Posts, Telecommunications and Information Technology Minister Faqir Mahbub Anam on Wednesday directed mobile financial service (MFS) provider Nagad to become a more profitable, transparent and competitive institution, dismissing recent media reports claiming it is being sold for Tk 1,500 crore as "baseless rumours."
He urged journalists to verify information with the relevant authorities before publishing such reports. "We are a transparent government, and our doors are always open for journalists," he said while speaking at a programme at Dak Bhaban in Agargaon.
At the programme, Nagad handed over a cheque for Tk 18.57 crore to the Directorate of Posts as its revenue share under an agreement between the two organisations.
The programme was chaired by Nagad Administrator Md Motasem Billah, while Posts and Telecommunications Division Secretary Bilquis Jahan Rimi and Director General of the Directorate of Posts Kazi Asadul Islam were present as special guests.
Mahbub Anam said the government will provide all necessary support to strengthen Nagad and continue discussions on improving its services while fostering healthy competition in the MFS sector.
He said Nagad must strengthen public trust through better services, technology and accountability. “People have confidence in Nagad because it is a government institution and that trust must be upheld through improved service quality and stronger governance.”
Calling the revenue transfer "a happy day" for the government, the minister said the government generally spends money, but receiving profits from a state-linked institution reflects both success and effective management.
He said the government is approaching six months in office and has been working to implement its commitments under the Prime Minister's guidance, adding that Nagad's profitability demonstrates the government's efforts to improve public institutions.
Highlighting the importance of digital financial services, Mahbub Anam said technology becomes meaningful only when its benefits reach ordinary people, including those in remote areas, small businesses, expatriate families, students and women entrepreneurs.
He said greater competition, innovation and customer-friendly services in the MFS sector will contribute to the country's overall economic growth.
The minister also stressed the need to modernise the postal service through digital and financial services alongside conventional postal operations, saying efforts are underway to better integrate Nagad with the Directorate of Posts.
Bangladesh Post is now offering parcel delivery services across the country at significantly lower costs than many private operators, helping make logistics services more affordable, he said.
Referring to criticism surrounding Nagad in recent years, Mahbub Anam said some of the company's previous activities had created negative perceptions among customers.
He urged the Directorate of Posts to strengthen monitoring under the existing agreement and ensure transparency and accountability so that Nagad becomes a trusted financial institution.
The minister said government agencies and the private sector should work together based on mutual trust, transparency and accountability to maximise the use of state assets and improve public services.
He expressed optimism that Nagad's revenue contribution to the Directorate of Posts will continue to grow through improved technology, better customer service and stronger governance.
Mahbub Anam said Nagad currently has around 9 crore registered customers, including nearly 3 crore active users, with monthly transactions amounting to Tk 35,000-40,000 crore, adding that there is considerable scope for further expansion if its software infrastructure is upgraded.
He also said the ministry is exploring ways to modernise more than 9,000 post offices across the country so they can provide improved services, particularly in rural areas where postal outlets remain the primary government service point.
Nagad has so far paid around Tk 313 crore to the government in VAT and taxes this year, the minister said, adding that the government's policy is to turn loss-making public enterprises into profitable institutions.