Nagad's Future Secured: Independent Board to Oversee Operations Under New Govt Plan

2025-05-18
Nagad's Future Secured: Independent Board to Oversee Operations Under New Govt Plan
The Daily Star

Dhaka, Bangladesh – In a significant move to ensure the stability and future of Bangladesh’s leading mobile financial service (MFS) provider, Nagad, the interim government has announced the formation of an independent board to oversee its operations. Finance Adviser Salehuddin Ahmed revealed this decision following a high-level government meeting held today.

This development comes amidst ongoing discussions regarding the ownership and management of Nagad, which has rapidly gained popularity and a substantial market share since its launch. The move to establish an independent board aims to safeguard Nagad’s integrity and ensure its continued service to millions of Bangladeshi citizens, particularly during this transitional period of government.

“The interim government is committed to ensuring the smooth functioning of essential services, and Nagad plays a vital role in the country's financial landscape,” stated Ahmed. “The independent board will be responsible for making key decisions regarding Nagad’s strategy, operations, and compliance, free from political interference.”

What to Expect from the Independent Board?

  • Enhanced Governance: The board will implement robust governance structures to ensure transparency and accountability in Nagad’s operations.
  • Strategic Direction: It will be tasked with developing and executing a long-term strategy for Nagad’s growth and sustainability.
  • Risk Management: The board will actively identify and mitigate potential risks to Nagad’s financial stability and operational efficiency.
  • Compliance & Regulation: Ensuring full compliance with all relevant regulatory requirements and industry best practices will be a top priority.

Why is this Important for Bangladesh?

Nagad has revolutionized the way Bangladeshis access financial services, particularly in rural areas where traditional banking infrastructure is limited. Its widespread adoption has facilitated remittances, supported small businesses, and promoted financial inclusion. The stability provided by an independent board is crucial for maintaining this momentum and ensuring that Nagad continues to serve as a vital tool for economic empowerment.

The composition of the independent board and the timeline for its formation are expected to be announced shortly. The government has emphasized its commitment to selecting individuals with proven expertise in finance, technology, and governance. This move is widely seen as a proactive step to protect a valuable national asset and bolster confidence in the country's financial sector.

This development will undoubtedly be closely watched by stakeholders across the financial industry, as it sets a precedent for the management of other key institutions during periods of political transition. The focus remains on ensuring continued service delivery and safeguarding the interests of the millions who rely on Nagad for their financial needs.

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