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Nagad top VAT payer for consecutive years

Nagad top VAT payer for consecutive years

Nagad, the fastest-growing mobile financial service provider, has once again emerged as a top VAT depositor in only four years of its inception. The National Board of Revenue (NBR) has declared Nagad Limited as one of the top VAT-paying companies in the country for the fiscal year 2022-2023 in the service category. In acknowledgment of Nagad's exceptional financial contribution to the national exchequer, the 'Highest VAT Payers Award' will be handed over by chief guest Finance Minister AHM Mustafa Kamal to the MFS operator at a ceremony organised by the NBR on Dec 10 marking the National VAT Day, said a press release on Tuesday (Dec 5).

Like in previous years, the revenue board will honour the top nine VAT-paying companies at the national level for the last fiscal year in three categories – production, service and business.

Nagad's inclusion in the top VAT payers' list is attributed to its rapid customer growth, fuelled by innovative service offerings that have led to an upswing in transactions.

Since its launch by Prime Minister Sheikh Hasina, Nagad has garnered over 8.5 crore customers and revolutionized the disbursements of social safety net allowances, education stipends, and even distributed cash aid to underprivileged families during the pandemic time.

From its inception, Nagad has spearheaded digitalization in the country's financial sector, introducing groundbreaking initiatives, such as the digital Know Your Customer (KYC) process – a first in the country, eliminating paperwork for MFS account openings. Besides, the company's innovation in opening accounts via feature phones has also disrupted the digital financial services landscape.

Mohammad Aminul Haque, Executive Director of Nagad Ltd. emphasized how simplified account opening has not only driven financial inclusion but also propelled the nation towards a cashless society. "The more customers use digital services, the easier their lives will be, with benefits of Digital Bangladesh reaching every home. The government's revenue generation will get a boost too," he also said.

Aminul Haque reiterated Nagad's commitment to enhancing customer experience with products and services tailored to their changing needs. The MFS provider is now actively working towards launching the country's first digital bank, aiming to elevate cashless transactions to the next level, he added.