In a strategic effort to enhance interbank connectivity across Bangladesh, Nagad—the mobile financial service operating under the Bangladesh Post Office—has signed a formal partnership agreement with Citizens Bank PLC. The collaboration expands shared capabilities across Trust-cum-Settlement Accounts, Add Money functions, inbound remittance processing, and interbank transfers routed through the National Payment Switch Bangladesh (NPSB).

The signing ceremony took place at the Motijheel head office of Citizens Bank PLC in Dhaka. On behalf of their respective institutions, Nagad Chief Financial Officer Afzal Ahmed FCA and Citizens Bank Deputy Managing Director Md. Abdul Latif executed the agreement. The signing was overseen by Nagad Senior Associate Administrator Syed Hemayetuddin Ahmed alongside Citizens Bank Managing Director Alamgir Hossain.

By combining Citizens Bank’s institutional banking setup with Nagad’s extensive agent footprint, inbound remittances can now reach recipients in remote rural regions far more rapidly. The alliance aims to simplify customer onboarding for unbanked demographics while supporting Bangladesh’s push towards a cashless digital economy. Nagad currently maintains Trust-cum-Settlement Account arrangements with 41 commercial banks nationwide.

Key operational focus areas highlighted by the leadership include:

Executive Insights: Syed Hemayetuddin Ahmed emphasized that deepening banking partnerships remains vital for reliable digital transactions. Alamgir Hossain noted that Citizens Bank intends to utilize Nagad’s distribution network to deliver retail services directly to consumers, including future plans for distributing micro-financial products such as nano-loans.
Infrastructure Reach: Nagad account holders can currently access merchant payment points via more than one million Bangla QR code locations nationwide, supported by real-time interbank transaction flows through NPSB integration.

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