Nagad Rejects Social Media Allegations Against Administrator, Calls Them ‘False and Malicious’

Mobile financial service provider Nagad has strongly rejected a series of allegations circulating on social media regarding its administrator, Md. Motasim Billah, describing the claims as “false, fabricated, and motivated.” The company alleges that a vested group is conducting a coordinated campaign to damage Nagad’s reputation and tarnish the administrator’s image.

In a protest statement sent to the media on Saturday, June 6, Nagad said that most of the information being shared online concerning the salaries of the administrator and associate administrators, vehicle usage, travel allowances, board honorariums, recruitment interview fees, personal expenses, birthday celebrations, and security arrangements is inaccurate and misleading.

According to the statement, administrator Md. Motasim Billah and the associate administrators do not receive any salary from Nagad. Instead, they continue to draw their salaries from their respective institutions—the Bangladesh Bank and the Bangladesh Post Office. Nagad further clarified that the social media claim alleging a monthly salary of Tk 900,000 for the administrator actually refers to the salary of the company’s former Chief Executive Officer.

The company stated that the administrator did not receive any monthly allowance for an extended period after assuming responsibility. Later, under a board-approved arrangement and on the condition that no special allowance would be accepted from Bangladesh Bank, Nagad’s board fixed a monthly special allowance of Tk 250,000 for the administrator and Tk 200,000 for each associate administrator.

Addressing allegations regarding vehicle usage, Nagad said no new vehicle was purchased for the administrator. One of three existing Toyota Land Cruiser Prado vehicles already available in the company’s transportation pool is used by the administrator for official duties, while the other two remain in use by other officials.

Regarding transportation allowances, the company explained that following August 2024, extensive business meetings outside regular office hours became necessary to re-establish corporate relationships. In situations where official vehicles could not be provided, transportation expenses were reimbursed according to board-approved policies.

On the issue of board honorariums, Nagad stated that board members receive a monthly honorarium of Tk 50,000 and an additional Tk 10,000 for attending each board meeting in accordance with Bangladesh Bank regulations. The company noted that similar benefits are provided to independent directors of banks and financial institutions.

Concerning recruitment interview fees, Nagad said both internal and external members of interview boards receive honorariums under board-approved policies. Members of the administrator team serving on such boards are entitled to the same compensation under existing rules.

The company also denied allegations that the administrator’s birthday was celebrated at a boat club using company funds. According to Nagad, the event in question was an informal gathering of company officials, and all associated expenses were personally borne by the administrator.

Nagad further rejected claims that it paid for a personal housekeeper’s salary, private vehicle fuel, or maintenance expenses. The company maintained that such benefits, where applicable, are provided by Bangladesh Bank under regulations applicable to officials at the Executive Director level.

Regarding the appointment of an armed security officer, Nagad said security measures were implemented following instructions from Bangladesh Bank due to previous attacks on an administrator and various threats directed at the current administration team.

The company also claimed that under the administrator’s leadership, Nagad has successfully regained momentum and recorded its highest-ever monthly transaction volume of Tk 44,639 crore in May 2026. According to the company, the recent allegations are an attempt to undermine this achievement.

In the concluding section of the statement, Nagad reiterated that the administrator has not received any unauthorized financial or non-financial benefits and pledged full cooperation with any legitimate inquiry conducted by individuals or institutions regarding the matter.

DBTech/LR/EK/OR