Will try to further expand Nagad’s business: Administrator

Muhammad Badiuzzaman Didar, the newly appointed administrator at Nagad Ltd, has said that he will work to further expand Nagad's business and address the ongoing rumours. 

"The central bank's goal is to support the improvement of the mobile financial service provider, not to shut it down," he made the remarks at a press conference at Nagad's headquarters in the capital today.  

On Wednesday, Bangladesh Bank appointed Muhammad Badiuzzaman Didar as the administrator of the mobile financial service (MFS) provider in Bangladesh, along with six other BB officials, to assist in its management.

Also, three officials from the Directorate of Posts assumed their responsibilities today.

Addressing recent rumours that Nagad might be shut down following the political regime change, Didar said that Nagad already has over nine crore customers and that any damage to its reputation could negatively impact the economy.

There would be no interference with Nagad's day-to-day activities or its human resources, ensuring stability within the organisation, he added.

At the press conference, Abu Taleb, director of the Directorate of Posts, said, "Over the last five years, Nagad's operations have been consistent with other specialised digital financial services, with no discrepancies observed."

Nagad's Executive Director Md Safayet Alam welcomed the appointment of the administrator, describing it as a timely and groundbreaking decision by the government to restore customer confidence.

The press conference was attended by the administrator's assistant officers, representatives from the Directorate of Posts, and Nagad's Additional Managing Director, Mohammad Aminul Haque.

Didar, speaking to TBS after the press conference, said that the NOC is part of the central bank's approval process and should not be a cause for suspicion. The appointment of the administrator has led to the dissolution of Nagad's board of directors.

Nagad, which began operations in 2019, faced controversy over its branding as a digital service of the Directorate of Posts, despite the government having no equity stake. Instead, it shared revenue with the Directorate of Posts. 

Also, its failure to secure a final MFS licence and its operation based on a central bank-issued no-objection certificate (NOC) raised concerns about its future.