MoU aims to deliver DPS, Fixed Deposits, and credit access across nationwide agent and merchant networks
Nagad and IFIC Bank Partner to Explore In-App Savings and Digital Loans
- Nagad and IFIC Bank sign an MoU to assess the feasibility of integrating DPS, FD, and digital loans into Nagad apps
- Framework targets credit and deposit access for general subscribers, along with working capital financing for agents and merchants
- Signed at IFIC Bank headquarters in Purana Paltan by senior leadership from both organizations
Exploring integrated pathways to deliver digital savings instruments and credit solutions directly to consumers, agents, distributors, and merchants, mobile financial service provider Nagad Limited has signed a Memorandum of Understanding (MoU) with IFIC Bank PLC. The signing ceremony took place at IFIC Bank’s corporate head office in Purana Paltan, Dhaka, on Monday, 21 September 2026.
The agreement was signed by IFIC Bank Deputy Managing Director & Chief Information Officer (CIO) Md. Monitur Rahman, Chief of Branch Business Helal Ahmed, and Nagad Limited Chief Commercial Officer Mohammad Shaheen Sarwar Bhuiyan on behalf of their respective institutions, in the presence of senior corporate executives from both sides.
Under the framework, the entities will jointly evaluate the technical and operational feasibility of enabling retail customers and commercial channel partners to open IFIC Bank Deposit Pension Schemes (DPS) and Fixed Deposit (FD) accounts via consumer and agent mobile interfaces. The scope further includes reviewing algorithmic credit scoring to disburse nano-loans and digital credit lines to eligible subscribers, alongside specialized working-capital credit facilities for Nagad's operational merchants, distributors, and agents.
Commenting on the initiative, IFIC Bank Managing Director Syed Mansur Mustafa remarked, "This partnership reinforces our strategic mandate to extend formal savings and credit facilities across millions of households. Merging our core banking infrastructure with Nagad’s extensive digital distribution network allows us to explore scalable, digital-first deposit and credit avenues, deepening institutional ties."
Administrator of Nagad (BPO-Nagad) Md. Motasim Billah stated, "With a nationwide entrepreneurial base exceeding 300,000 agents, Nagad provides an efficient bridge to distribute structured commercial banking products across urban and rural Bangladesh. This collaboration allows us to evaluate expanding our portfolio into formal savings and productive financing supported by IFIC Bank’s institutional capacities."
Nagad and IFIC Bank have maintained an operational partnership since March 2021 through the 'Add Money' wallet-loading feature. The new agreement seeks to transition this relationship into an end-to-end digital banking and embedded-finance distribution model.
//DBTech/BBS/SME//
