Founder and CEO of Cash in conversation with startup entrepreneurs
In the five years since its inception, the country’s popular mobile financial services company has brought in hundreds of crores of cash investment, said Tanveer A Mishuk, founder and chief executive officer of Naqd. He said that the service has not started yet, but foreign investment of Tk 112 crore has already entered the Cash Digital Bank.
On Sunday evening, Tanveer A Mishuk met the founders of the country’s startup companies in a virtual exchange of views. In this two-hour exchange meeting, the young digital business entrepreneurs of the country joined and asked various questions. Journalists were also involved here, they also questioned the cash CEO.
Tanveer said several world-renowned investment firms have invested in Naqd Mobile Financial Services and Naqd Digital Bank. Firms invested in cash also have investments in Facebook (Meta). Moreover, some of the world’s renowned business organizations including a sister concern of India’s Paytm have invested here. In addition, Deloitte, one of the world’s largest audit firms, audits daily cash transactions.
In response to a question, the CEO of Naqd said that Naqd Limited has broken the monopoly of mobile financial services in Bangladesh at the very beginning of the journey. That’s why this billion-dollar startup company has been subjected to continuous smear campaigns. And recently, after the change in the power of the country in the popular coup, the level of misinformation about cash started to increase, said Tanveer.
When Tanveer A Mishuk was approached by hundreds of young startups to clarify their position and cash on the recent controversy in the digital space, he happily agreed to speak. Tanveer’s father admitted to the hospital for cancer treatment. He joined this discussion from his father’s bedside.
The entrepreneurs involved in the discussion also made it clear that they understand the conspiracy against cash and will always work to prevent such scams. Also, they think, young entrepreneurs have no choice but to stay together. At the same time they give various suggestions to contribute to the further development of cash.
In the event, an entrepreneur Ibrahim Sheikh said that the credit of making the country’s mobile banking market competitive is Naqd. Still, why are ridiculous complaints made against the institution regarding the distribution of various allowances?
In response, Tanveer A. Mishuk said, ‘Before starting the cash work, the government’s allowance distribution process was opaque and unaccountable. Along with that, the customers had to suffer and spend a lot of money to get the allowance. Cash has brought a revolutionary change in this field. As a result, many government ministries have been entrusted with the responsibility of disbursing allowances due to transparency, accountability and low cost. However, in all cases cash was obtained through open tender. And for this reason, the organization is victimized by the opponent’s propaganda.
In this conversation, Tanvi A Mishuk firmly stated that there is no difference between e-money and physical money of cash. More money is kept in the bank than cash which uses e-money. The Chief Executive of Cash also presented documents as proof of this information. Apart from this, he showed proof that Naqd Limited does not have a single taka loan in any bank in Bangladesh.
Besides bringing a large amount of foreign investment to Bangladesh, cash is contributing to the country’s economy and how the use of cash is saving tens of thousands of crores every year to the customer and the state, the head of cash highlighted the statistics.
At the same time, clarifying the position of the cash, Tanveer A. Mishuk said, ‘We are working under an agreement with the postal department, a government institution. As a result, we have to work closely with all governments. I did it with the previous government, I am doing it with the current interim government, I will do it with the future government. We have no party affiliation; But we will work with the government.’
Cash’s agreement with the postal department is valid till 2028. As a result, the postal department is getting 51 percent of the total cash income. Cash has grown into a billion dollar company in just 5 years since its launch in 2019. Cash’s customer base is now over nine and a half crore and the company transacts an average of 1800 crore rupees daily.
(Dhaka Times/19 August/SA)
Source: www.dhakatimes24.com
