Nagad hits highest monthly transactions in May

Nagad, the mobile financial service of the Bangladesh Post Office, recorded its highest-ever monthly transaction volume in May, driven by increased customer activity ahead of Eid-ul-Adha and growing use of its digital payment services.

The platform processed transactions worth Tk44,639 crore in May, surpassing its previous monthly record of Tk41,469 crore set in March this year, said a media release.

Customers also transacted Tk40,301 crore through Nagad in January. With the latest figure, Nagad has rewritten its transaction milestones in at least four of the last six months.

The mobile financial service provider also broke its single-day transaction record twice during the Eid-ul-Adha week.

Transactions through Nagad stood at Tk2,162 crore on 24 May before rising to Tk2,177 crore on 26 May. Earlier, on 20 May, the platform processed transactions worth Tk2,105 crore.

Transaction demand usually rises during the Eid season as customers use mobile financial services for cash-in, cash-out, inward remittance, mobile recharge, utility bill payment and merchant shopping.
Nagad also served as a key channel for distributing government allowances and financial aid during the month, further strengthening public trust in the platform.

Commenting on the growth, Md. Motasem Billah, the Bangladesh Bank-appointed administrator at Nagad, said, “Nagad offers features that easily attract customers. Since our costs are lower, Nagad is highly popular among the common people of our country. For every Tk1,000 cashed out, customers save Tk6.50. Among all existing mobile financial services in the country, Nagad still offers the lowest cash-out rates.”
“Moreover, features such as free send-money and maximum benefits on receiving remittances give users an edge. As a result, public trust in Nagad is rising every day, allowing us to consistently break our own records. I firmly believe that by maintaining this momentum, we will handle even larger transaction volumes in the future,” he added.
Motasem also attributed the growing consumer confidence to Nagad’s technological advancements, which he said ensure maximum transaction security.
Since its inception, Nagad has focused on bringing diverse transaction services to digital platforms, helping accelerate transactions and support the rural economy. By bringing millions of unbanked citizens into the financial system, Nagad continues to play a role in building a cashless society.