The Bangladesh Postal Department has officially taken over the responsibility of Nagad, one of the country’s leading mobile financial service providers. In this regard, an eight-member committee has been formed, headed by the Director of the Postal Department, Abu Taleb.
The decision comes as the central bank’s appointment of the administrator to Nagad remains suspended in the wake of a court order. Since Nagad operates under a revenue-sharing agreement with the Postal Department, the responsibility has now shifted to the Postal authorities.
According to an office order issued by the Postal Department on Thursday, the directive to take over the overall operations of Nagad was given by Faiz Ahmad Taiyeb, special assistant to Chief Adviser, following a Supreme Court Appellate Division order that stayed the appointment of an administrator by Bangladesh Bank.
Subsequently, a committee was formed to carry out necessary actions, oversee operations at Nagad’s head office and other associated locations, and submit periodic reports.
The committee members include the Postal Department Directors, Md. Abu Taleb and Md. Aminur Rahman. Other members are Postal Attaché SM Wadudul Islam, Programmer Md. Moniruzzaman, DPMG Sanjit Chandra Pandit, Md. Shaheduzzaman Sarkar, Khandaker Shahnur Sabbir, and AKM Moniruzzaman.
Earlier last week, the High Court stayed the decision to appoint an administrator. Following that, Md. Shafayet Alam was appointed as the new Chief Executive Officer (CEO) of Nagad.
Commenting on the formation of the Postal Department’s committee, CEO Md. Shafayet Alam stated, “Nagad is a financial service provider operating under a revenue-sharing agreement with the Postal Department. From the beginning, there has been widespread misinformation and confusion about this.
This decision further clarifies the situation, and we welcome the formation of this committee. We believe Nagad, as one of the country's most successful mobile financial service providers, will continue to deliver uninterrupted and innovative services to its customers.”
He added, “We urge customers and well-wishers not to be misled by rumours or misinformation about Nagad.”
In August 2024, Bangladesh Bank appointed an administrator to Nagad, which was legally challenged by Md. Shafayet Alam in the High Court. Last week, the Chamber Judge of the Appellate Division issued a stay order on the High Court verdict regarding the administrator appointment. Md. Shafayet Alam then officially assumed the role of Nagad’s CEO.