Bangladesh Bank has appointed an administrator to manage the operations of the mobile financial service (MFS) Nagad.
In addition to the administrator, the central bank has appointed six officers as 'assistant officers' to help oversee the management of Nagad.
The Bangladesh Bank officials will visit Nagad's office on Thursday (tomorrow) to familiarize themselves with its operations and will take over the management of the MFS, according to Mezbaul Haque, Spokesperson and Executive Director of the central bank.
Bangladesh Bank officials indicated that the current board of directors and management will be dissolved once the administrator assumes control. Following the takeover, a comprehensive audit of Nagad's activities will be conducted.
Although this process will take time, normal services of the MFS will continue uninterrupted. The future of the institution will be determined based on the audit's findings.
The central bank issued an internal order on Wednesday, appointing Muhammad Badiuzzaman Didar, Director of Bangladesh Bank’s Chattogram office, as the administrator of Nagad for a one-year term.
The order also named six central bank officials as assistant officers: Additional Director Md. Habibur Rahman, Joint Directors Anwar Ullah, Palash Mandal, and Abu Sadat Mohammad Yasin, Deputy Director Chayan Biswas, and Ayub Khan.
Nagad, which has rapidly grown to become the second-largest MFS in Bangladesh, has faced allegations of not adhering to various regulatory procedures since its inception.