Nagad Partners with Citizens Bank to Expand Digital Banking Services

The Postal Department’s mobile financial service, Nagad, has signed a strategic partnership agreement with Citizens Bank PLC to make financial transactions simpler, faster, and more seamless for customers. Under this agreement, both institutions will expand their collaboration across Trust-cum-Settlement Accounts, Add Money services, inbound remittance processing, and transactions via the National Payment Switch Bangladesh (NPSB).

The signing ceremony took place recently at the head office of Citizens Bank PLC in Motijheel, Dhaka. Nagad Chief Financial Officer Afzal Ahmed FCA and Citizens Bank Deputy Managing Director Md. Abdul Latif signed the agreement on behalf of their respective organisations. The event was held in the presence of Nagad Senior Associate Administrator Syed Hemayetuddin Ahmed and Citizens Bank Managing Director Alamgir Hossain.

This strategic alliance is designed to deepen commercial ties and streamline cross-border money transfers. By integrating Citizens Bank’s banking infrastructure with Nagad’s extensive distribution network, expatriate remittances sent through Citizens Bank can now reach families in remote rural regions far more efficiently. Furthermore, enhanced system integration and simplified customer onboarding processes are expected to bring more unbanked populations into the formal digital financial ecosystem.

The partnership also reinforces the drive towards a cashless economy in Bangladesh. With this agreement, Nagad now maintains Trust-cum-Settlement Account arrangements with 41 commercial banks across the country.

Senior officials from both entities highlighted the strategic importance of the collaboration during the ceremony:

• Syed Hemayetuddin Ahmed, Senior Associate Administrator, Nagad: Emphasized that strengthening bank partnerships is vital to guaranteeing swift, uninterrupted digital services. He noted that such joint efforts make everyday digital payments easier while accelerating the nation’s transition towards a cashless economy.

• Alamgir Hossain, Managing Director, Citizens Bank PLC: Stated that the bank aims to leverage Nagad’s nationwide network to deliver retail banking services directly to people’s doorsteps. He added that the bank intends to distribute financial products such as nano-loans through Nagad in the near future.

The event was attended by several high-ranking executives, including Nagad Senior Associate Administrator Probal Ahmed ACA, Associate Administrator Md. Azharul Haque, Head of Treasury and Merchant Operations Abid Khan, Head of Distributor Management and SOC Debabrata Kumar Chanda Palash, Head of Business Sales Md. Saidur Rahman Dipu, and Head of Remittance Md. Ahsanul Haq Bashar. Citizens Bank was represented by Deputy Managing Director Md. Mostafizur Rahman, Chief Financial Officer Mohammad Saiful Islam, Principal Branch Head Abdur Rouf Bhuiyan, Executive Vice President Mujibur Rahman, and Head of SMR Bijoy Chandra Das.

Nagad continues to run initiatives encouraging digital payments and legal remittance inflow into Bangladesh. Through the implementation of the “Bangla QR” payment standard and NPSB integration, Nagad users can currently make instant payments across more than one million Bangla QR merchant points nationwide, alongside executing interbank digital transfers with ease.