Recent reports suggested conspiracies aimed at destabilising Bangladesh’s financial sector, targeting Nagad and other institutions.
Certain groups are exploiting the current instability to spread misleading and defamatory information about Nagad, which recently became the first company in Bangladesh to receive a digital banking license, according to a press release.
Bangladesh Bank acknowledged the need for Nagad to prepare adequately for the launch. In a meeting on Monday, BB reassured Nagad’s senior officials that the central bank expects Nagad to launch its digital banking services by October, despite the unfounded rumours circulating against it.
Nagad’s Deputy Managing Director, Mohammad Anwar Hossain, emphasised that BB has expressed eagerness for the launch, highlighting the importance of a digital bank for a cashless Bangladesh. BB has advised Nagad to disregard any rumors and focus on their preparations.
Nagad, known for its role in increasing financial inclusion in Bangladesh through innovative technology, has become a target for defamatory campaigns. Tanvir A Mishuk, Nagad’s founder and CEO, saud, “Our success may have become a curse. Our efforts to break market monopolies and offer affordable services seem to have upset some, leading to frequent targeting.”
Since its inception, Nagad has significantly contributed to financial inclusion in Bangladesh, raising it from 22% to over 52%. Prior to Nagad’s introduction, mobile banking was limited to urban areas and was costly and cumbersome.
Nagad has pioneered technology in the financial sector, introducing e-KYC to streamline account opening—a model now widely adopted. Additionally, Nagad’s partnership with telecom operators allowed users to open accounts by dialing *167# from basic mobile phones, bringing formal financial services to a large rural population, the release said.
Last year, Bangladesh Bank issued guidelines for digital banking and received applications from 52 institutions. After evaluation, BB granted conditional licenses to two institutions, but only Nagad met all conditions in time. As a result, Nagad was awarded the digital banking license in June and is preparing to launch by October.
