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Bangladesh: Nagad Approaches Obtaining License to Operate Digital Bank

Nagad, the leading Mobile Financial Service (MFS) provider in Bangladesh, is set to launch its own digital bank in the near future. The company is currently awaiting approval for its license from the Bangladesh Bank, the central bank of the country.

Sadaf Roksana, co-founder and executive director of Nagad Ltd., will be spearheading this transformative initiative, with the aim of providing greater convenience to millions of people in Bangladesh and reducing their dependence on traditional banking services.

This move towards digital banking by Nagad comes as the global financial landscape is rapidly embracing digitization, driven by advancements in technology and changing consumer behaviors.

Sadaf brings a wealth of experience in the fintech sector and is well-equipped to guide Nagad’s digital bank towards success. Once the digital bank license is obtained, Nagad plans to introduce cutting-edge and user-friendly banking solutions to its customers.

Sadaf expressed her excitement, stating, “We are on the brink of offering digital banking services to the people of Bangladesh,” highlighting Nagad’s commitment to promoting financial inclusion and ensuring affordable access to financial services for all.

Nagad’s digital banking platform will offer a range of services, with a key focus on providing low-interest, collateral-free loans for small businesses and farmers. Currently, these individuals rely on high-interest loans from informal lenders, often with exorbitant daily rates of up to 40%. The aim of Nagad’s digital bank is to integrate these sectors into the formal financial system.

To assess an individual’s creditworthiness, Nagad has developed an AI-driven credit rating system. This system will analyze transaction data from public sources using the individual’s National ID and mobile number, according to Sadaf Roksana.

As Nagad progresses with its digital banking plans, there is growing anticipation surrounding Sadaf Roksana and her team’s efforts to drive Bangladesh towards a more inclusive and digitized financial landscape.

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