DHAKA, Feb 24, 2019 (BSS) – Posts, Telecommunications and Information
Technology Minister Mustafa Jabbar has said Bangladesh has conquered a
position in mobile financial service (MFS), amazing the rest of the world.
“Using the (MFS) platform, on an average of Taka 1,024 crore is being
transacted without any paper and it is the outcome of ‘digital Bangladesh’
foresighted campaign by the Prime Minister Sheikh Hasina,” he said.
The minister passed the remarks while introducing the country’s first ever
digital KYC (Know your customer) Registration process of the digital
financial service provider Nagad of Bangladesh Post Office in a city hotel on
Saturday night.
Jabbar said open market economy needs dynamism for competition and Nagad of
Bangladesh Post Office would expedite this dynamism to the mobile financial
market.
Noting that the countries which emerged through the three industrial
revolutions successfully, they also have a look at Bangladesh, the minister
said: “None could stop Bangladesh’s journey becoming one of the best
countries if our people could be able to adopt the transformation of
technology.”
Posts and Telecommunications Division Secretary Ashoke Kumar Biswas,
Director General of Bangladesh Post Office Sushanta Kumar Mandal and Nagad’s
Managing Director Tanvir A Mishuk also spoke on the occasion.
Sushanta Kumar Mandal said “We have the experiences of more than a hundred
years in managing financial transactions, and through our nationwide network
of 9,886 post offices and its employees, Bangladesh Postal Division is well
equipped in tackling any irregularity in this digital financial sector with
speed and efficiency.”
Tanvir A Mishuk said “The main objective of Nagad is to provide the people
of Bangladesh who are currently outside the financial inclusion with
financial freedom. And in the essence of freedom we are providing these
ground-breaking services.”
The Digital KYC Registration has been introduced to ensure a hassle-free
process for the customers. It will also ensure that there will be no chance
of duplication and fraud.
To complete this process, customers are required to bring their national ID
card and registered mobile phones. Pictures of the customer and the ID will
be taken immediately and cross-matched with the Election Commission Database
in real time through artificial intelligence.
The respective field of the KYC form will be filled up by automated
scanning process extracting information for the NID. The whole process will
be concluded within less than 30 seconds per customer.
The Nagad smartphone app is available only in the android platform for the
time being. This light weight and easy to use application were previously
available as a beta version and had been downloaded by more than 50,000
users.