Bangladesh Bank has reconstituted the management board of Nagad, the mobile financial service (MFS) of the Bangladesh Postal Department.
On 23 June, the central bank restructured the MFS operator's seven-member board and formally notified the Postal Department.
Kaiser Ahmed Chowdhury has been reappointed as the chairman of the new board, who chaired the previous board as well.
The other members are — Professor Dr. Niaz Asadullah, a development economist at Monash University in Kuala Lumpur, Malaysia and an honorary professorial fellow at North South University; Dr. Bazlul Haque Khondker, research director at the Policy Research Institute (PRI) and Md.
Anwar Hossain, former executive director of Bangladesh Bank – both of whom served on the previous board and retain their positions; and Supreme Court lawyer Barrister Tanim Hossain Shawon. Besides, the director general of the Directorate of Posts and the joint secretary of the Debt Management at the Finance Division of the Ministry of Finance have been appointed as ex-officio members of the board.
The reconstitution of the management board has been carried out under the authority granted by Section 18(4) of the Payment and Settlement Systems Act, 2024.
From now on, this management board will be responsible for formulating operational plans and overseeing strategic management. Nagad, the mobile financial service of the Postal Department, will be operated through an administrator appointed by Bangladesh Bank under the supervision of this board.