Turning Agony Into Strength: Nagad’s Success Amid Crisis

Turning Agony Into Strength: Nagad’s Success Amid Crisis

While the pandemic has drifted the economy into the great unprecedented depression, it has been the need of the moment for the entire corporate fraternity to rethink and revise the way it has been operating. As a response to this, Nagad brought an overall immediate change and recovered the sudden yet temporary downfall through holistic strategic changes in the business model. Starting from bill collections to salary disbursement, all was taken care of through Nagad’s service. And that is how Nagad not only provided support to its members, clients and partners; the company became supportive for other organizations to run their businesses as well.

 

In a conversation with Bangladesh Brand Forum, stating the promptness in action, Tanvir Ahmed Mishuk, Managing director of Nagad said, “From the beginning Nagad runs with the motive to make people’s life easier and as soon as the crisis in progress Nagad made a quick adaptation of the management process and moves for new services.” 

He said, “Change is inevitable and this unanimous mindset of the stakeholders of our company, their spirit to fight back and win despite all odds has turned into a competitive advantage for Nagad.” 

“To do that Nagad has undertaken data-based calculative risks which helped us foresee the impact of every action,” said Mishuk. “We also get huge responses from the customers’ side as Nagad helps them to adapt to the new normal situation.”

 

Merchant payments to enhance contact less payment. Merchant payment through Nagad was only a few crore taka in March and reached to Tk 496 crore in April and flew to Tk 634 crore in May. A number of this segment is even continuing because of the catastrophes is still on.

 

Achieve the confidence of the head of the government. About 50 lakh families have chosen for Prime Minister’s support, each family to get Tk 2,500, and Nagad distributed the assistance to 17 lakh families, while three other got rest 33 lakh. The Nagad team made it possible working tirelessly even on the Eid day.

 

‘Add Money’ service with VISA and Mastercard. The ‘Add Money’ service made it easy and convenient for the users to top up their ‘Nagad’ wallets and make contactless transactions possible like send money, pay utility bills and tuition fees, mobile top-up, pay merchants.

 

Ensuring the safety of members in the field. Ensuring the safety of their own team members who are at the front line Nagad has provided PPE, sanitizer and other protective measures to its 10,000 employees and distributors working in the field.

 

Financial aid for employees and partners in contact with Coronavirus. To value the endeavor and sacrifice of two lakh Nagad employees, entrepreneurs, distributors and salespersons, Nagad has taken up the initiative of providing up to Tk 5 lakh to stand by the employees and their family members to ensure their best treatment and declared a special bonus offer to their entrepreneurs.

 

Cut transaction cost for SMEs. To stand beside the small businessmen of the country in the crisis, ‘Nagad’ has introduced ‘Swadhin Merchant’. A ‘Swadhin Merchant’ can make business transactions to other ‘Swadhin Merchant’ paying only Tk 6 in per Tk 1000. 

 

Financial inclusion bid for 5 crore users. In May Nagad teamed up with telecom operator Robi Axiata Limited (Robi-Airtel) to officially start the process of bringing its 5 crore customers into financial inclusion.

 

RMG workers’ nationwide wage disbursement. Nagad played a significant role in digitizing the workers’ wage disbursement process. In May digital payments increased almost three times from that in April with around 82 percent of workers receiving their wages through digital modes and Nagad has been one of the key contributors to this digital salary disbursement achievement.

 

Unique solutions also introduced in Covid-19 time. It was also a challenge on fees payment issues while anyone went for the Corona test because there was a huge queue before the booths. However, Nagad account holders can easily pay the charge, even though who doesn’t have a Nagad account can pay it through their entrepreneur.

 

Eid in the time of pandemic. Nagad also stands beside their users for safe payment while buying sacrificial cows during the Qurbani eid. 

 

Over Nagad’s impressive successful journey Posts and Telecommunications Minister, Mustafa Jabbar expressed his excitement.

 

“What Nagad has done only in their 17 months journey, especially in the pandemic time, to the people of the country I should salute them,” said Mustafa Jabbar. “Their innovative idea and adoption of advanced technology were enormous. And that blended with young and dynamic leadership creates something unimaginable for the common people.”

 

“Nagad, as the financial service of the government has always been dedicated to the service of the people of the country. I am quite sure this young and lively leadership will play a significant role in the coming days to enhance financial inclusion of the country,” he added.

 

With the rise of digital transactions, there are active groups of fraudsters and scammers who leave no stone unturned to take the chance of people’s vulnerabilities and fraud drain their bank or digital accounts. From the beginning, Nagad made sure that the customers’ money and information are protected by offering virtual accounts. Hence the users do not have to give out their phone number to top up Nagad account. Instead, the customers use their virtual account numbers.

 

Because of Nagad’s uninterrupted service during the general holidays and financially inclusive timely measures, Asia Pacific Postal Union (APPU), a regional body of the postal departments of 32 member countries highly appreciated the Bangladesh Postal Department’s financial initiative Nagad and termed it as the fastest growing Digital Financial Service (DFS) across the world. 

Sudhangshu Shekhar Bhadra, director-general of the Postal Directorate at Bangladesh Post Office said Nagad now became a synonym of the success or made possible of the impossible.

“Not only serving the local customers in the crisis period like Covid-19, Nagad also brings glory for the country from the international arena.”

 

“In the pandemic time, the postal department has brought huge amounts of fruits and vegetables in the capital from different parts of the country aiming to support the farmers and meet the demand of the city, where Nagad played a huge part from the payment side.” He added.

 

As a symbol of appreciation to Nagad’s noble initiatives, the former captain of Bangladesh national cricket team and Member of Parliament Mashrafe Bin Mortaza has also pledged to work together with Nagad.

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