Tk2,300 Crore Irregularities Found in Nagad: BB Governor

Bangladesh Bank Governor Ahsan H Mansur

The Bangladesh Bank has uncovered irregularities amounting to Tk2,300 crore in Nagad, including the creation of excess e-money worth Tk600 crore, according to Governor Ahsan H Mansur. He revealed this at a seminar on the digital financial ecosystem, jointly organized by the Metropolitan Chamber of Commerce & Industry (MCCI) and the Policy Research Institute (PRI) in Dhaka on January 12.

Governor Mansur stated that an investigation into the irregularities in Nagad is ongoing, with a focus on ensuring good governance. He emphasized that once these issues are addressed, new investments will be encouraged, and efforts will be made to elevate Nagad’s position in the market.

Regarding the telecom sector, Mansur voiced concerns over the high tax rates in Bangladesh, noting that the country has some of the highest telecom taxes globally. He suggested that further increases could harm foreign direct investment (FDI) and negatively impact telecom services.

At the seminar, MCCI recommended integrating Mobile Financial Services (MFS) with the National Payment Switch Bangladesh (NPSB) system to boost the sector. The integration would streamline transactions, reduce costs, and enhance interoperability.

Habibullah N Karim, founder and CEO of Technohaven Company Ltd, also highlighted the need for improvements in digital financial services, such as launching digital banks, improving internet access outside major cities, and establishing independent credit-scoring agencies. These measures, he said, would support financial inclusion and foster economic growth.

Kamal Quadir, CEO of bKash, shared positive outcomes from nano loans, noting that bKash has provided nano loans to 1.6 million people, with a low overdue rate of just over 1%.

MCCI President Kamran T Rahman praised the Bangladesh Bank’s efforts to promote digital financial inclusion and cybersecurity, stressing that collaboration among all stakeholders is key to furthering the growth of the digital financial services ecosystem in Bangladesh.