STAR BUSINESS REPORT

Leading mobile financial service (MFS) provider Nagad’s transactions increased 21 percent year-on-year to Tk 111,355 crore -- the highest ever by the operator -- in the first quarter of the current year.

The amount is 8.77 percent higher than the preceding quarter, according to a press release issued by the company.

In the January-March period this year, Nagad also checked off several other milestones, including record volumes for “Add Money” from banks, merchant payments, and inward remittances, it said.

The mobile money carrier also posted significant growth in P2P (person-to-person) transfers, cash-in, and cash-out.

In addition, government allowances and stipends were disbursed during this time.

Commenting on the growth, Nagad Administrator Motasem Billah said, “Nagad is very popular among lower-middle-income and marginalised people, thanks to its cost-effectiveness.”

Nagad’s cash-out charge per Tk 1,000 is Tk 6.5 lower than that of other existing operators.

Billah also said, “With features like free ‘Send Money’ and low-cost remittance services, public confidence in Nagad is growing day by day. This trust allows Nagad to break its own records every month or every quarter. We believe we will be able to conduct many more transactions in the days to come by continuing this trend.”

Over the past three months, monthly transaction volumes have shown notable fluctuations. In January, transactions reached Tk 40,301 crore, marking the highest monthly figure on record at the time.

By March, this record was surpassed, with transactions climbing to Tk 41,469 crore. However, in February, transaction volumes dipped to Tk 29,585 crore.

This decline was attributed to temporary restrictions imposed on Nagad and other mobile financial service operators during the election period, which affected overall transaction activity.

In the first quarter of 2025, Nagad’s transactions stood at Tk 92,054 crore, while the figure dipped slightly to Tk 91,333 crore in the second quarter.

However, transactions recovered to Tk 92,125 crore in the third quarter. The final quarter of 2025 saw Nagad cross the Tk 1 lakh crore milestone for the first time, recording Tk 102,381 crore in transactions.