# Nagad

> Source: https://docs.barcoder.ai/docs/wallets/nagad
> research date 2026-05-29 · extracted at 2026-10-03
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

Specifications:
- [Nagad — official](https://nagad.com.bd/)

## Overview

**Nagad** is **Bangladesh's #2 mobile financial service**, launched **March 2019** under the **Bangladesh Post Office** <sup>[1][1], [2][2], [Bangladesh report](https://docs.barcoder.ai/docs/payments/BD)</sup>. **50+ million registered users** + **~30% Bangladesh mobile-money market share**. Nagad is **Bangladesh's fastest-growing MFS** in transaction volumes.

**2025 record-breaking transactions** <sup>[3][3], [4][4]</sup>:
- **2025 annual total**: ~**Tk 3,80,000 crore** (~**$31.5 billion**) — up from Tk 330,000 crore in 2024.
- **January 2025**: **BDT 40,301 crore (~$3.3B) in monthly transactions** — all-time highest single-month volume.
- **March 2025**: BDT 34,000 crore monthly record.
- **December 2025**: Tk 35,530 crore monthly record (year-end).

**MFS Interoperability November 2025** <sup>[1][1]</sup>: Bangladesh Bank directive expanded **NPSB to enable direct transfers between bank accounts + bKash wallets + Nagad wallets + PSPs** — Bangladesh's first cross-MFS interoperability rollout.

## History

**March 2019 — Nagad launches** <sup>[2][2]</sup> under Bangladesh Post Office's Digital Financial Service mandate.

**2019-2024 — Rapid Bangladesh adoption** <sup>[2][2]</sup>: 50M+ registered users in ~5 years.

**January 2025 — BDT 40,301 crore monthly record** <sup>[4][4]</sup>.

**March 2025 — BDT 34,000 crore monthly record** <sup>[3][3]</sup>.

**November 2025 — NPSB interoperability with bKash + bank accounts + PSPs** <sup>[1][1]</sup>.

**December 2025 — Tk 35,530 crore year-end record** <sup>[3][3]</sup>.

## Ownership & operator

**Operating entity**: **Nagad Limited** — Bangladesh-domestic mobile financial service.

**Parent**: **Bangladesh Post Office** (Postal Act-authorized Digital Financial Service).

**Regulator**: **Bangladesh Bank**.

## Technical integration

| Layer | Description |
|---|---|
| **Channels** | Nagad mobile app (iOS + Android) + USSD + agent network |
| **Identifiers** | Phone |
| **License model**: Digital Financial Service under Postal Act (distinct from bKash MFS license) |
| **Bangladesh national rail** | **NPSB** (National Payment Switch Bangladesh) + November 2025 cross-MFS interoperability with bKash + bank accounts + PSPs |

## Users & growth

**2025 baseline** <sup>[3][3], [4][4]</sup>:
- **Registered users**: 50+ million
- **Market share**: ~30% Bangladesh MFS
- **2025 annual transactions**: Tk 3.80 lakh crore (~$31.5B) — highest annual ever
- **2024 annual transactions**: Tk 330,000 crore
- **January 2025 monthly record**: BDT 40,301 crore (~$3.3B)
- **December 2025 monthly record**: Tk 35,530 crore

## Use cases

P2P transfers; mobile top-ups; bill payments; merchant payments; salary disbursements (government + private); remittances; cross-MFS interoperability (NPSB Nov 2025+) — direct transfers to bKash, Upay, bank accounts.

## Implementations & partners

**Operator**: **Nagad Limited** (Bangladesh Post Office subsidiary).

**Regulator**: **Bangladesh Bank**.

**Major Bangladesh MFS competitors**:
- **[bKash](https://docs.barcoder.ai/docs/wallets/bkash)** (BRAC Bank + Money in Motion + Ant Group + IFC; 70M+ users; BD MFS #1)
- **[Upay (উপায়)](https://docs.barcoder.ai/docs/wallets/upay)** (UCB Fintech / United Commercial Bank affiliate; since Mar 2021; 130K+ agents)
- **Rocket** (Dutch-Bangla Bank)
- **mCash** (Islami Bank)

## Fun facts

- **Bangladesh Post Office-affiliated** — distinctive state-postal-driven MFS.
- **March 2019 launch** — only 7 years to 50M+ users.
- **~30% Bangladesh MFS market share** — #2 behind bKash.
- **2025 = Tk 3.80 lakh crore (~$31.5B) annual** — highest ever.
- **January 2025 BDT 40,301 crore (~$3.3B) monthly record** — all-time single-month high.
- **November 2025 NPSB interoperability** with bKash + bank accounts + PSPs.

## Comparison

| Feature | Nagad | [bKash](https://docs.barcoder.ai/docs/wallets/bkash) (BD #1 MFS) | [Upay (উপায়)](https://docs.barcoder.ai/docs/wallets/upay) (BD UCB-affiliated) | Rocket (BD Dutch-Bangla) | [M-Pesa](https://docs.barcoder.ai/docs/wallets/m-pesa) (KE analogous mobile-money pioneer) |
|---|---|---|---|---|---|
| Operator | **Nagad Limited (Bangladesh Post Office subsidiary)** | bKash (BRAC Bank + Money in Motion + Ant Group + IFC) | UCB Fintech (UCB affiliate) | Dutch-Bangla Bank | Safaricom + Vodacom |
| Type | **BD #2 MFS (state-postal-driven)** | BD #1 MFS | BD MFS (since Mar 2021) | BD MFS | KE mobile-money pioneer |
| Country | Bangladesh | Bangladesh | Bangladesh | Bangladesh | 7+ African |
| Users | **50M+ registered; ~30% BD MFS market share** | 70M+ | 130K+ agents | Major | 51M+ |
| Distinctive | **Bangladesh Post Office heritage; 2025 Tk 3.80 lakh crore annual; Jan 2025 monthly record BDT 40,301 crore; Nov 2025 NPSB interop** | BD-dominant; BRAC Bank + IFC anchor | UCB-affiliated; co-branded prepaid card | Dutch-Bangla Bank | KE mobile-money pioneer (2007) |

## Status

**Active, Bangladesh's fastest-growing #2 MFS** <sup>[3][3], [4][4]</sup>:
- **Nagad** (Bangladesh Post Office subsidiary) since March 2019.
- **50M+ registered users + ~30% BD MFS market share**.
- **2025 Tk 3.80 lakh crore (~$31.5B) annual + Jan 2025 BDT 40,301 crore monthly record**.
- **November 2025 NPSB cross-MFS interoperability** with bKash + bank accounts + PSPs.
- **Bangladesh Bank-regulated**.

## Sources

[1]: https://www.newagebd.net/post/economy/286898/nagad-reports-transactions-worth-tk-380-lakh-crore-in-2025 "Nagad Tk 3.80 lakh crore 2025 — New Age"
[2]: https://payatlas.com/payment-method/nagad-5125 "Nagad coverage adoption — PayAtlas"
[3]: https://www.tbsnews.net/economy/corporates/nagad-records-highest-ever-monthly-transactions-march-2025-1110261 "Nagad March 2025 record — The Business Standard"
[4]: https://www.tbsnews.net/economy/corporates/nagad-transactions-hit-monthly-record-tk40000-crore-1349421 "Nagad monthly record Tk 40K crore — The Business Standard"
[bd-cro]: https://docs.barcoder.ai/docs/payments/BD

- [1] [Nagad Tk 3.80 lakh crore 2025 — New Age][1]
- [2] [Nagad coverage adoption — PayAtlas][2]
- [3] [Nagad March 2025 record — The Business Standard][3]
- [4] [Nagad monthly record Tk 40K crore — The Business Standard][4]
- <sup>[Bangladesh report](https://docs.barcoder.ai/docs/payments/BD)</sup> In-corpus: `reports/countries/BD-bangladesh.md`

## Source

Biography extracted from [nagad.md](https://docs.barcoder.ai/source/wallets/nagad). See `matrix.md` for standards-support matrix if present.