Nagad gets three months more to earn full-fledged licence

Bangladesh Bank today renewed the interim licence of Nagad for another three months.

Nagad, the mobile financial service (MFS) arm of Bangladesh Post Office (BPO), will have to complete all relevant tasks within the period to manage a full-fledged licence, according to a central bank official said. 

The banking regulator provided the interim licence to Nagad for the first time in March last year for six months.

The MFS provider later managed the extension of interim licence for two times and the latest one is set to expire tomorrow.

Tanvir A Mishuk, managing director of Nagad, said the recent spread of the coronavirus infection had created a roadblock to complete the relevant task of the licensing process.

Nagad has now 5.20 crore accounts with a daily transaction amount of Tk 700 crore.