Bangladesh Postal Department takes charge of Nagad

The Bangladesh Postal Department has officially assumed responsibility for Nagad, one of the country's leading mobile financial service providers. In this regard, an eight-member committee has been formed, headed by Abu Taleb, the Director of the postal department.

The decision comes as the central bank's appointment of the administrator to Nagad remains suspended following a court order. Since Nagad operates under a revenue-sharing agreement with the postal department, the responsibility has now shifted to the postal authorities.

According to an office order issued by the Postal Department on Thursday, Faiz Ahmad Taiyeb, Special Assistant to the Chief Adviser, issued a directive to take over Nagad's overall operations following a Supreme Court Appellate Division order that stayed the Bangladesh Bank's appointment of an administrator.

Subsequently, a committee was formed to carry out necessary actions, oversee operations at Nagad's head office and other associated locations, and submit periodic reports.

The committee members include the Postal Department Directors, Md. Abu Taleb and Md. Aminur Rahman. Other members include Postal Attaché SM Wadudul Islam and Programmer Md. Moniruzzaman, DPMG Sanjit Chandra Pandit, Md. Shaheduzzaman Sarkar, Khandaker Shahnur Sabbir, and AKM Moniruzzaman.

Earlier last week, the High Court stayed the decision to appoint an administrator. Following that, Md. Shafayet Alam was appointed as Nagad's new Chief Executive Officer (CEO).

Commenting on the formation of the Postal Department's committee, CEO Md Shafayet Alam stated, "Nagad is a financial service provider operating under a revenue-sharing agreement with the Postal Department. From the outset, there has been widespread misinformation and confusion surrounding this issue. This decision further clarifies the situation, and we welcome the formation of this committee. We believe Nagad, as one of the country's most successful mobile financial service providers, will continue to deliver uninterrupted and innovative services to its customers."

He added, "We urge customers and well-wishers not to be misled by rumours or misinformation about Nagad."

In August 2024, the Bangladesh Bank appointed an administrator to Nagad, which was subsequently challenged in court by Md Shafayet Alam in the High Court. Last week, the Chamber Judge of the Appellate Division issued a stay order regarding the High Court's verdict on the administrator's appointment. Md Shafayet Alam then officially assumed the role of Nagad's CEO.