A distinguished fellow of the Centre for Policy Dialogue (CPD), Debapriya Bhattacharya, stated that the mobile financial service (MFS) Nagad has broken new ground in the areas where big, white elephant banks could not go.
He said that people, who used to take services from banks are now availing the MFS’s services, while attending a virtual event of Facebook titled “Innovation for Financial Inclusion Leaves No One Behind”, organized by the MFS provider on May 19.
He also stated that, “Previously we used to deposit a cheque at a bank and it would go through a lot of processes. A completely new area of work has been created by the blessings of MFS. Research can be carried out to see the changes that have taken place as a result of this.”
Tanvir A Mishuk, managing director of Nagad, took part in the program, which was moderated by Nagad Chief Public Affairs Officer Solaiman Shukhon.
The CPD distinguished fellow further stated that digital solutions will work if stakeholders from small and medium entrepreneurs to workers’ organizations are involved with it.
“The chambers of commerce have to be included. Concerted efforts have to be taken. We have to reach out to the small and medium-sized businesses.”
While putting emphasis on building a national database, Dr Debapriya stated that a database was created to help the helpless people during the coronavirus pandemic. Now it needs to be considered whether it can be turned into a national database. In the future the database can ease the process of delivering various government supports to the people.
Tanvir A Mishuk, managing director of Nagad, said: “We had noticed that the database was not flawless and that’s why we had to verify the numbers with the help of the National Identification cards. Many, including the MFS operators, were annoyed about it in the beginning. But with the support of the mobile operators we were able to disbursed the PM’s Eid gift to 36 lakh people.”
Nagad has brought different disruptive innovations in the service delivery process and is devoted to bringing new innovations. Before it took 7-10 days to open a financial account and the MFS made it as easy as just a dial from any mobile phone.