Nagad sets daily account-opening record
About 1.80 lakh new clients are joining the network of Nagad every day thanks to an innovation that allows them to open the account of a mobile financial service without filling out any documents. This is a record in opening accounts and an example of boosting the financial inclusion using technology.
Recently, Nagad has signed agreements with all mobile phone operators to allow their subscribers to open MFS account by dialling *167#. As mobile phone operators have the information of a NID of a subscriber, whenever a prospective user dials *167# to express his or her interest to open the MFS account, their information is instantly verified against the NID database and the process to open the account is completed. The innovation of Nagad has already caught the attention of many countries and global agencies.
Even in near past, people had to spend a considerable amount of time and money to open an MFS account and had to wait for days and even for weeks. In order to improve the situation, Nagad introduced country's first digital KYC (know your customer). Later, Nagad took the step to open MFS accounts in just a minute through the Porichoy app of the government of Bangladesh.
Only on February 17, about 1.85 lakh people joined the Nagad platform. A similar pace of client registration was observed before and after the day. On average, 1.5 lakh people registered with Nagad every day in the last two weeks. As a result, the effective number of clients of Nagad has gone past 3 crore, a development that is significantly contributing to the financial inclusion in the country.
Speaking about the unprecedented success Nagad's Managing Director Tanvir A Mishuk said, "We had wanted from the very beginning that we would take Nagad to the people across the country very easily. Aiming that we have reduced the cost and ease the account opening process and through it we also have ensured liberty of using financial service. We already are observing the result of our endeavour. Hopefully, we will become the most popular MFS operator in the country very soon."
With this effort Nagad already become the second largest carrier of the country having 30 percent MFS users. Nagad is working to raise it to 50 percent by this year.
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