Bangladesh Bank has reconstituted the board of directors of Nagad, the digital financial service of the posts directorate, with Kaiser Ahmed Chowdhury, former managing director of AB Bank, as its new chairman.
The central bank issued the directive to the director general of the posts directorate on 23 June. The new board consists of seven members, reports Prothom Alo.
The other members include professor Niaz Asadullah of Monash University in Malaysia, who also serves as an honorary professorial fellow at North South University; Bazlul Haque Khondker, research director at the Policy Research Institute (PRI) and a member of the previous board; Anwar Hossain, a former executive director of Bangladesh Bank; and Barrister Tanim Hossain Shawon, a Supreme Court lawyer.
Besides, the director general of the posts directorate and the joint secretary of the debt management division under the finance division will serve as ex-officio members of the board.
Following the change in government in August last year, individuals previously involved in Nagad’s management went into hiding. Later, the central bank appointed an administrator to oversee the company on 21 August.
In September, a five-member board was formed with former BIDS director general KAS Murshid as chairman. That board has now been replaced with the restructured one.
It was learned that the reconstitution came at the request of the posts directorate. In a letter to the director general, Bangladesh Bank noted that the board has been reconstituted to determine the action plan and strategic management of Nagad, as per the authority granted by the payment and settlement systems act-2024.
