Nagad to be privatised in 3-4 months, says BB governor Ahsan H Mansur

The government is seeking investors into the mobile financial service, he says

Bangladesh Bank Governor Ahsan H Mansur says that mobile financial service Nagad, currently a state-run enterprise, will be privatised and a new investor is being sought for this purpose.

The governor made the remark while speaking as the chief guest at a conference titled “Cashless Bangladesh Summit 2015, The Intersection of Science and Technology” jointly organised by MasterCard and the Bangladesh Institute of Cost and Management Accountants (ICMAB) at the Pan Pacific Sonargaon hotel in Dhaka on Wednesday.

Mansur said Nagad’s ownership will be handed over to a private company within the next three to four months as the post office does not have the capacity to run it.

“We want technology companies to come forward. They should invest in Nagad. We hope to find new investors within the next three to four months.

The governor said, “A notification will be issued within a week to find new investors in Nagad. This has been discussed at the highest levels of the government. Our main goal is to make the institution more capable and stable.”

He said, “Approval will be given for a private sector credit bureau soon. Initially, we are considering approvals for five such institutions. A letter has been sent to the local government ministry to ensure that everyone who is given a trade license in the future has a QR code.”

The governor believes that the demand for cash in the market must be met.

He said, “It cannot be reduced. Instead, if efforts are made to reduce it, it will cause disruptions in the market. The demand for cash is increasing every year, it is not decreasing. The demand for cash is increasing by 10 percent every year, which also increases the operating costs of bankers. No matter how much information is given, the demand for cash in the economy is increasing.”