Nagad secures position in fintech top cohorts’ chart

Dhaka (Oct 22, 2020):  Nagad, a digital financial service of Bangladesh Postal Department, has been named as one of the top 50 cohorts of Inclusive Fintech for 2020 for its outstanding performance in financial service with unbanked people.  

The announcement came on Tuesday in Washington, said a press release of Nagad, the fastest growing mobile financial service in Bangladesh.

Inclusive Fintech 50 is a well-reputed group of global organizations that drives innovation and investment in financial services for low-income population.

Nagad has been selected in payment category among 403 organisations now operating from 111 countries across the globe.

This was the second edition of the initiative, which selected the top 50 fintech potential companies from around the globe.

About this recognition, Tanvir A Mishuk, managing director of Nagad, said, “We are delighted as the global organization like Inclusive Fintech 50 has put Nagad on their top global list.”

Since the beginning of the service, he said, “We have been working for such inclusion with utmost importance and at last our effort is recognised.”

He said the technology, Nagad uses to financially include millions of unbanked people is undoubtedly the best one in the country and very updated and modern in the world.

“The recognition also testified our technological innovation in payment and transaction. I believe, such international recognition would make Nagad more motivated to work for the people. This will also push the country forward to establish a cashless society.”

An independent panel of 35 experts from venture capital, technology, and financial services firms identified the most promising startups providing credit, insurance, savings, and other critical products to low-income households and businesses that are particularly vulnerable to financial shocks like the Covid-19 economic crisis.

Along with Nagad 10 South Asia companies, 10 companies from East Asia & the Pacific, five from Europe & Central Asia, 8 from Latin America & the Caribbean, six from North America and 12 companies from Sub-Saharan Africa were also named in the list.

During the selection process, the top 50 fintech companies were chosen based on four criteria: inclusiveness, innovation, scale potential and traction.