Bangladesh has conquered a position in mobile financial service (MFS), amazing the rest of the world, said Posts, Telecommunications and Information Technology Minister Mustafa Jabbar, reports state news agency BSS.
“Using the (MFS) platform, on an average of Tk 10.24 billion is being transacted without any paper and it is the outcome of ‘digital Bangladesh’ foresighted campaign by the Prime Minister Sheikh Hasina,” he said.
The minister passed the remarks while introducing the country’s first ever digital KYC (Know your customer) Registration process of the digital financial service provider Nagad of Bangladesh Post Office in a city hotel late on Saturday (Feb 23).
Jabbar said open market economy needs dynamism for competition and Nagad of Bangladesh Post Office would expedite this dynamism to the mobile financial market.
Noting that the countries which emerged through the three industrial revolutions successfully, they also have a look at Bangladesh, the minister said: “None could stop Bangladesh’s journey becoming one of the best countries if our people could be able to adopt the transformation of technology.”
Posts and Telecommunications Division Secretary Ashoke Kumar Biswas, Director General of Bangladesh Post Office Sushanta Kumar Mandal and Nagad’s Managing Director Tanvir A Mishuk also spoke on the occasion.
Sushanta Kumar Mandal said “We have the experiences of more than a hundred years in managing financial transactions, and through our nationwide network of 9,886 post offices and its employees, Bangladesh Postal Division is well equipped in tackling any irregularity in this digital financial sector with speed and efficiency.”
Tanvir A Mishuk said “The main objective of Nagad is to provide the people of Bangladesh who are currently outside the financial inclusion with financial freedom. And in the essence of freedom we are providing these ground-breaking services.”
The Digital KYC Registration has been introduced to ensure a hassle-free process for the customers. It will also ensure that there will be no chance of duplication and fraud.
To complete this process, customers are required to bring their national ID card and registered mobile phones. Pictures of the customer and the ID will be taken immediately and cross-matched with the Election Commission Database in real time through artificial intelligence.
The respective field of the KYC form will be filled up by automated scanning process extracting information for the NID. The whole process will be concluded within less than 30 seconds per customer.
The Nagad smartphone app is available only in the android platform for the time being. This light weight and easy to use application were previously available as a beta version and had been downloaded by more than 50,000 users.
