Bengal Commercial Bank, Nagad partner for faster digital services

Bengal Commercial Bank PLC has signed a strategic partnership agreement with Nagad, the mobile financial service of the Postal Department, to make digital financial services easier, faster and more convenient for customers.

Under the agreement, Nagad’s trust-cum-settlement account with Bengal Commercial Bank, along with services such as Add Money, remittance and National Payment Switch Bangladesh (NPSB), will become faster and more seamless.

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KM Awlad Hossain, managing director of Bengal Commercial Bank, and Md Motasem Billah, Bangladesh Bank-appointed administrator at Nagad, signed the agreement at the bank’s head office in Gulshan, Dhaka recently, according to a press release.

Speaking at the event, Awlad said the partnership would make digital transactions easier, faster and more secure while creating greater opportunities for deposits and loans.

The initiative would also help expand remittance flows and promote cashless transactions, he added.

Motasem said financial institutions such as Bengal Commercial Bank could use Nagad’s extensive network to offer services including nano loans, EMI facilities, deposit pension schemes and other financial solutions.

The partnership is expected to boost business activities between the two organisations and expand access to digital financial services, the release said.

Under the agreement, customers can use Add Money and NPSB services between Bengal Commercial Bank and Nagad wallets. Remittances sent by expatriate Bangladeshis through the bank will also be delivered by Nagad to their families across the country more quickly and easily.

The partnership will also simplify customer integration and onboarding, further promoting cashless transactions nationwide.

Nasim Sekander, additional managing director and chief business officer; Md Rafiqul Islam, deputy managing director and chief technology officer; Probal Ahmed, senior associate administrator at Nagad; and Afzal Ahmed, chief financial officer, were also present.