NRB Bank partners with Nagad to expand financial services

NRB Bank PLC has signed an agreement with Nagad, the mobile financial service of the Bangladesh Postal Department, to make financial transactions easier, more affordable and convenient for customers.

Under the partnership, NRB Bank will leverage Nagad’s platform to extend its services to remote areas where the bank does not have physical branches.

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Md Motasem Billah, administrator appointed by Bangladesh Bank at Nagad, and Tarek Reaz Khan, managing director and CEO of NRB Bank PLC, signed the agreement at the latter’s corporate head office in Gulshan, Dhaka recently, according to a press release.

“We aim to modernise traditional banking transactions. Partnering with a service provider like Nagad is crucial for us,” Tarek said.

“Through our 109 branches and sub-branches nationwide, reaching remote areas remains challenging. Utilising Nagad’s network of over 300,000 agent points will significantly broaden our operational scope,” he added.

Officials expressed optimism that the initiative would significantly boost trade and commerce across the country.

Under the agreement, inward foreign remittances sent through NRB Bank will be transferred instantly to beneficiaries’ Nagad wallets, including those in remote areas. As a result, recipients across the country will be able to receive and use remitted funds around the clock.

The two institutions also plan to expand their partnership to include services such as nano-loans and corporate collection services.