CDIP customers can pay savings, loan instalments via Nagad free of cost

The mobile financial service of the Post Office, Nagad Limited, and Centre for Development Innovation and Practices (CDIP) have signed a memorandum of understanding (MoU) to help make microcredit operations easy and dynamic among the people of lower income bracket.

From now on, the customers of the CDIP will be able to deposit the instalments of their loans and savings schemes free of cost via Nagad app as per the deal. Accordingly, the CDIP service will be available at Nagad app, USSD, and Nagad Uddokta (entrepreneurs).

The service under the MoU will allow lower-income people all over the country to pay instalments of loans and savings schemes by using their mobile phones.

The agreement was signed recently at Nagad head office in Banani, Dhaka. Nagad’s Chief Business Officer Sheikh Aminur Rahman, Head of Payments Division Mohammad Mahbub Sobhan, Head of IMI and Govt. Sales Operation Department Tanvir Chowdhury and Key Account Manager Hasna Mohsin were present there.

On behalf of the CDIP, its Executive Director Mifta Naim Huda, Finance and Planning Department Head SA Ahad, Director of Micrifinance Programme AKM Habibullah Azad, Finance and Accounting Department Head AKM Shamsur Rahman, HR and OD Head Md Ibrahim Miah and Head of Digitisation Amit Kumar Roy attended the signing ceremony.

About the service, Nagad’s Chief Business Officer Sheikh Aminur Rahman said, “Nagad has always been working to reach digital services to the doorstep of the people who are lagging behind. Thanks to this service, a major portion of the unbanked people will be encouraged to save their money and also get access to CDIP’s microcredit facilities.”