Nagad
Nagad is Bangladesh's third-largest mobile financial services platform, operated under Bangladesh Post Office, serving over 91 million registered customers through a mobile app, USSD (*167#), and ~300,000 agent points with cash-in/out, merchant payments, remittance, bill pay, and bank-transfer services.
- Company typePrivate
- Founded2019
- HeadquartersDhaka, Bangladesh
- Headcount501–1,000
- GTM typeB2C
- OfferingServices
What Nagad does
Nagad Ltd. is a Bangladesh-based mobile financial services (MFS) platform and the digital financial services arm of Bangladesh Post Office, licensed by Bangladesh Bank and launched on March 26, 2019. It operates a mobile-first payments and transaction-processing platform accessible via an Android/iOS app and the USSD code *167# (the latter serving feature-phone users). Its core products include Cash In, Cash Out, Send Money, Merchant Payment (via the Bangla QR standard integrated with the National Payment Switch Bangladesh), Bill Pay for 100+ utilities, Mobile Recharge for all five Bangladeshi MNOs, Remittance receipt through 50+ MTOs across 40+ countries, Bank/Card transfers, EMI/MFI installment payments, and Donations to 188+ NGOs. Technology stack includes fully digital e-KYC account opening (NID scan, live selfie with liveness detection, digital signature) and computer-vision-based fraud monitoring.
Nagad's business model is transaction-fee driven, monetizing cash-out, send-money (5 BDT after first two free transactions), tiered bill-pay fees, 1.5% bank/Visa transfer fees, and float income on wallet balances; merchant QR receipt is free to drive acceptance. Distribution combines ~300,000 agent/uddokta cash points, 64+ Nagad Sheba post-office service centers, bank partnerships with 35+ banks for Add Money, and MTO partnerships (Western Union, MoneyGram, Ria, Remitly, ACE, Taptap Send, and others). As of May 2026, Nagad reported record monthly transaction volume of Tk 44,639 crore (~$3.7B USD) and serves over 9.13 crore (91+ million) registered customers, ranking third in Bangladesh's MFS sector behind bKash and Rocket.
The company operates under a unique public-private posture: a government-state-entity parent (Bangladesh Post Office) combined with private-sector operations. Bangladesh Bank appointed an Administrator in August 2024 and the Anti-Corruption Commission investigated allegations of irregular e-money issuance and laundering; in early 2026, Bangladesh Bank signaled plans to issue a tender for a foreign strategic investor. Day-to-day operations remain active, with recent bank partnerships (Midland Bank, Uttara Bank), Bangla QR/NPSB interoperability launch, and ongoing promotional campaigns driving record transaction volume.
Nagad firmographics
Firmographics- Name
- Nagad
- Legal name
- Nagad Ltd.
- Website
- https://nagad.com.bd
- Company type
- Private
- Founded year
- 2019
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Short description
- Nagad is Bangladesh's third-largest mobile financial services platform, operated under Bangladesh Post Office, serving over 91 million registered customers through a mobile app, USSD (*167#), and ~300,000 agent points with cash-in/out, merchant payments, remittance, bill pay, and bank-transfer services.
- Ownership category
- akta.pro rank
Nagad industry classification
Industry- Product category
- Mobile Financial Services
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Depository Credit Intermediation (5221)
- SIC
- Finance Services (6199), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- P2P Transfers & Remittances Platforms (BPAMAFAE)
- akta.pro secondary industries
- Digital Payments & Money Movement (ACH/SEPA/FPS, Bill Pay, P2P) (FSAGAAAF), Consumer P2P International Remittances (FSAGAKAA)
Keywords
Where Nagad is headquartered
LocationHeadquarters
- HQ city
- Dhaka
- HQ country
- Bangladesh
- HQ region
- Asia
Offices2 records
Markets served
Nagad business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales, Others
Revenue model
- Transaction Fees — Cash Out: Nagad charges fees on cash-out transactions at agent points. Limits: Daily up to 30,000 BDT, monthly up to 200,000 BDT per account holder.
- Transaction Fees — Send Money & Bill Pay: Send Money via app is free for first 2 transactions, then 5 BDT per transaction; via USSD (*167#) 5 BDT per transaction. Bill payment charges are tiered by biller and amount (e.g., DPDC: 5–25 BDT per transaction; percentage-based for others).
- Transfer Money Fees: Transfer to bank accounts or Visa debit cards carries a 1.5% fee per transaction (limit: 50,000 BDT per transaction, 300,000 BDT monthly).
- Remittance-related Revenue: Revenue generated from remittance transactions, including government 2.5% stimulus subsidy flows through formal channels, and float income on float balances.
- Merchant Services: Merchants pay no fee to receive QR-based payments via Bangla QR. Revenue derived from merchant transaction volume and promotional campaigns with billers.
- Float / Float Income: Nagad earns float income on client balances held in e-wallets before cash-out or transfer, analogous to traditional banking float.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Send Money (App) — free first 2 transactions, then 5 BDT per transaction |
| Transaction based/ take rate | Pay-as-you-go | Cash Out — free (subsidized by float) |
| Transaction based/ take rate | Pay-as-you-go | Bill Pay — tiered fees by biller and amount |
| Transaction based/ take rate | Pay-as-you-go | Transfer Money (Bank/Visa) — 1.5% per transaction |
| Freemium | Pay-as-you-go | Add Money from Bank — promotional cashback offers |
| Freemium | Pay-as-you-go | Mobile Recharge — free |
| Transaction based/ take rate | Pay-as-you-go | EMI Payment — fee varies by biller |
Go-to-market motion2 records
Distribution channels7 records
Marketing channels7 records
Nagad product offering
Product offeringCore offering
Nagad operates a Bangladesh Bank-licensed mobile financial services platform accessible via a mobile app (Android/iOS) and USSD channel (*167#), enabling cash-in/out, person-to-person money transfers, merchant QR payments through the unified Bangla QR/NPSB network, utility bill payment, mobile recharge, EMI/MFI installment payments, donations, bank transfers, and inbound cross-border remittance receipt. The platform is operated under a partnership with Bangladesh Post Office and serves as Bangladesh's third-largest MFS provider with more than 91.3 million registered customers.
Product overview
Nagad is a mobile financial service (MFS) platform operated by Nagad Ltd. under a Bangladesh Bank-issued license and in partnership with Bangladesh Post Office, launched on March 26, 2019. The core product is the Nagad mobile app and USSD channel (*167#), which provides a comprehensive suite of financial services including Cash In, Cash Out, Send Money, Merchant Payment (via Bangla QR and NPSB), Bill Pay, Mobile Recharge, Remittance receipt (via Western Union, Moneygram, and other MTOs), Bank Transfer (to Sonali Bank PLC and Visa debit cards), EMI/MFI installment payments, Donations, and Add Money from bank or card. The platform also includes Nagad Islamic, a Shariah-compliant version available at nagadislamic.com.bd. Access is available via the Android/iOS app, USSD (*167#), and QR code. Nagad serves over 9.13 crore (91 million) registered customers with approximately 3 lakh entrepreneur/agent points nationwide. The Nagad Sheba network operates through Bangladesh Post Office branches across all 64 districts, while the Nagad Uddokta locator enables users to find nearby agents and service centers using location data. Promotional campaigns include Add Money campaigns (offering up to Tk 120 instant cash bonus), a Remittance Gold Necklace giveaway, Weekend Add Money offers, and Quiz Master game partnerships.
Differentiator
Problem solved
Functional benefit
Brands
- Nagad Islamic: Islamic-compliant mobile financial service offering
- Nagad Uddokta
Products and services
- Nagad Mobile Financial Services
- Nagad Islamic
- Merchant Payment
- Cash In
- Remittance
- Bill Pay
- Send Money
- Transfer Money (Bank Transfer)
- Mobile Recharge
- EMI Payment
- Donation
- Add Money from Card
- Add Money from Bank
Quantifiable outcome
- 9.13 crore+ registered users within 5 years of launch (March 2019)
- +4 more outcomes
Companies that use Nagad
Customer profileNamed customers2 records
Segments4 records
Ideal customer profiles4 records
Nagad technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration12 records
AI capability3 records
Feature4 records
Nagad partnerships and signals
Strategic signalPartnerships
Twelve partnerships are on record, tiered core.
- National Payment Switch Bangladesh (NPSB)coreNagad integrated its Bangla QR payment services with the National Payment Switch Bangladesh (NPSB), enabling Nagad users to make payments at nearly 10 lakh merchants across Bangladesh using a unified QR platform, eliminating the need for separate QR codes across different financial institutions.
- Uttara Bank PLCcoreNagad and Uttara Bank signed a partnership to enhance digital financial services. Uttara Bank account holders can transfer money to Nagad using Uttara Bank's mobile banking application, improving customer convenience through collaboration between banking and mobile financial sectors.
- Midland Bank PLCcoreNagad partnered with Midland Bank PLC to streamline expatriate remittance delivery to Bangladesh. Remittances are credited instantly to beneficiaries' Nagad mobile wallets through Midland Bank's global partner network, with 24/7 access to funds and cash withdrawal at over 300,000 agent points nationwide.
- bKashcoreNagad is integrated with bKash through the National Payment Switch Bangladesh (NPSB) and Bangla QR platform, enabling interoperability between Bangladesh's two largest MFS providers for QR-based merchant payments.
- Sonali Bank PLCcoreNagad enables direct money transfers from Nagad accounts to Sonali Bank PLC accounts, allowing users to transfer funds to one of Bangladesh's largest state-owned banks.
- Bangladesh Post OfficecoreNagad is the digital financial services arm of Bangladesh Post Office, operating under an operational partnership. Nagad leverages 64+ post office locations as Nagad Sheba service points for in-person customer support and agent network management.
- Bangladesh BankcoreNagad holds a Mobile Financial Services (MFS) license from Bangladesh Bank and operates under the regulatory supervision of Bangladesh Bank. Bangladesh Bank has also appointed an administrator (BPO) to Nagad and is facilitating foreign investment discussions.
- Western UnioncoreNagad enables expatriate Bangladeshis to receive remittances via Western Union directly into their Nagad mobile wallets. Recipients receive funds instantly with 2.5% government stimulus included.
- 50+ International MTOs (Ria, Remitly, Taptap Send, ACE Money Transfer, NALA, MoneyGram, and others)coreNagad partners with over 50 international money transfer operators across 40+ countries for diaspora remittance delivery, including Australia (ACE Money Transfer, Master Remit, Mycash Online, Remit Choice, Remitly, Ria, Taptap Send), Austria (NALA), Bahrain (Batelco Financial Services, Zenj Exchange), Canada (AF Global Payment Technologies, Japan Remit Finance, MoneyGram, Placid Express, Uremit), and others.
- 35+ Partner Banks (AB Bank, Agrani Bank, Bank Asia, Eastern Bank, IFIC Bank, Midland Bank, Sonali Bank, Trust Bank, City Bank, and others)coreNagad enables Add Money from over 35 partner banks, allowing users to fund their Nagad accounts directly from bank accounts. Banks include AB Bank, Agrani Bank, Bangladesh Development Bank, Bank Asia, Basic Bank, Bengal Commercial Bank, Citizens Bank, Community Bank Bangladesh, Dhaka Bank, Eastern Bank, IFIC Bank, Jamuna Bank, Janata Bank, Meghna Bank, Mercantile Bank, Midland Bank, Modhumoti Bank, Mutual Trust Bank, NCC Bank, NRB Bank, NRBC Bank, One Bank, Prime Bank, Pubali Bank, RAKUB, Rupali Bank, Shahjalal Islami Bank, Shimanto Bank, Sonali Bank, South Bangla Agriculture & Commerce Bank, Southeast Bank, Standard Bank, City Bank, Trust Bank, Premier Bank, UCB, Uttara Bank, and others.
- Grameenphone, Robi, Airtel, Banglalink, TeletokcoreNagad enables mobile recharge for all five major mobile operators in Bangladesh: Grameenphone, Robi, Airtel, Banglalink, and Teletok. Mobile recharge via Nagad is completely free for users.
- DPDC, DESCO, WASA, Titas Gas, and 100+ BillerscoreNagad enables bill payments for over 100 billers including electricity (DPDC, DESCO, WZPDCL, NESCO, BREB, PBS), gas (Titas, Jalalabad, Bakhrabad, West Zone Gas), water (Dhaka WASA, Khulna WASA, Chattogram WASA), insurance companies, NBFIs, educational institutions, and government ministries.
Scale indicators11 records
Recent moves7 records
Expansion highlights7 records
Nagad competitors and assessment
Company assessmentDirect peers
- bKash: Bangladesh's largest MFS provider and the dominant player in the same market as Nagad. bKash offers comparable mobile wallet, P2P, merchant payment, bill pay, and remittance services, making it the most direct head-to-head competitor.
- Rocket (DBBL Nexus): Dutch-Bangla Bank's mobile financial services platform and the second-largest MFS in Bangladesh. Rocket competes directly with Nagad in P2P transfers, cash-in/out, bill pay, and merchant payments within the same domestic market.
- Upay: An emerging Bangladeshi MFS provider backed by UCB and military welfare trust, competing with Nagad in mobile wallets, merchant QR, and digital payments within Bangladesh.
Regional players
- Easypaisa: Pakistan's leading mobile wallet operated by Telenor Microfinance Bank. Comparable in business model (USSD + app, agent network, P2P, bill pay) and market context (large unbanked population, similar regulatory environment) to Nagad.
- JazzCash: Pakistan's second-largest MFS operated by Mobilink (Jazz)/VEON. Comparable product suite (wallet, P2P, remittance, bill pay, merchant payments) and similar emerging-market regulatory dynamics to Nagad.
- GCash: The Philippines' leading mobile wallet operated by Mynt/Globe Telecom. Comparable as a mass-market digital wallet in an emerging Asian economy with strong agent distribution and interoperability focus.
- OVO: Indonesia's leading digital wallet with a comparable merchant payments and P2P focus. Operates in a similar emerging Southeast Asian market context with interoperability (QRIS) parallels to Nagad's NPSB integration.
- DANA: An Indonesian digital wallet with comparable features (merchant QR, P2P, bill pay). Operates within the same QRIS interoperability framework, paralleling Nagad's Bangla QR/NPSB approach.
Emerging players
- Wave (Wave Mobile Money): A fast-growing mobile money operator across West Africa with a comparable agent-based model and focus on financial inclusion. Comparable as a high-growth MFS in an emerging market serving the unbanked population.
Broad incumbents
- M-Pesa (Vodafone/Safaricom): The global benchmark for mobile money, operating in Kenya and across Africa. While much larger and more mature, M-Pesa pioneered the agent-based mobile wallet model that Nagad's Bangladesh operations closely mirror in serving the unbanked.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Nagad social profiles
Digital presenceNagad financial estimates
Financial estimateRevenue estimate
Valuation estimate
Nagad leadership team
Management profileNumber of profiles
Profiles7 records
Nagad funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Nagad M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Nagad
What does Nagad do?
Nagad operates a Bangladesh Bank-licensed mobile financial services platform accessible via a mobile app (Android/iOS) and USSD channel (*167#), enabling cash-in/out, person-to-person money transfers, merchant QR payments through the unified Bangla QR/NPSB network, utility bill payment, mobile recharge, EMI/MFI installment payments, donations, bank transfers, and inbound cross-border remittance receipt. The platform is operated under a partnership with Bangladesh Post Office and serves as Bangladesh's third-largest MFS provider with more than 91.3 million registered customers.
Is Nagad a public or private company?
Nagad is a private company. It is classified as state government owned and is currently operating.
When was Nagad founded?
Nagad was founded in 2019. It employs 501 to 1,000 people.
Where is Nagad based?
Nagad is headquartered in Dhaka, Bangladesh, in the Asia region.
How does Nagad make money?
Six revenue lines are on record. Transaction Fees — Cash Out is the primary driver. The others are transaction Fees — Send Money & Bill Pay, transfer Money Fees, remittance-related Revenue, merchant Services and float / Float Income.
Who are Nagad's main competitors?
Direct peers on record are bKash, Rocket (DBBL Nexus) and Upay. Regional players are Easypaisa, JazzCash, GCash, OVO and DANA. Wave (Wave Mobile Money) is listed as an emerging player. M-Pesa (Vodafone/Safaricom) is listed as a broad incumbent.
Does Nagad have an API?
No public API is recorded for Nagad.
What industry is Nagad in?
Nagad's product category is Mobile Financial Services. Its primary akta.pro industry code is BPAMAFAE, P2P Transfers & Remittances Platforms, with a secondary code of FSAGAAAF, Digital Payments & Money Movement (ACH/SEPA/FPS, Bill Pay, P2P). Its NAICS code is 522320 and its SIC code is 6199.