A recent report was published titled, Nagad spells trouble for the office, customer. The report presents some facts and assertions that provide ample possibilities for consumers to be misled. However, the report stated that Nagad had taken a loan of BDT 500 crore from Exim Bank in February 2021. Meanwhile, of the total loan, Tk. 317 crore became overdue, and Exim Bank informed the Bangladesh Bank of the matter, quoting that Third Wave Technologies (Nagad) did not pay their overdue even after repeated calls. Now, the question can arise, Is Nagad The Securest Platform For Customers?
In response to the report, Nagad stated that they obtained a loan from Exim Bank in February 2021 to operate the business effectively. The difference created in the Nagad account because of Exim bank’s unlawful adjustment of loan, which the bank is not able to do from trust-cum-settlement account as per Bangladesh Bank’s guideline, was later duly met up. Thus, there is no discrepancy between Nagad’s e-money and physical money right now, and the customer’s money is well protected. The writ petition against Exim bank was withdrawn on August 25, 2022, by Nagad in reference to Bangladesh Bank.
However, Nagad subsequently adjusted the loan when Bangladesh Bank issued a policy on May 6, 2021. At present, Nagad has no debts with any scheduled banks in Bangladesh. Nagad confirms, “we assure our well-wishers and customers that Nagad is the safest platform for customers’ money.”
The Honorable Minister of Posts and Telecommunications, Mustafa Jabbar, urged not to spread misleading propaganda about cash through various media and social media. The Department of Posts and Telecommunications has released a notification in this regard. He said there was no loss to the postal department due to cash; rather, cash is fulfilling national duties as a service of the postal department.
The financial sector’s digitization is one of Digital Bangladesh’s main objectives. Nagad has made significant contributions in this field. Tanvir A. Mishuk, the company’s Founder and Managing Director, invented many features and conveniences that Nagad, a Bangladeshi digital banking service, offered to Bangladesh. Mr. Mishuk says, “Bangladesh Bank also has acknowledged our innovations and issued a guideline for e-KYC based on our innovation, and all the banks, mobile financial service providers, and other financial institutions also copied it and reduced their cost of doing business as well. So my satisfaction is here – I can at least do something for my country to start the process of the digitalizing financial industry, and we always ensure customer’s safety.”
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