National Bank, Nagad Partner for Direct Wallet Remittances

National Bank customers can now send money directly from abroad to their relatives’ Nagad mobile wallets. The mobile financial service of the postal department, Nagad, announced on 5 February that its remittance service has been opened for National Bank.

The announcement follows the signing of a memorandum of understanding (MoU) between National Bank PLC and Nagad at Nagad’s headquarters in Banani, Dhaka. National Bank Managing Director Adil Chowdhury and Nagad Administrator Md. Motasim Billah signed the agreement on behalf of their respective organizations.

Other officials present at the event included National Bank Deputy Managing Director (In-Charge) Md. Meshkat-ul-Anwar Khan, Head of Remittance Department Milton Roy, Nagad Senior Associate Administrator Md. Habibur Rahman, Associate Administrator Md. Abu Taleb, Chief Commercial Officer Muhammad Shaheen Sarwar Bhuiyan, and Remittance Head Md. Ahsanul Haq Bashar, along with other representatives from both institutions.

Under the agreement, remittances sent from abroad through National Bank will be delivered directly to beneficiaries’ Nagad mobile wallets. This allows expatriates to send money via international exchange houses, money transfer operators (MTOs), or banks. Beneficiaries, including those in remote areas, can receive and use the funds 24/7 with minimal cash-out costs. Additionally, remittance recipients will enjoy the government-provided 2.5% incentive. The service will also be accessible through more than 60 MTOs and over 300,000 Nagad agent points nationwide.

National Bank Managing Director Adil Chowdhury and Nagad Administrator Md. Motasim Billah described the initiative as a game-changing step to expand remittance access to marginalized communities. They expressed optimism that the partnership would boost remittance inflows and positively impact the national economy.

DBTech/RM/MM/OR