Bangladesh Post Office’s mobile financial service, Nagad, has signed a strategic partnership agreement with Citizens Bank PLC to enhance financial transactions nationwide. Under the agreement, both institutions will expand operations across Trust-cum-Settlement Accounts, Add Money features, inbound remittance processing, and interbank transactions through the National Payment Switch Bangladesh (NPSB).

The signing ceremony took place at the head office of Citizens Bank PLC in Motijheel, Dhaka. Nagad Chief Financial Officer Afzal Ahmed FCA and Citizens Bank Deputy Managing Director Md. Abdul Latif signed the accord on behalf of their respective organisations, in the presence of Nagad Senior Associate Administrator Syed Hemayetuddin Ahmed and Citizens Bank Managing Director Alamgir Hossain.

By integrating Citizens Bank’s institutional infrastructure with Nagad’s extensive agent network, remittance sent from abroad through Citizens Bank can now be delivered to families in rural areas more rapidly. The alliance aims to simplify onboarding processes for unbanked populations while furthering Bangladesh’s transition towards a cashless economy. Nagad currently holds Trust-cum-Settlement Account agreements with 41 commercial banks across the country.

Key focus areas highlighted during the signing include:

• Executive Insights: Syed Hemayetuddin Ahmed noted that expanding bank partnerships is essential for reliable digital payments. Alamgir Hossain stated that Citizens Bank plans to leverage Nagad’s reach to deliver retail services to doorsteps, with plans to distribute micro-products such as nano-loans via Nagad.

• Infrastructure Reach: Nagad users currently access instant payment capabilities across more than one million Bangla QR merchant points nationwide, alongside seamless interbank transfers through NPSB integration.

Senior representatives attending from Nagad included Probal Ahmed ACA, Md. Azharul Haque, Abid Khan, Debabrata Kumar Chanda Palash, Md. Saidur Rahman Dipu, and Md. Ahsanul Haq Bashar. Citizens Bank was represented by Md. Mostafizur Rahman, Mohammad Saiful Islam, Abdur Rouf Bhuiyan, Mujibur Rahman, and Bijoy Chandra Das.