Nagad Notches New Records Amid Allegations, Defends Former Administrators

Mobile financial service provider Nagad has stated that the Bangladesh Bank-appointed administrators and their assistants did not receive any financial benefits from the company during their tenure. Instead, through cost-cutting measures across various sectors, they successfully brought the company to a self-sustaining operational level. During this period, Nagad recorded its highest-ever transaction volume.

In a press release issued on Tuesday, the company addressed what it called a “deliberate conspiracy” by vested quarters to undermine the reputation of Nagad and the administrators appointed by Bangladesh Bank.

“It is with deep regret that we observe a vested quarter has launched a calculated campaign to discredit Nagad as an institution, and specifically target the administrators appointed by Bangladesh Bank during that time. Certain media outlets have unfortunately aligned themselves with this group,” the release stated. “Nagad unequivocally declares that the administrators did not receive any financial benefits from Nagad beyond their government salaries while discharging their duties.”

The statement further emphasized that the appointed officials carried out their responsibilities with utmost integrity. “They demonstrated the highest level of accountability in executing their official duties. Through expenditure reduction in various sectors, they enabled the organization to become operationally self-reliant,” the release added.

It also noted that Nagad achieved record-breaking single-day and monthly transaction volumes under the leadership of the administrators. “We express our sincere gratitude to the Bangladesh Bank-appointed administrator and assistant administrators for elevating Nagad to such an exceptional height,” the company concluded.