Wallets/nagad
Nagad
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Overview
Nagad is Bangladesh's #2 mobile financial service, launched March 2019 under the Bangladesh Post Office [1, 2, bd-cro]. 50+ million registered users + ~30% Bangladesh mobile-money market share. Nagad is Bangladesh's fastest-growing MFS in transaction volumes.
2025 record-breaking transactions [3, 4]:
- 2025 annual total: ~Tk 3,80,000 crore (~$31.5 billion) — up from Tk 330,000 crore in 2024.
- January 2025: BDT 40,301 crore (~$3.3B) in monthly transactions — all-time highest single-month volume.
- March 2025: BDT 34,000 crore monthly record.
- December 2025: Tk 35,530 crore monthly record (year-end).
MFS Interoperability November 2025 [1]: Bangladesh Bank directive expanded NPSB to enable direct transfers between bank accounts + bKash wallets + Nagad wallets + PSPs — Bangladesh's first cross-MFS interoperability rollout.
History
March 2019 — Nagad launches [2] under Bangladesh Post Office's Digital Financial Service mandate.
2019-2024 — Rapid Bangladesh adoption [2]: 50M+ registered users in ~5 years.
January 2025 — BDT 40,301 crore monthly record [4].
March 2025 — BDT 34,000 crore monthly record [3].
November 2025 — NPSB interoperability with bKash + bank accounts + PSPs [1].
December 2025 — Tk 35,530 crore year-end record [3].
Ownership & operator
Operating entity: Nagad Limited — Bangladesh-domestic mobile financial service.
Parent: Bangladesh Post Office (Postal Act-authorized Digital Financial Service).
Regulator: Bangladesh Bank.
Technical integration
| Layer | Description |
|---|---|
| Channels | Nagad mobile app (iOS + Android) + USSD + agent network |
| Identifiers | Phone |
| License model: Digital Financial Service under Postal Act (distinct from bKash MFS license) | |
| Bangladesh national rail | NPSB (National Payment Switch Bangladesh) + November 2025 cross-MFS interoperability with bKash + bank accounts + PSPs |
Users & growth
- Registered users: 50+ million
- Market share: ~30% Bangladesh MFS
- 2025 annual transactions: Tk 3.80 lakh crore (~$31.5B) — highest annual ever
- 2024 annual transactions: Tk 330,000 crore
- January 2025 monthly record: BDT 40,301 crore (~$3.3B)
- December 2025 monthly record: Tk 35,530 crore
Use cases
P2P transfers; mobile top-ups; bill payments; merchant payments; salary disbursements (government + private); remittances; cross-MFS interoperability (NPSB Nov 2025+) — direct transfers to bKash, Upay, bank accounts.
Implementations & partners
Operator: Nagad Limited (Bangladesh Post Office subsidiary).
Regulator: Bangladesh Bank.
Major Bangladesh MFS competitors:
- [[bkash]] (BRAC Bank + Money in Motion + Ant Group + IFC; 70M+ users; BD MFS #1)
- [[upay]] (UCB Fintech / United Commercial Bank affiliate; since Mar 2021; 130K+ agents)
- Rocket (Dutch-Bangla Bank)
- mCash (Islami Bank)
Fun facts
- Bangladesh Post Office-affiliated — distinctive state-postal-driven MFS.
- March 2019 launch — only 7 years to 50M+ users.
- ~30% Bangladesh MFS market share — #2 behind bKash.
- 2025 = Tk 3.80 lakh crore (~$31.5B) annual — highest ever.
- January 2025 BDT 40,301 crore (~$3.3B) monthly record — all-time single-month high.
- November 2025 NPSB interoperability with bKash + bank accounts + PSPs.
Comparison
| Feature | Nagad | [[bkash]] (BD #1 MFS) | [[upay]] (BD UCB-affiliated) | Rocket (BD Dutch-Bangla) | [[m-pesa]] (KE analogous mobile-money pioneer) |
|---|---|---|---|---|---|
| Operator | Nagad Limited (Bangladesh Post Office subsidiary) | bKash (BRAC Bank + Money in Motion + Ant Group + IFC) | UCB Fintech (UCB affiliate) | Dutch-Bangla Bank | Safaricom + Vodacom |
| Type | BD #2 MFS (state-postal-driven) | BD #1 MFS | BD MFS (since Mar 2021) | BD MFS | KE mobile-money pioneer |
| Country | Bangladesh | Bangladesh | Bangladesh | Bangladesh | 7+ African |
| Users | 50M+ registered; ~30% BD MFS market share | 70M+ | 130K+ agents | Major | 51M+ |
| Distinctive | Bangladesh Post Office heritage; 2025 Tk 3.80 lakh crore annual; Jan 2025 monthly record BDT 40,301 crore; Nov 2025 NPSB interop | BD-dominant; BRAC Bank + IFC anchor | UCB-affiliated; co-branded prepaid card | Dutch-Bangla Bank | KE mobile-money pioneer (2007) |
Status
Active, Bangladesh's fastest-growing #2 MFS [3, 4]:
- Nagad (Bangladesh Post Office subsidiary) since March 2019.
- 50M+ registered users + ~30% BD MFS market share.
- 2025 Tk 3.80 lakh crore (~$31.5B) annual + Jan 2025 BDT 40,301 crore monthly record.
- November 2025 NPSB cross-MFS interoperability with bKash + bank accounts + PSPs.
- Bangladesh Bank-regulated.
Sources
- 1 Nagad Tk 3.80 lakh crore 2025 — New Age
- 2 Nagad coverage adoption — PayAtlas
- 3 Nagad March 2025 record — The Business Standard
- 4 Nagad monthly record Tk 40K crore — The Business Standard
- bd-cro In-corpus:
reports/countries/BD-bangladesh.md
Source
Biography extracted from nagad.md. See matrix.md for standards-support matrix if present.