Bangladesh Bank (BB), the country's central bank, has appointed an administrator for the mobile financial service (MFS) provider Nagad, as stated in a circular issued on Wednesday.
Muhammad Badiuzzaman Dider, a director of Bangladesh Bank's Chattogram office, has been appointed as the administrator for a one-year term.
The central bank has also appointed other officials to support the administrator.
They are Md Habibur Rahman (additional director in division-2 of BB's payment system department), Anawar Ullah (joint director in division-1 of BB's payment system department), Palas Mondol (joint director in division-3 of the payment system department), Abu Sadat Md Yasin (ICT division of BB's Motijheel office), Choyon Biswas (deputy director of ICT in division-2 of BB's payment system department), and Md Ayub Khan (deputy director in division-1 of BB's payment system department).
Nagad entered the market in March 2019 and has been operating with only a temporary licence from Bangladesh Bank, which is a rare occurrence 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.
In a statement, Tanvir A Mishuk, Founder and Chief Executive Officer of Nagad Ltd. said: We welcome this decision made by Bangladesh Bank. We believe that this will put an end to the recent smear campaign against Nagad. Over the last few days, we have been in discussions with Bangladesh Bank regarding these issues. Finally, they have come up with a positive move by appointing an administrator, which we see will be a significant advancement in the country's journey towards a cashless society.
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