Nagad

Nagad is one of the leading players of the Mobile Financial Services sector of Bangladesh. There are currently 17 MFS company in Bangladesh but Nagad is the unique for its competitive pricing. Back when Nagad entered the MFS sector of Bangladesh, the market leader was charging very high. One of our goals was to break this monopoly, we have been quite successful in doing so. Through market research, we were able to identify that although the acceptance rate of other MFS providers, there is a lot of frustration in the minds of customers about their charges. Realizing this, we came up with competitive cash-out charges from the beginning. The cash-out charge from the Nagad app was 17 taka and and brings it down to half and no charge would be deducted from the sent money. Bill pay and other payments made free from the inception. In contrast, our major competitor's app used to charge Tk 17.50 in cash-out and Tk 5 to send money. On the other hand, Nagad used to deduct Tk 18 for cash out in USSD and Tk 4 for sending money. Where the market leader's USSD would deduct BDT 18.50 in cash-out and BDT 5 to send money. However, we have reduced the cash out charge to BDT 9.99 per thousand from last year. With this charge, app users can cash out at a rate of BDT 11.49 including VAT for every BDT 1000. On the other hand, in the case of cash out through USSD, customers have to pay BDT14.94 including VAT. Nagad's cash-out rate is currently lower than any other MFS provider in the country. Even right now we are offering to send money service without any charge whereas our competitors are charging BDT 5 to BDT 10. Nagad is different from other MFS providers in Bangladesh as we charge extremely less thus making financial services within the reach of the mass people of Bangladesh.