Dhaka: Barrister Mir Ahmad Bin Quasem Arman, a Jamaat MP, met Bangladesh Bank Governor Ahsan H. Mansur on Tuesday at his office to discuss a potential foreign investment in the mobile financial service provider, Nagad. The meeting comes as Bangladesh Bank seeks to restructure Nagad following administrative changes and allegations of financial irregularities.
According to United News of Bangladesh, the interim government announced plans in August last year to move Nagad from the Directorate of Posts to the private sector. After the meeting, the Central Bank governor told reporters that the Postal Department lacks the capacity to run such a large operation and that a tender for new investors would be issued. He emphasized the need for Nagad to partner with a technologically advanced entity to regain competitiveness, similar to the model used by bKash. Governor Mansur also specified that the central bank will only collaborate with credible foreign investors, noting that a circulating letter on social media did not mention any recognized investor and no official proposal has been received yet.
Arman, MP of Dhaka-14 and son of the late Mir Quasem Ali, stated that he is acting as a local legal representative for a group of international investors. He mentioned that initial communications are ongoing and that formal discussions will commence when the investors arrive in Bangladesh. However, he did not disclose the names and origins of the foreign firms.
Launched in 2019 and later licensed as a digital bank, Nagad has faced scrutiny since the fall of the Awami League government. A central bank audit revealed a deficit of over Tk 101 crore in trust settlement accounts and an e-money gap of Tk 645 crore. In February, Bangladesh Bank filed an embezzlement case against 24 individuals, including former Chairman Syed Mohammad Kamal and former MD Tanvir A. Mishuk.