Mobile financial service provider Nagad has established itself as the most successful startup unicorn in the country within just three years of its inception, said State Minister for Posts, Telecommunications and Information Technology, Zunaid Ahmed Palak.
At the same time, Nagad has contributed Tk 14.5 crore to the government’s revenue earnings over the last four years, he noted.
Palak made these remarks on Monday evening at the inauguration ceremony of the newly elected board of directors of the Bangladesh Association of Software and Information Services (BASIS), according to a press release.
“Nagad is a partner of our Postal Department. Leveraging the infrastructure, workforce, and policy support of this department, they have become a successful startup unicorn within three years, while also sharing Tk 14.5 crore in revenue with the government,” said the state minister
Earlier, at another programme, Palak emphasised that with the government’s encouragement for public-private partnership, Nagad’s collaboration with the Postal Department has not only allowed the former to provide affordable services to customers, but it has generated revenue for the latter too – alongside contributing to the country’s move towards a cashless society and economy, it also said.
He noted that last year alone, Nagad shared over Tk 5.5 crore in revenue with the Postal Department under their revenue-sharing agreement.
“The Postal Department has supported us from the beginning, and Palak Bhai has been by our side since our inception. Whenever we face a problem, he helps us resolve it quickly,” said Tanvir A Mishuk, founder and CEO of Nagad Ltd.
Mentioning special loan facilities for all BASIS members once Nagad Digital Bank goes into operation, Tanvir A Mishuk pointed out, “BASIS plays a crucial role in shaping policies in our IT sector. I congratulate and also request them that they contribute to policy updates as required. I promise that Nagad Digital Bank will provide collateral-free loans for all BASIS entrepreneurs.”
According to the revenue-sharing agreement, the Postal Department is entitled to 51% of Nagad’s income.
Inaugurated by Prime Minister Sheikh Hasina, Nagad embarked on its journey in 2019 based on an agreement with the Postal Department. In 2023, Nagad received the “Fastest to Unicorn Award” from the prime minister, the release also said.
At the BASIS event on Monday, among others who spoke were Prime Minister’s Adviser for Private Industry and Investment Salman Fazlur Rahman; State Minister for Commerce Ahasanul Islam Titu; President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Md Mahbubul Alam; and President of BASIS Russell T Ahmed.
