The government has decided to transfer the mobile financial service (MFS) provider Nagad to the private sector, with an official notice to attract potential investors expected within a week, Bangladesh Bank Governor Ahsan H. Mansur announced on Wednesday.
Speaking at the Cashless Bangladesh Summit 2025, jointly organized by ICMA Bangladesh and Mastercard at the Sonargaon Hotel in Dhaka, Governor Mansur said the move aims to bring more competition, investment, and efficiency to the MFS sector.
“Currently, we effectively have only one major player in this sector,” he said. “To expand operations, create healthy competition, and attract new investment, the government has decided to privatize Nagad.”
Governor Mansur explained that Nagad will be removed from the control of the postal department, as the institution currently lacks the operational capacity to manage the service effectively. A technology company will be brought in as the principal shareholder.
He further noted that significant reforms have already been implemented within Nagad, including resolving irregularities related to the EOC system left by previous owners. Nearly 1.5 million fake or inactive accounts have been removed, putting the company on the path to restructuring.
Highlighting the need for strategic investors in the technology sector, the governor added, “We need an investor like bKash who can gradually invest in Nagad by acquiring shares in phases. We hope this will help revive Nagad as a credible competitor in the market.”
Governor Mansur expressed optimism that Nagad can be rejuvenated into a strong competitor in the MFS sector.
The summit also featured remarks from Md. Abdur Rahman Khan, Chairman of the National Board of Revenue (NBR), Finance Secretary Khairuzzaman Mozumder, and Masrur Arefin, Managing Director and CEO of City Bank PLC.
