DHAKA, Dec 7, 2022 (BSS) - Nagad, the mobile financial service of the 
Bangladesh Post Office, has come out as one of the top VAT payers in the 
country 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 
services category.

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

Industries Minister Nurul Majid Mahmud Humayun and President of Federation of 
Bangladesh Chambers of Commerce and Industries (FBCCI) Md Jashim Uddin will 
grace the occasion as the special guests while NBR Chairman Abu Hena Md 
Rahmatul Muneem will preside over the programme, said a press release.

The revenue board will honour top nine VAT-paying companies at the national 
level for the last fiscal year in three categories-- production, services 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 on-
boarded more than 6.5 crore customers. 

Nagad has revolutionised the way when the government disburses social safety 
net allowances and education stipends to the crore of families. The MFS 
provider also distributed PM's cash aid to the poor families ahead of Eid 
during the pandemic.

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. 

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

Mishuk said 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.