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27 January 2023

Business Insider Bangladesh

Nagad among top VAT payers of FY 22

BI Report || BusinessInsider

Published: 17:11, 7 December 2022  
Nagad among top VAT payers of FY 22

Nagad logo.

Nagad, the fastest-growing mobile financial service provider, has come out as a top VAT payer in only three years since it embarked on its journey.

The National Board of Revenue (NBR) has already declared Nagad Limited as the third highest VAT-paying company for the fiscal year 2021-2022 in the service category.

In recognition of Nagad’s outstanding contribution to the national exchequer, Finance Minister AHM Mustafa Kamal as the chief guest will hand over the “Highest VAT Payers Award” to the digital financial service provider of Bangladesh Postal Department at a ceremony organised by the NBR in InterContinental Dhaka on December 9, marking the VAT Week (December 9 to 15).

Industries Minister Nurul Majid Mahmud Humayun and Md Jashim Uddin, president of Federation of Bangladesh Chambers of Commerce and Industries, will grace the occasion as the special guests, while Abu Hena Md Rahmatul Muneem, senior secretary to Internal Resources Division and NBR chairman, will preside over the programme.

Other NBR officials, among others, will also attend the award-giving event.

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

Nagad has gained customers at a faster pace because of its new innovations in providing services to its customers, leading to a gradual rise in transactions. Thus, the MFS provider has got into the list of highest VAT-paying companies.

Since its launching by Prime Minister Sheikh Hasina, Nagad has so far onboarded more than 6.5 crore customers.

Nagad has revolutionised the way the government disburses social safety net allowances and education stipends to crores of families. The MFS provider also distributed PM’s cash aid to poor families ahead of Eid at the pandemic times.

From the very beginning, the company has ensured digitisation in the country’s financial sector through its ground-breaking innovations like the introduction of the digital Know Your Customer (KYC) for the first time in the country to open an MFS account without requiring any paperwork.

Nagad’s innovation of opening accounts using feature phones has also shaken up the world of digital financial services.

Tanvir A Mishuk, Founder and Managing Director of Nagad said account opening simplification has not only accelerated financial inclusion but has also played a role in the country’s shift towards the cashless society.

“The more customers use digital services, the easier their lives will be. And, the benefits of Digital Bangladesh will reach every home. The government’s revenue generation will also get a boost,” he also said.

Nagad always works to improve customer experience, he also said, adding, “We are happy in doing so.”

The state-owned MFS provider is now working to set up the country’s first digital bank to take cashless transactions to the next level, he concluded.