Bangladesh Bank appoints administrator at Nagad
The Bangladesh Bank has appointed its Director Muhommad Badiuzzaman Dider as the administrator at mobile financial service Nagad Ltd for one year.
In addition, six other central bank officials will be sent to Nagad to assist the administrator, and the seven officials will be released from the Bangladesh Bank tomorrow.
The six Bangladesh Bank officials to assist the administrator are – Payment Systems Department Additional Director Md Habibur Rahman, Joint Directors Anwar Ullah and Palash Mandal, Deputy Director for ICT Chayan Biswas, Deputy Director Md Ayub Khan and Motijheel Office Joint Director for ICT Abu Sadat Mohammed Yasin.
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In an instant reaction, Nagad Founder and CEO Tanvir A Mishuk welcomed the central bank decision as he believes this will put an end to the "recent smear campaign against Nagad".
"Over the past few days, we have been discussing these issues with the bank, and they have made a positive move by appointing an administrator," Nagad said in a written statement, adding that there had been instances of appointing administrators in some big financial and telecommunication companies in Bangladesh.
"The decision is expected to be a significant step forward in the country's journey toward a cashless society. We remain confident that Nagad will continue to lead in customer service as it has for the past five years," it added.
Nagad, starting its journey in 2019, leveraged the brand and resources of the Bangladesh Postal Department to rapidly grow its customer base to around 9 crore, thanks to its aggressive pricing of services and government contracts.
However, cashing in on government connections for undue privilege during the regime of ousted prime minister Sheikh Hasina has been an allegation against the company which its CEO recently denied at a stakeholders' online call after the political regime change.
