Nagad Finance PLC gets Bangladesh Bank approval

The approval paves the way for mobile financial service Nagad Ltd to operate under the new NBFI, according to media reports

Published : 17 May 2023, 05:08 PM
Updated : 17 May 2023, 05:08 PM

Nagad Finance PLC has received Bangladesh Bank’s approval as the 38th non-bank financial institution of the country. 

After the central bank’s approval on Wednesday, some media outlets reported it paved the way for mobile financial service Nagad Ltd to operate under the new NBFI. 

Tanvir A Mishuk, the managing director of Nagad Ltd, is a director of Nagad Finance as a local representative of Osiris Capital Partners LLC. 

Muhammad Farid Khan will be the chairman of Nagad Finance as a representative of US-based Blue Heaven Ventures LLC.

Nagad Ltd is providing mobile financial services with temporary permission from the central bank. 

Muahammad Zahidul Islam, head of public communication at Nagad, said the company will provide loans with a maximum 9 percent interest to customers of all levels, especially small entrepreneurs and marginal people, keeping in mind that 57 percent of people in Bangladesh. 

Customers will also be able to make any amount of deposits, he said. 

Besides Blue Heaven and Osiris Capital Partners, Zen Fintech LLC and Singpore’s Finclusion Ventures PTE Ltd are sponsors of Nagad Finance. 

The other sponsor directors are Maruful Islam Jhalak, Farhan Karim Khan, Rashedul Haque, Mohammad Iftekhar Zunayed and Niaz Morshed.