Nagad gets Visa ‘Excellence in Fintech’ award

Business Desk Published: 27 June 2022, 03:51 PM
Nagad gets Visa ‘Excellence in Fintech’ award

Leading global payments service provider Visa has conferred Nagad with the 'Excellence in Fintech Product Innovation 2022' award for its recent offer of transferring money from the mobile wallet to any Visa card.

The award has also been conferred upon Nagad for the state of art technology with easily accessible payment solutions, reports BSS.

This is for the first time Visa has awarded the title to a mobile financial service provider in Bangladesh.

Visa recently hosted the 'Visa Leadership Conclave-Digital Payments for Smart Bangladesh 2022' at a city hotel in the capital.

Salman Fazlur Rahman, MP, Adviser to the Prime Minister on Private Industry and Investment, was present as the chief guest at the event.

Khurshid Alam, executive director, payment systems department, Bangladesh Bank, Scott Brandon, political and economic counselor US Embassy Dhaka, Sandeep Ghosh, group country manager Visa India, and South Asia, Mezbaul Haque, director, Bangladesh Bank, Nagad's chief commercial officer (CCO) Sadat Adnan Ahmed and chief sales officer (CSO) Md. Shihab Uddin Chowdhury were present, among others, on the occasion.

"We are delighted to recognize Nagad's contribution through the 'Excellence in Fintech Product Innovation 2022' award and congratulate them," said Soumya Basu, Visa's country manager for Bangladesh, Nepal and Bhutan.

Nagad and Visa jointly pioneered a solution a few months ago that allows consumers to use Nagad to transfer funds directly from their wallet to any bank account linked to a Visa card, he said.

"Accelerating the interoperability between MFS and banks, we believe this initiative has not only made digital payments convenient, but also gave consumers the comfort of money movement anytime and from anywhere," Basu added.

Nagad always strives to introduce revolutionary solutions geared towards the benefit of the common people of the country, said Rahel Ahmed, chief executive officer of Nagad, who received the award at the 'Visa Leadership Conclave-Digital Payments for Smart Bangladesh 2022' held recently at a city hotel.

"We want to make people's lives easier and this Visa award will definitely inspire us to come up with more such solutions," Ahmed added.

Nagad pioneered the system of opening a mobile financial account without the need for any paper documentation. Anyone can open a Nagad account within minutes by dialing *167#.

As of now, Nagad has more than 6 crore subscribers.

Visa Leadership Conclave is a platform for senior industry leaders to discuss and exchange knowledge on payment systems. Through this annual event, Visa recognises its partners and affiliates for their achievements in a variety of areas, enabling the organisations to expand their partnership initiatives.