Irregularities Worth 2300 Crore Taka Revealed in Nagad Operations
Bangladesh Bank Governor Ahsan H. Mansur disclosed irregularities amounting to Tk. 2,300 crore in the operations of the mobile financial service provider Nagad. Speaking at a seminar titled “Digital Financial Ecosystem: Bridging the Gaps,” organized by the Metropolitan Chamber of Commerce and Industry (MCCI) and the Policy Research Institute (PRI) in Gulshan, Dhaka, on Sunday, he stated, “So far, we have found irregularities worth Tk. 2,300 crore in Nagad’s operations. Among them, Tk. 600 crore involves excess e-money creation.”
The event featured presentations by MCCI Senior Vice President Habibullah N. Karim and PRI Research Director Bazlul Haque Khondker, shedding light on the potentials and challenges of the digital payment sector in Bangladesh.
Commenting on the findings, the Governor added, “Some discrepancies have been identified in Nagad, and actions are being taken against them. However, Nagad is not being dismantled; rather, it is being strengthened under the supervision of Bangladesh Bank so that it can emerge as a competitor to bKash.”
He further remarked, “Investigations are ongoing to uncover irregularities in Nagad. We aim to ensure good governance and invite new investments in the future. Our goal is to elevate Nagad to the top.”
Addressing taxation in the telecom sector, Governor Mansur suggested a re-evaluation, stating, “Our telecom sector has one of the highest tax rates in the world. We must consider whether increasing it further is necessary, as it may reduce FDI in the sector or worsen service quality.”
Digital Financial Sector Developments
Welcoming attendees, MCCI President Kamran T. Rahman noted the sector’s progress over the past decade despite persistent challenges. bKash CEO Kamal Quadir emphasized the transformative impact of digital services, stating, “Properly delivered digital services can accomplish much within the existing infrastructure, as evidenced by how USSD-based MFS has reached remote areas.” He also highlighted bKash’s successful microloan programs, coordinated with banks and financial institutions, benefiting 1.6 million individuals with a low rate of loan defaults compared to larger borrowers.
Cybersecurity Updates
Separately, on Saturday, Governor Mansur announced during a “Branding Bangladesh” event that 80% of the funds stolen from the central bank’s reserves through cyber hacking have been recovered, with lawsuits ongoing to reclaim the rest. He expressed confidence that the remaining funds would also be recovered through legal proceedings.
