk

Nagad on Saturday introduced its Digital KYC Registration process for the people of Bangladesh.

The service, first of its kind in Bangladesh was launched on the day at an event in the city.

The event was attended by Mustafa Jabbar, Posts, Telecommunications and ICT Minister; Ashoke Kumar Biswas, Acting Secretary, Ministry of Posts, Telecommunications and ICT; Sushanta Kumar Mandal, Director General, Bangladesh Post Office; Tanvir A. Mishuk, Managing Director, Nagadalong with other official of the Bangladesh Post Office and Nagad.

Mr Mustafa Jabbar said, "The government of Bangladesh has been proactively introducing services to the benefit of the people. In that continuation, Nagad's stride is in accordance to the 'Digital Bangladesh' vision of the honorable Prime Minister."

Sushanta Kumar Mandal, Director General, Bangladesh Post Office stated, "We have the experience of more than a hundred years in managing financial transactions. 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."

The Digital KYC Registration has been introduced to ensure a hassle-free process for the customers. It will also ensure that there will be no chance of duplication and fraud. To complete this process, customers are required bring their national ID card and registered mobile phones. Pictures of the customer and the ID will be taken immediately and crossmatched with the Election Commission Database in real time through artificial intelligence. The respective field of the KYC form will be filled up by automated scanning process extracting information for the NID. The whole process will be concluded within less than 30 seconds per customer.

The Nagad smartphone app is available only in the android platform for the time being. This light weight and easy to use application were previously available as a beta version and had been downloaded by more than 50,000 users.

"The main objective of Nagad has been to provide the people of Bangladesh currently outside the financial inclusion with financial freedom. And in the essence of freedom we are providing these ground-breaking services", said Tanvir A. Mishuk, Managing Director, Nagad.