Nagad, the mobile financial service of the Bangladesh Post Office, and Dana Fintech, an embedded finance and credit scoring platform, announced a partnership to expand digital lending to SMEs and financial wellness platform for underserved consumers. Under this partnership, both organizations will enable partner lenders to extend SME digital lending facility, which will potentially enhance Nagad's payment ecosystem and Dana's embedded lending technology.
Rahel Ahmed, Chief Executive Officer of Nagad Ltd, and Gazi Yar Mohammad, Co-founder and CEO of Dana Fintech, signed the agreement at a ceremony held recently at the Nagad headquarters in the capital. Shihab Uddin Chowdhury, Chief Sales Officer of Nagad Ltd, and Zia Hassan Siddique, co-founder and COO of Dana Fintech were also present at the signing ceremony, said a press release.
Through this partnership, entrepreneurs of micro and SME enterprise sectors in the country can readily obtain financial benefits from the lenders.
There are several more facilities available to Nagad customers, particularly with SME Digital Loan, Buy Now Pay Later (BNPL), and Earn Wage Proposition. In addition to increasing the payment ecosystem of Nagad Ltd, the service will also increase the integrated credit system of Dana Finance.
Regarding the agreement, Rahel Ahmed, CEO of Nagad Limited said, this partnership is a milestone in making underserved SMEs and individuals credit worthy through Dana credit scoring engine based on different data insights and digital transaction footprints of Nagad users.
This will open up new opportunities for quick access to capital for SMEs and underserved customers who do not have easy access to loans or credit cards.
