Nagad elects new Chief Executive Officer
Md Shafayet Alam has taken over as the Chief Executive Officer (CEO) of Nagad Ltd., one of the country's leading mobile financial service providers.
He assumed the role on Monday, May 12, 2025. Upon taking charge, he pledged to expand Nagad's services to meet customers' changing needs.
With nearly thirty years of experience, Md. Shafayet Alam has held key positions at several renowned international and top-tier local organisations. His expertise spans multiple sectors, including electrical and electronics, telecommunications, information technology, and digital financial services.
Md. Shafayet Alam has been associated with Nagad since before its commercial launch in 2019. Over the past seven years, he has led several crucial top-level positions within this organisation. As the CEO, he has expressed his commitment to elevate the mobile money company to new heights.
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Upon assuming his new role as Nagad's CEO, Md. Shafayet Alam said, "Nagad has established itself as a remarkable brand in the MFS market by strictly adhering to all rules and regulations of the Bangladesh Bank. In the days ahead, we will make every effort to further accelerate customer service with their advice.
We are looking forward to strengthening the country's push for a cashless society under the directives of Bangladesh Bank."Nagad has simplified people's lives through various innovations. Now, we aim to expand this reach even further." He added.
With a postgraduate degree in business administration from a reputed university, Md Shafayet Alam has received international recognition for his exemplary leadership in Bangladesh's economic sector. In 2022, the UK-based economy journal Business Tabloid honoured him as a "Visionary Leader in Digital Finance" for exhibiting strategic, sustainable, and visionary initiatives in his field.
Operating under a revenue-sharing agreement with the Bangladesh Postal Department, Nagad currently serves over eight crore customers. Its network of more than 300,000 Uddokta points across the country has made its services more accessible to the people of all classes. From the get-go, Nagad has prioritised affordability for its users, offering the lowest cash-out charge in the market and free send-money services. This has empowered customers with easy access to digital financial services, resulting in daily transactions averaging around BDT 2,000 crore.
As the new CEO, Md Shafayat Alam has committed to further enhancing these positive aspects of the user experience.
In August last year, Bangladesh Bank appointed an administrator to oversee Nagad, Md. Shafayet Alam challenged the procedure of appointing the administrator in the High Court. Last week, the Chamber Judge of the Supreme Court declared the administrator's appointment unlawful. Following that decision, he formally assumed the role of Nagad's new CEO.
