Nagad set for private sector handover in 3-4 months: BB Governor
Bangladesh Bank Governor Ahsan H Mansur has announced that the mobile financial service (MFS) platform Nagad will be transferred to private ownership within the next three to four months, as part of a broader strategy to strengthen digital financial services and ensure long-term sustainability.
Speaking as the chief guest at the "Cashless Bangladesh Summit 2025: The Intersection of Finance and Technology", jointly organised by MasterCard and the Institute of Cost and Management Accountants of Bangladesh (ICMAB) at Pan Pacific Sonargaon Hotel on Wednesday, Governor Mansur confirmed that Bangladesh Bank is actively seeking investors for the acquisition.
“Nagad cannot be sustainably operated by the postal department,” the governor said. “We are looking for technology-driven private companies to take over and scale the platform. Work is already underway to identify suitable investors. We expect the transfer to be completed within the next three to four months.”
Regulatory steps underway
A formal notification regarding the privatisation process will be issued within the next week, he revealed, adding that the matter has already been discussed with senior government officials. The central bank’s objective is to reposition Nagad as a stable, technologically advanced, and commercially viable institution under private management.
The governor acknowledged past governance issues, including the inclusion of fake users and mismanagement under previous administration, but emphasized that corrective measures have been implemented. “The institution has been restructured and is now stable and growing,” he said.
Push for a cashless economy
Governor Mansur highlighted the growing challenge of managing cash in the economy, noting that cash demand is rising at an average of 10 per cent annually, increasing operational costs for banks and financial institutions. Approximately Tk 2,000 crore in new cash is injected into the economy each year.
“In this context, building a cashless economy is not just a goal, it’s a necessity,” he said. “We must gradually reduce our reliance on physical cash and promote digital transactions across all sectors, starting with salary disbursements.”
Mandatory QR code adoption to be enforced
As part of the digital transformation agenda, Bangladesh Bank is moving to make QR code payments mandatory nationwide. The Governor disclosed that directives have already been issued to local government authorities requiring all trade license-holding businesses to adopt QR code payment systems.
“A law will soon be enacted to formalise this requirement,” he said. “Non-compliance will be treated as a punishable offense. This is a critical step toward seamless, traceable, and efficient digital transactions.”
Digital push across financial services
Beyond Nagad’s privatisation, the central bank is advancing several key initiatives: Full digitalisation of agent banking, to improve transparency and service delivery in rural and underserved areas.
Approval of five private-sector credit bureaus, aimed at strengthening credit risk assessment and expanding access to formal finance.
These reforms align with Bangladesh Bank’s broader vision of creating a resilient, inclusive, and technology-led financial ecosystem.
Nagad’s market share
Industry experts view Nagad’s privatisation as a pivotal moment for Bangladesh’s fintech landscape. With over 40 million registered users, Nagad has emerged as one of the fastest-growing MFS platforms, second only to bKash in transaction volume.
Private ownership is expected to bring enhanced innovation, improved customer experience, and greater investment in cybersecurity and infrastructure.