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Nagad gets LoI to open digital bank

Bangladesh Bank today issued a letter with its seal of approval to Nagad Digital Bank for launching a full-fledged digital bank in the country, according to a press release.

Abdur Rouf Talukdar, governor of the central bank, handed over a letter of intent (LoI) in this regard to Tanvir A Mishuk, founder and managing director of Nagad Ltd.

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At its 430th board meeting last Sunday, Bangladesh Bank had decided to provide LoIs for setting up the country's first digital banks to Nagad Digital Bank PLC and Kori Digital Bank PLC.

"Today [Wednesday], we received approval from Bangladesh Bank to establish the country's first digital bank," Mishuk said.

He informed that Nagad Digital Bank aims to serve those who face challenges in visiting traditional banks for various reasons by bringing banking services to their fingertips.

"We also aspire to provide single-digit interest on loans to individuals outside conventional business sectors without collateral requirements," he said, adding that the digital bank will address the day-to-day needs of common people.

Nagad is a leading mobile financial service provider in Bangladesh with more than 8.5 crore customers.

Abu Farah Md Nasser, deputy governor of Bangladesh Bank, Mohammad Shahriar Siddiqui, director of the banking regulation and policy department, and Niaz Morshed Elite, executive director of Nagad, were present among others.