Nagad-Community Bank sign strategic partnership agreement

Postal Department’s mobile financial service Nagad and Community Bank Bangladesh PLC have signed a strategic partnership agreement aimed at providing customers with simpler, faster and seamless digital financial services.

The agreement will facilitate remittance disbursement, fund transfers and other digital financial services while helping expand the business operations of both institutions.

The agreement was signed on Thursday at Community Bank Bangladesh PLC’s head office at Police Plaza Concord in Gulshan-1, Dhaka. Bangladesh Bank-appointed Nagad Administrator Md Motasem Billah and Community Bank Managing Director Mohammed Emtiaz Uddin signed the agreement on behalf of their respective organisations.

Under the agreement, remittances received through Community Bank will be delivered to expatriate Bangladeshis’ families through Nagad’s extensive distribution network. The two institutions are also streamlining customer onboarding and system integration processes to make the services more efficient.

Through Nagad’s digital platform, remittances sent by expatriate Bangladeshis will reach beneficiaries almost instantly. This will enable customers, including those living in remote and underserved areas, to receive and cash out remittances more conveniently.

Speaking at the signing ceremony, Nagad Administrator Md Motasem Billah said, “digital transactions can significantly reduce operational costs compared with traditional banking services.”

“Traditional banking operations are costly in any country. As digital transactions grow, operational expenses decrease significantly, and Nagad is actively working toward that goal,” he said.