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Nagad, IFIC Bank sign MoU on digital savings and loan services
Published : Monday, 21 September, 2026 at 5:23 PM
Press Release
Mobile financial service provider Nagad Limited has signed a memorandum of understanding (MoU) with IFIC Bank to explore the possibility of launching digital savings and loan services for Nagad customers, agents, distributors and merchants.
The MoU was signed at IFIC Bank's head office in Purana Paltan, Dhaka, on Monday.
IFIC Bank Deputy Managing Director (DMD) and Chief Information Officer (CIO) Md Manitur Rahman and Head of Branch Business Helal Ahmed, and Nagad Chief Commercial Officer Mohammad Shaheen Sarwar Bhuiyan signed the agreement on behalf of their respective organisations. Senior officials from both sides were present at the signing ceremony.
Under the MoU, the two organisations will explore the possibility of enabling Nagad customers and agents to open IFIC Bank's Deposit Pension Scheme (DPS) and Fixed Deposit (FD) accounts through the Nagad app and Agent App.
The parties will also explore the possibility of providing eligible customers with various loan products and digital loans from IFIC Bank through the Nagad app.
The proposed cooperation also includes exploring financing facilities for Nagad agents, distributors and merchants by leveraging IFIC Bank's loan facilities.
Speaking at the event, IFIC Bank Managing Director Syed Mansur Mustafa said the partnership would further strengthen the bank's commitment to making its savings and loan services more accessible to millions of customers across Bangladesh.
“By leveraging our banking capabilities and Nagad's extensive digital network, we want to explore new opportunities to provide loans and deposit services easily through digital platforms. At the same time, the existing cooperation between the two organisations will be further strengthened,” he said.
Nagad Administrator (BPO-Nagad) Md Motawakil Billah said Nagad has a network of more than three lakh entrepreneurs across the country, which can effectively help distribute banking services nationwide.
“As a result of signing this MoU between the two parties, the possibility of creating wider financial service opportunities for customers, agents, distributors and merchants can be explored,” he said.
He added that the partnership would create opportunities to expand the scope of savings and loan services on Nagad's digital platform by leveraging IFIC Bank's established banking capabilities.
Through the MoU, both organisations will jointly assess the feasibility of the proposed business areas, possible operating models and opportunities for implementation.
Nagad has been working with IFIC Bank since March 2021 for its ‘Add Money’ service. Through the service, customers can add money to their Nagad wallets from their IFIC Bank accounts.
Under the new initiative, the two organisations will explore expanding their existing cooperation by connecting IFIC Bank's banking and loan services with Nagad's customer and agent platforms.
- MaT
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Editor : Iqbal Sobhan Chowdhury
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Published by the Editor on behalf of the Observer Ltd. from Globe Printers, 24/A, New Eskaton Road, Ramna, Dhaka.
Editorial, News and Commercial Offices : Aziz Bhaban (2nd floor), 93, Motijheel C/A, Dhaka-1000.
Phone: PABX- 41053001-06; Advertisement: 41053012; 01793317829, 01550707291, E-mail: [email protected], [email protected] Online: email: [email protected] 41053014; 01550707297 Advertisement: 01550707296
