BB forms management board for Nagad

Bangladesh Bank (BB) has formed a management board for mobile financial services provider Nagad, shows a central bank document.
KAS Murshid, former director general of the Bangladesh Institute of Development Studies, has been appointed as the head of the board.
The board will help Nagad formulate its action plans and set strategic management direction. It will also provide essential guidance to the Nagad administrator and his team, according to the BB letter sent to the postal department.
Other board members include Khondokar Shakhawat Ali, visiting research fellow at the BRAC Institute of Governance and Development, BRAC University, and Dr Bazlul Haque Khondker, research director at the Policy Research Institute of Bangladesh.
Md Anwar Hossain, former executive director of Bangladesh Bank, and Md Farid Ahmed, postmaster general at Bangladesh Post Office, are also in the board.
On August 21, Bangladesh Bank announced appointing an administrator to manage Nagad, along with six officials designated as “Assistant Officers” for the institution’s management.
The following day, officials from Bangladesh Bank and the postal department took control of Nagad’s office. Bangladesh Bank Director Badiuzzaman Dider is currently serving as the Nagad administrator.
Nagad began operations as a mobile financial services company in 2019, receiving exclusive opportunities to acquire customers.
It is alleged that regulations are often bypassed in providing these services.
The government allegedly favoured Nagad for the disbursement of all government allowances.