Bangladesh Bank appoints administrator to Nagad

The central bank has appointed an administrator to mobile financial service provider Nagad.
Muhammad Badiuzzaman Dider, who served as a director of Bangladesh Bank’s Chattogram office, has been appointed as the administrator for a one-year term, according to an internal order by the central bank today.
Nagad entered the market back in March 2019 and still the company has been running with just a temporary licence from the Bangladesh Bank, a rare example in the country’s financial sector.
The central bank extended the tenure of the temporary licence for the seventh time for Nagad which will expire in June next year.
Since its inception, the fast-growing MFS provider has introduced itself as the “digital financial service of Bangladesh Post Office” although the post office does not have any ownership of Nagad and only gets a share of Nagad’s revenue.
In addition, six officers of the Bangladesh Bank have been appointed to Nagad to support the overall operations of the administrator, it said.