BPO's Nagad to pave way for financial inclusion in Bangladesh

- A Monitor Report01 Oct, 2019 | 2366 Views|-+
Dhaka : Financial inclusion is a must for Bangladesh to achieve its SDG goals. To this purpose, the mass has its faith in Bangladesh Post Office (BPO) since it has spread banking services even to the coastal people of the country. To make it digitised and more convenient, BPO launched digital financial service Nagad.

Shudhangshu Shekhar Bhadra, Director General of Bangladesh Post Office said this while talking to The Bangladesh Monitor recently.

Nagad has already created more than 1,00,000 entrepreneurs and brought people of the country under the services of financial inclusion.

BPO has a 100 year old history of providing banking services. All over the country, BPO has 9,886 branches and more than 40 thousand employees are working regularly to serve all class of people. Moreover, Nagad proves that this 100 years old organisation is not lagging behind in terms of modernisation at all, said Bhadra.

"Soon the number of BPO's entrepreneurs will surpass 2,00,000. Meaning, BPO will then have 2.5 lakh manpower as well as 10,000 branches throughout the country. Therefore, the organisation will have the biggest infrastructure to provide financial services."

This refers to the promise BPO shows to ensure financial inclusion in the nation.

Nagad plays pivotal role in launching digital services, due to not only its infrastructure but also its capability to help individuals greatly. It awaits to be absolute as a digital financial service provider for its combination of its facilities such as conducting financial activity without customer registration, huge transaction limit and easy registration process.

The Post Office's Digital Financial Service or DFS is a comprehensive financial service that offers a wide range of financial services through digital channels such as payment options, borrowing, savings, remittances and insurance. It works as an app for smartphones and through USSD in case of feature phones, said Bhadra.

"As per the law, BPO will also be able to launch new services such as remittance transfer service, banking service and postal life insurance solely or through partnership with another organisation."

With the approval of the government, Nagad customers are enjoying the highest transaction limit of the country. It offers a limit of maximum 50,000 for each transaction and maximum 2,50,000 transaction in a day, informed Bhadra.

The company is also particularly aware to prevent money laundering through mobile banking. For this purpose, the post office has a special anti-money laundering committee. Among the responsibilities of the committee, there are money laundering prevention training, information review, report submission and alerts.

Also, a CAMELCO appointment is under process to ensure the AML and CFT issues. Training is being provided to entrepreneurs and employees on AML and CLT in a regular basis.

Even though customer registration is easy, postal department ensures maximum security in checking information. For this purpose, the Bangladesh Post Office ensures verification of customer information immediately due to being connected with the Election Commission's database through API, said Bhadra.

Nagad has both Android and iOS apps. Already more than 5 lakh apps have been downloaded. All information comes automatically by inputting some general information from the smartphone app and national ID number. Then, only by giving the photo of the customer's NID and a selfie, Nagad account gets registered within a moment.

Bhadra claimed, "This 360 degree digital financial service is essential because it ensures proper distribution of money necessary for the lifestyle of 18 crore people of the country."

The 9,886 branches of the post office, more than 2,00,000 entrepreneur points and 40,000 officers work together for such a service that is sure to increase employment in Bangladesh and establish a new foundation for the SME sector of the country.

To achieve this success and to contribute to the overall growth of the country, the contribution of Nagad's huge transaction limit is undeniable, Bhadra concluded.

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