BB hands over licence to Nagad Digital Bank

Published : 04 Jun 2024 10:04 PM

The Bangladesh Bank has granted the final licence to Nagad Digital Bank PLC – paving the way for commencing operations as the country’s first full-fledged digital bank. In this way, Bangladesh is going to formally enter the world of digital banking.

On Monday, Mohammad Shahriar Siddiqui, director (BRPD) of Bangladesh Bank, handed over the copy of the digital bank licence to Tanvir A Mishuk, founder and chief executive officer (CEO) of Nagad Ltd., at the office of Bangladesh Bank’s Governor Abdur Rouf Talukder. Once Nagad Digital Bank PLC is launched, it will function the same as all scheduled banks do.

During the handover, Deputy Director of Bangladesh Bank Nurun Nahar, Executive Director (BRPD) Saiful Islam, Additional Director (BRPD) Manirul Islam; and Nagad Ltd.’s Additional Managing Director Mohammad Aminul Haque, Deputy Managing Director Mohammad Anwar Hossain and Chief External Affairs Officer Sheikh Shabab Ahmed were present there among others.

On 24 October last year, the central bank issued letters of intent to Nagad and another company for digital bank licences. 

Only Nagad met all the conditions within the stipulated time, leading to its receipt of the first digital bank licence. 

Upon receiving the digital bank license, Tanvir A Mishuk, founder and CEO of Nagad Ltd., said, “We have been advocating for a digital bank to transform Bangladesh into a smart economy through cashless transactions.”