Nagad, one of Bangladesh's leading mobile financial service providers, has been cleared of allegations of financial misconduct after a thorough audit by an independent firm, carried out under regulatory oversight, according to official sources.
They said the review addressed claims of irregularities, fraud and unauthorised digital money creation, with no evidence of wrongdoing found.
The audit confirmed Nagad’s compliance with established financial regulations, dismissing accusations, including claims of undue influence by powerful figures.
A company spokesperson, Niaz Morshed, welcomed the outcome, saying, “The audit reaffirms what we have always maintained: Nagad operates with transparency and integrity.”
Since its launch in 2019, Nagad has grown to become a key player in the mobile financial services (MFS) sector. With over 90 million customers and a 40% market share, the company has stood out for its innovative offerings and a unique partnership model with the government, sharing 51% of its revenue with the state.
Bangladesh Bank forms new management board for Nagad
In a related development, Nagad has received approval to establish Nagad Digital Bank PLC. The new venture aims to expand banking services to underserved communities, furthering financial inclusion in Bangladesh.
Meanwhile, allegations against its founder Tanvir A Mishuk were dismissed in court.
The case, initiated through a General Diary by Badiuzzaman Didar, was found to lack merit following a legal review.
Mishuk’s legal representative, Barrister M Nawshad Zamir, said, “The court’s decision underscores the baselessness of the claims. Mishuk has always upheld the highest standards of professionalism and transparency.”
Though Bangladesh Bank has not yet issued a statement regarding the audit findings, Nagad has expressed confidence in the resolution of these matters as a reflection of its integrity and operational compliance.
This outcome is expected to bolster the company’s standing in the fintech industry and support its continued growth and innovation.