‘MFS Nagad rising fast to break market monopoly’
Just in two years with 40 million clients, the leading mobile financial service (MFS) provider Nagad is growing fast for breaking market monopoly.
With the evolving technologies it has made and edge in the market as its clients can transfer money with lower prices and open account in easy process compared to other peers.
Tanvir A Mishuk, managing director of the company shared his innovative business idea and business excellences with The Daily Observer in an interview.
He said in a short span of time among other market players Nagad along with attracting new customers also providing seamless services.
Two years back it was a hassle some process to open a mobile account for e-transfer of money but today everyone can easily do it him/herself.
Besides various services are being added to its domain and resulting wider ranges of serving more people in the ongoing prolonged Covid pandemic.
Under Nagad mobile financial service through Porichoy app one can open account within few seconds sans national identity card and even till today there is no complain regarding security, he said and added currently one has to pay Tk9.99 against cash out of Tk1000 and it has triggered a new trend in financial inclusion service.
At the disrupted supply chain caused by pandemic Nagad is providing contactless transactions facilities through online payment gateways and we witnessed a sharp rise in account opening as well, Mishuk said.
To facilitate our clients, from the beginning of the Covid-19, Nagad introduced the lowest-ever cash-out charge for the entrepreneurs at Tk6 for Tk1, 000 cash-out.
"We have busted up monopoly in the market and it is a rule of economy of diminishing monopoly and we are thinking further how to attract more customers with providing more state-of the-art technologies", Mishuk said.
He said the government's competition watchdog body should look into the mobile financial service sector and find the real market scenario. In the open market policy they should encourage the trend setters who provide better and cost efficient services. In the telecom field, the regulator has introduced significant market power rules that ensure the rights of the smaller players. I think the same needs to be introduced in the MFS segment to ensure competition.
Equal opportunity and level playing field are critical for taking the MFS to mass people and the stakeholders should consider it with importance, the Nagad managing director said.
Regarding further innovation and market strategy Mishuk said, "We will be happy if we can keep up this pace and can attain a 50 per cent market share by 2021. We can make it as already we are advancing ahead towards our target."
When asked about secrets behind faster development Mishuk said it all depends on how you bring a product to the market. "We had identified the problems in the market before commencing our operations with the solutions in our hand.