Fastest-Growing FinTech Carrier Nagad Ties up with MetLife
DHAKA, BANGLADESH / ACCESSWIRE / July 2, 2021 / Nagad, a mobile financial service arm of Bangladesh Post Office, has joined hands with MetLife insurance for a premium payment channel ( related links on MetLife ).
From now on, the customers of Nagad can easily pay their premiums using the app without the hassle of visiting physical locations. The partnership is essentially valid since cashless transactions are beneficial during the ongoing pandemic.
The announcement comes after Nagad, the disruptive financial service provider of the country, has ties up with MetLife Bangladesh which they have done well with a number of service providers as well. This initiative also allows the entire customer pool of Nagad and MetLife to pay their insurance premiums at home using their devices.
Customers can easily pay their premiums 24/7 as the facility is accessible round the clock, and they also will receive prompt notifications and alerts via the app. The customers will also be sent digital receipts by the platform.
The digitization goal set by Nagad Managing Director and country’s FinTech industry torchbearer Tanvir A Mishuk comes a step closer with the initiative.
The decision was also announced by Ala Ahmad, the General Manager of MetLife Insurance Bangladesh. He added that the company noticed Nagad’s significant strides in the FinTech sector and considered it an ideal partner for the future.
The Managing Director of Nagad, Tanvir A. Mishuk said, ‘Partnering with metLife Bangladesh is a part of the process to ease our customers’ life by paying their premium using the latest digital payment mode.′
Nagad, the fastest growing digital money firm, was founded by Mr. Mishuk in partnership with the Bangladesh Post Office, has grown customers faster than any other technology startup in Bangladesh’s history. Launched in 2019, the firm now serves nearly 40 million customers, almost a quarter of the country’s population.
In Mr. Mishuk’s view, Nagad’s success resulted from market innovations made possible by its open collaboration across stakeholders and experts.
This cooperative spirit underpins one of Nagad’s signature innovations, Digital KYC. In the past, opening a mobile financial account would require multiple trips to a physical agent along with reams of paperwork. These onerous ‘Know Your Customer’ requirements were critical to battling fraud and money laundering but also impeded the flow of funds out of the proverbial ‘mattresses’ and into the formal financial system.
Working with Bangladesh’s government, Nagad devised a system to verify new customers by connecting to the country’s electoral database. The time required to open an account dropped from an average of five days to under a minute, fueling Nagad’s explosive growth. Other industry players followed suit shortly after, vitalizing the entire ecosystem.
Mr. Mishuk cites a similarly spirited cooperation with the country’s mobile operators that enabled customers to instantly open accounts using only their phone numbers. Nagad offers a uniquely compelling example of what a successful digital bank can look like when built from the ground up using technology-first principles.
Contact: Samia Sharmin, Assistant Manager, Corporate Communications
Address: Delta Dahlia Tower,36 Kemal Ataturk Avenue, Banani.Dhaka-1213, Bangladesh
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