Nagad, the mobile financial arm of the Postal Department has decided to expand the horizon of its ultra-cheap cash-out facilities and said the Tk 9.99 charge for every Tk 1,000 cash-out, the lowest rate ever in the country.The rate will apply to Nagad app users.
The fastest-growing mobile financial service provider in Bangladesh has been offering the cheapest fund withdrawal rate per Tk 1,000 cash-out for the customers since October 1, and so far customers have been able to enjoy the charge for the withdrawal of at least Tk 2,100 in a single transaction.
From now on, users can enjoy the same rate for cashing out in every thousand and the decision has been taken to make the charge widely available.
For the customers who don’t use the mobile app for cash-out and rather rely on the mobile phone’s USSD facility, the charge will be Tk 12.99. A 15 per cent value-added tax will be applicable in both cases.
Because of the lowest cash-out charge, MFS users will be more interested in using this fastest-growing transaction facility. This will ultimately help the economy grow at a faster rate.
About the cut in the cash-out charge, Tanvir A. Mishuk, managing director of Nagad, said, “We have always been against high cash-out charges. We think that the cash-out charge of Tk 20 per Tk 1,000, which has been prevalent for the last decade, is an injustice to customers.
That is why Nagad has been offering the lowest cash-out charge to customers since its inception. Now, we have removed all the conditions and made the offer available for all sizes of the fund. We hope this will make the cost of using Nagad more affordable than ever before”. and will accelerate the digitalization of financial transactions in Bangladesh. We think the government can take an initiative to fix the maximum cash withdrawal charge for all mobile financial services.”
Currently, Nagad users enjoy free of cost transactions within the network, whereas other operators charge intra-operator transactions.
Earlier, Nagad introduced Tk 6 as the charge for every Tk 1,000 cash-out for five types of small business entities to cut their cost of doing business during the coronavirus pandemic.
Rolled out commercially on March 26, 2019, Nagad is one of the top MFS carriers in Bangladesh thanks to its unique service and offers. It has been involved in various innovative activities of government and non-government agencies.