Nagad wins big at the 10th edition of Global Brands Magazine Awards

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May 17, 2022, 04:00 ET

Nagad, one of the largest and leading Mobile Financial Sectors in Bangladesh won the award for 'Most Innovative Digital Financial Services Brand' for the year 2022 and the Founder and Managing Director of Nagad, Tanvir A Mushik won the 'Fintech personality of the Year, 2022'

The felicitation ceremony will be held in Dubai at the Palm Jumeirah – Waldorf Astoria in the last quarter of 2022

LONDON , May 17, 2022 /PRNewswire/ -- The Global Brand Awards is an annual event held by Global Brands Magazine (GBM), an international publication headquartered in the UK. The award aims to recognise global brands achieving excellence in performance across a broad range of sectors while keeping its readers updated on key trends surrounding the branding world. Nagad was evaluated on a myriad of different sectors and services, namely customer service, strategic relationship, and digital innovation, of which they performed outstandingly in the latter.

Commenting on Nagad winning the awards, ShivKumar (CEO) of Global Brands magazine said, "Nagad is one of those companies that everyone needs to keep an eye out for. They have been making waves in the financial sector and constantly have been at the forefront of innovation in Bangladesh. Headed by visionary Tanvir, this company has a very bright future ahead. Tanvir has a lot of experience in the Fintech industry and is the founder of one of the biggest Fintech firms in the world, now with Nagad under his wings, we have our eyes set on the company.

Under his expertise, Nagad overthrew the local postal service, a 150-year-old service and acquired around 62 million customers in under 3 years. Tanvir is a young entrepreneur who knows the ins and outs of the Fintech industry, and it comes as no surprise that he was able to win the Global Brand Award -Fintech personality of the Year."

Commenting on winning the awards, Tanvir A Mishuk (Founder and Managing Director) Nagad, said, "We are setting new trends in transactions of the country by introducing state-of-the-art technologies that also ease life of millions and upgraded their daily activities to a digital platform. Investing in technology heavily we also have introduced the first electronic Know Your Customer (e-KYC) in the country and also innovated new kinds of authentic account opening process that ensures secured transactions and accelerated the financial inclusion. Before these innovations, accessing digital transaction was beyond the reach of millions in this part of the world where having a bank account or holding a card is a rare thing.

As a mobile money carrier, it was our technological mandate to bring unbanked people under financial inclusion and technologies also helped us to develop products and services targeting them with a lower charge. We also have facilitated the city-centric uses to use cashless transactions even in groceries, all kinds of utility bill payments, and so on. And that is the business secret of Nagad to get more than 62 million users only in the shortest three years span of time.

Partnering with public entities Nagad also helped the government to digitalize all its social safety net disbursements and stipends, easily streamlined to manage the money flow in covid time in the deeper rural part of the country for its hard-to-reach population.

I never ran for awards, but at the same time we are pleased and also proud of this award because it highlights our continued strive for excellence in who we are and what we do, and this will give us the drive as a bank to continue providing the best-in-class services."

About Nagad

Nagad is one of the leading players of the Mobile Financial Services sector of Bangladesh. There are currently 17 MFS company in Bangladesh but Nagad is the unique for its competitive pricing. Back when Nagad entered the MFS sector of Bangladesh, the market leader was charging very high. One of our goals was to break this monopoly, we have been quite successful in doing so. Through market research, we were able to identify that although the acceptance rate of other MFS providers, there is a lot of frustration in the minds of customers about their charges. Realizing this, we came up with competitive cash-out charges from the beginning. The cash-out charge from the Nagad app was 17 taka and and brings it down to half and no charge would be deducted from the sent money. Bill pay and other payments made free from the inception. In contrast, our major competitor's app used to charge Tk 17.50 in cash-out and Tk 5 to send money. On the other hand, Nagad used to deduct Tk 18 for cash out in USSD and Tk 4 for sending money. Where the market leader's USSD would deduct BDT 18.50 in cash-out and BDT 5 to send money. However, we have reduced the cash out charge to BDT 9.99 per thousand from last year. With this charge, app users can cash out at a rate of BDT 11.49 including VAT for every BDT 1000. On the other hand, in the case of cash out through USSD, customers have to pay BDT14.94 including VAT.

Nagad's cash-out rate is currently lower than any other MFS provider in the country. Even right now we are offering to send money service without any charge whereas our competitors are charging BDT 5 to BDT 10. Nagad is different from other MFS providers in Bangladesh as we charge extremely less thus making financial services within the reach of the mass people of Bangladesh.

About Global Brands Magazine (England)

Global Brands Magazine (GBM) has been at the forefront, bringing news, views and opinions on brands shaping the future of their industry. The UK-based magazine provides its readers with the latest news and information on 'best-in-class brands across the globe. Each year, GBM develops a series of awards for companies that stood out, having a unique vision, exceptional service, innovative solutions and consumer-centric products among their industry leaders.

About Global Brand Awards

Global Brand Awards honours brands for their excellence in performance and rewards companies across different sectors for the quality of their services. The Brand Awards highlight accomplishments of organisations that have performed remarkably well in finance, education, hospitality, automotive, lifestyle, education, real estate, technology and several more. Global Brand Awards recognise vital players who progress towards excellence by providing a platform to acknowledge their efforts. In addition, GBM strives to create awareness concerning the significance of such organisations and rewards them for their notable efforts with the ultimate global recognition.

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SOURCE Global Brands Magazine