Mobile financial service provider Nagad Ltd has long been the target of various conspiracies and smear campaigns, the company stated in a press release on Monday.
According to Nagad, certain vested interests are deliberately spreading misleading and false information about the company. They believe these actions are attempts to disrupt and destabilize the country’s financial sector.
"If such activities continue, Nagad will be compelled to take legal action," the release warned.
Financial inclusion in Bangladesh has now surpassed 52%, with Nagad playing a crucial role in this achievement. Prior to Nagad's launch in 2019, mobile banking was limited to a small segment of urban residents and was a costly, time-consuming process—even opening an account was cumbersome.
Nagad revolutionized the account opening process by introducing e-KYC, a system now adopted by nearly all financial institutions in the country.
After bringing about a financial revolution in the MFS sector, Nagad is now working on launching Bangladesh’s first digital bank. Nagad Digital Bank has already received a license from Bangladesh Bank and is on the verge of a successful launch.
Renowned global IT and security firms have partnered with Nagad on this project, setting the stage for another financial revolution, the release added.
However, at this crucial juncture, a group envious of Nagad’s consistent success has begun spreading falsehoods and slander against the company.
Some have expressed jealousy towards Nagad for breaking market monopolies and saving people’s money. Currently, false and misleading information is being spread through Facebook pages created under various names, with some even boosting their anti-Nagad propaganda. Market experts believe this is not the work of an individual customer.
A particular group, fearing the loss of excessive profits, has initiated this smear campaign against Nagad. There have been incidents of leaflets being distributed against the company, vandalism of Nagad’s promotional materials, and attacks on its agents. Nagad has taken legal action multiple times in response to these incidents, which have also involved unethical individuals from competing companies.
Nagad notes with concern that this same group has once again become active, spreading various unjust, false, and fake information about the company. Nagad is closely monitoring these activities and strongly condemns them.
The company emphasized that it will take legal action against those responsible for spreading unethical and false information, the release concluded.