BB restructures Nagad board

Bangladesh Bank (BB) has restructured the board of the mobile financial service (MFS) provider Nagad, according to an order issued last week.

Keeping the current Chairman, Kaiser A Chowdhury, as head of the board, the central bank included six members. They are: Professor Niaz Asadullah, a development economist at Monash University in Kuala Lumpur, Bazlul Haque Khondker, a director of the Policy Research Institute of Bangladesh, Md Anwar Hossain, former executive director of BB, Tanim Hossain Shawon, a Supreme Court advocate, the director general of the Directorate of Post, and the joint secretary of Debt Management at the Finance Division.

The move by the financial sector regulator comes as the Directorate of Post took steps to restructure the board of the MFS provider.

Amid allegations of irregularities in the MFS's operations and dealings, the BB appointed an administrator to Nagad on August 21 of last year.

Nagad entered the market in March 2019 as the digital financial services arm of the Bangladesh Post Office (BPO). It is still running on a temporary license from the BB.