MP Arman meets governor over potential foreign investment in Nagad

The meeting was held as Bangladesh Bank sought to restructure Nagad after administrative changes and allegations of financial irregularities.

In August last year, the interim government announced plans 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 said Nagad needs a technologically advanced partner, similar to the model used by bKash, to regain competitiveness.

Governor Mansur said the central bank will only work with credible foreign investors.

He said a letter circulating on social media did not mention any recognised investor and no official proposal has been received yet.

Arman, MP of Dhaka-14 and son of the late Mir Quasem Ali, said he is acting as a local legal representative for a group of international investors.

He added that initial communications are ongoing and formal talks will start when the investors arrive in Bangladesh.

The names and origins of the foreign firms were not disclosed.

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 found 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 people including former Chairman Syed Mohammad Kamal and former MD Tanvir A. Mishuk, reports BSS.