Bangladesh Bank-appointed administrator Muhammad Badiuzzaman Didar took charge of the mobile financial service (MFS), Nagad, on Thursday.
The central bank appointed the administrator to oversee Nagad amid allegations of the MFS not adhering to various regulatory procedures.
Abu Taleb, director of the Directorate of Posts, was present when the administrator took charge on Thursday. At the time, Bangladesh Bank’s Additional Director Md. Habibur Rahman, Joint Directors Anwar Ullah, Palash Mandal, Abu Sadat Mohammad Yasin, Deputy Director Chayan Biswas, and Ayub Khan assumed responsibility as assistant officers. The Nagad officers informed them about the activities of the company.
Muhammad Badiuzzaman Didar, said the central bank is not attempting to shut down Nagad, rather it is working towards ensuring the company’s further development.
The Nagad administrator also said his associates’ goal is to stop all the negative propaganda against Nagad and help the company move forward.
Earlier, on Wednesday, the Bangladesh Bank issued a letter appointing Muhammad Badiuzzaman Didar, director of the Chattogram office, as the administrator of Nagad Ltd.
Didar said, “Recently, we’ve observed some rumours spreading about the Postal Department’s digital financial service, Nagad. Nagad is a massive institution with over 9.5 crore customers. If this institution is harmed by such rumours, the country’s economy will suffer too.”
He went on saying, “So, we’re here to put an end to all types of rumours and to further increase customer trust. Bangladesh Bank has not come to shut down Nagad; we’re here to assist Nagad in moving forward.”
The administrator clarified that none of Nagad’s services, activities, or progress would be halted, even for a moment.
He said, “Nagad was and will continue to be. The operations of Nagad will continue as they have been – be it disbursements of allowances, day-to-day transactions, or payment processing. We’re here to work towards making them even larger.”
In response to questions from journalists, the administrator said they have no intention of interfering with Nagad’s regular operations.
Moreover, they will not try to create any instability in human resources or other assets.
Director of Bangladesh Postal Department Abu Taleb said, “Over the last five years, there has been no discrepancy in the digital transactions managed by Nagad under the Postal Department. Like other services of the Postal Department, this is a specialised digital financial service.”
Executive Director of Nagad Ltd. Md. Shafayet Alam, said, “We welcome the appointment of this administrator by Bangladesh Bank. This timely and groundbreaking step by the government will play a direct role in restoring customer confidence, countering the negative propaganda against Nagad.”
Associates of the administrator, representatives from the Postal Department, and Nagad’s Additional Managing Director Mohammad Aminul Haque were present, among others, at the press conference.
