A new digital financial service platform will hit the market within the next couple of months with a view to enhancing financial inclusion to the most rural corners of the country.

Called the Nagad, it will be run by the Bangladesh Post Office, which will leverage its vast network across the country, in partnership with Third Wave Technologies, the software developer, under a public-private partnership model, said a press release yesterday.

People will be able to access the service using mobile phones and other user-friendly financial tools, said Mohammad Solaiman, head of corporate and regulatory affairs of Third Wave Technologies.

Though yet to be fixed, the payment modalities promise increased financial freedom with additional security and control.

“Certainly the government's allowances and funds will be disbursed through this platform,” he said, adding that the platform is targeting to engage about 2.5 lakh entrepreneurs.

Employees of the existing 9,886 post offices across the country will act as agents for Nagad.

The post offices have over 100 years' experience in managing financial transactions, said Sushanta Kumar Mandal, director general of the Bangladesh Post Office, which will have the lion's share in Nagad.

Bangladesh Post Office has experience in facilitating financial transactions for the marginal population under different projects of World Bank, the International Committee of the Red Cross, the United Nations Development Programme, a2i, World Food Programme and others.

“We are well equipped to tackle any irregularities with speed and efficiency,” he said, adding that Nagad has the government's full support.