I would like to respectfully inform you that I have successfully conducted and completed my internship report entitled 'The Case Study of Nagad Payment Campaign' as my internship report for obtaining the degree of Bachelor of Business Administration. This has been established as a requirement for the completion of United International University's BBA program. Third Wave Technologies Ltd was renamed Nagad Ltd in February 2019, reportedly without informing the BPO.
In March 2019, Nagad Ltd was launched as Mobile Financial Services (MFS) of Bangladesh Post (BPO) under the brand name “Nagad”. I will be happy to answer any questions you may have regarding this report. In continuation, I would like to thank Almighty Allah for giving me the strength to perform my duties as an intern and complete this report.
I am Golam Nazmus Sakib, a student at the United International University's School of Business and Economics (Marketing), in Bangladesh, hereby declare that the internship report on "The Case Study of Nagad Payment Campaign" is an original work that has never been published before previously submitted. for a degree, or other type of recognition. The Nagad platform saw an increase in the number of digital transactions and new users thanks to the payment campaign. The volume of transactions increased significantly as a result of the campaign, according to Nagad, and more than 3 million new users joined the platform.
Overall, the corporation used the Nagad payments campaign as a strategic move to support digital payments and drive development in Bangladesh's mobile financial services sector.
Background of the Study
- Introduction
- Topic of the report
- Origin of the report
- Objective of the report
- Primary Objective
- Secondary Objective
- Data Collection
- Primary Sources
- Secondary Sources
- Scope of the study
- Limitation
The report that provided insights into how a specific organization executes its payment campaign across different strategies to achieve customer and merchant satisfaction and their organizational goals. The main objective of the study is to recognize the importance of Nagad's pay campaign and what strategy they followed to launch a campaign. To identify the awareness level of payment campaign services among satisfied Nagad merchants and the users.
The tools I used: Interview the key contact person related to the merchants and also visit the respective outlets to know the customer feedback. This interview was piloted with the Merchant Key Contact Person and Key Account Manager in Nagad who oversees merchant account opening and merchant onboarding and also communicates with the B2B merchants for any need. I also spoke to the Nagad Campaign Management and reporting team and asked questions related to paid campaigns and other campaigns in Nagad.
The scope of this study is to understand the level of payment campaign satisfaction with Nagad, a popular mobile financial service in Bangladesh, and identify the key factors that influence their satisfaction. By examining merchant satisfaction and customer satisfaction in campaigns with Nagad, this study aims to provide insights into areas where Nagad can improve its services and improve the overall customer experience.
Overview of The Organization
- Brief Story
- Introduction of The Organization
- Policy of the organization
- Mission & Vision of Nagad
- Competitors
- Organizational Hierarchy Chart
- Operational Workflow Commercial Division
- Main Office & Number of Employees
- Introduction of All the Departments
- Components on the Organizational Structures
Nagad is a mobile financial service that enables users to perform a variety of transactions including money transfers, bill payments, mobile top-ups and online shopping. It is a subsidiary of the Bangladesh Post Office, which is a state-owned organization that has been providing postal services in Bangladesh for over 150 years. Nagad's policy is to select, train and monitor its agents based on certain criteria and standards, such as location, liquidity, compliance and service quality.
Product Development: Nagad offers a range of products and services to cater to the various needs and preferences of its customers, such as cash-in, cash-out, send money, mobile recharge, bill payment, e-payment gateway commerce and more. Risk Management: Nagad recognizes the potential risks and challenges associated with DFS, such as fraud, cybercrime, money laundering, terrorist financing and operational failures. Nagad's policy is to support various social causes and initiatives that align with its vision and values, such as women empowerment, education, health, environment and disaster relief.
To become the leading mobile financial service provider in Bangladesh by offering innovative and secure digital financial solutions that meet the needs of people from all walks of life. Nagad is one of the leading players in the mobile financial services sector in Bangladesh. Rocket: Rocket is the third largest mobile financial services provider in Bangladesh with over 40 million registered users.
It offers services such as mobile banking, bill payment, remittances, ticketing, e-commerce and social payments. Upay: Upay is a mobile financial service in Bangladesh that offers a range of financial services including mobile top-ups, bill payments and money transfers. These employees are an integral part of Nagad's operations and play a critical role in delivering the company's digital financial services to customers and driving Nagad's growth and success in Bangladesh's highly competitive mobile financial services sector.
The Business Development division also manages partnerships with other organizations and stakeholders, such as mobile network operators, banks, merchants and government agencies. The HR & Administration department is responsible for managing the company's human resources and administrative functions. The structure enables a centralized decision-making process, which can ensure consistency and efficiency in implementing the company's vision and strategy.
However, the structure also has some disadvantages, such as a lack of flexibility and innovation, a high degree of bureaucracy and red tape, and a possible disconnection between the top management and the lower-level employees. Therefore, I would suggest that the Nagad's organizational structure should be revised to include some elements of a flat or matrix structure, such as cross-functional teams, decentralized authority, and more regular communication and feedback channels.
A Case Study of Nagad Payment Campaign
- Introduction
- Background
- Objective
- Strategy & Execution
- Results & Impact
- Lesson Learned
- Methodology
- Findings & Analysis
- Nagad Contribution in Merchant Payment
- Summary & Conclusion
- Recommendation
But the mobile financial service has been extremely popular and one of the preferred ways of transacting on a daily basis. It is the second largest MFS of Bangladesh and one of the most preferred MFS companies by the people of the country. To date there is no literature available that shows the company's quantitative contribution to the country's MFS industry and to the country's growth and financial inclusion.
To determine the contribution of Mobile Financial Service (MFS) industry in Bangladesh in promoting financial inclusion based on the contribution of Nagad Ltd. Finding out people's preferences to determine the extent of inclusivity the company has created. Mobile Financial Services Training: Nagad conducted extensive training programs for individuals including users, agents and merchants to familiarize them with the features and benefits of the Nagad platform.
Moreover, I interviewed the company's senior managers to know more about Nagad's contribution to the industry and also to the campaign. Few data come from the Bangladesh Bank website and published news articles as most of the published literature on financial inclusion is a result of the rise of MFS in Bangladesh, based on Bangladesh's largest MFS company ; bKash. To benefit from the internet banking service, you must have an active bank account with the scheduled commercial banks of the country.
Since most of our country's people are not educated with such knowledge to use banking services, this sector could not cover most of the citizens in the financial inclusion. It is the main limitation of the banks of our country that the range of their services is very limited to certain types of customers. The campaign also benefited from the support of the Bangladesh Bank, which lent credibility to Nagad and its services.
Below is the comparison of registered users, number of transactions and transaction amount of MFS and internet banking of Bangladesh. Despite the high growth in the number of internet banking users, the number of users is much lower than that of registered MFS users. Of the total Merchant Payments, August 2022 MFS transaction amounted to BDT 3,035 crore, represented by Bangladesh Bank.
Nagad contributed for around 8% of the transactions amounting to 234 Crores BDT, according to the company officials of Nagad Ltd. Despite Nagad Limited having a market share of around 20% of the industry, it is clear from the study and conclusions above that the company still has a long way to go.
