Conspiracies going on against Nagad’s financial stability

Nagad, one of the country’s leading mobile financial service (MFS) providers, has been the target of numerous conspiracies and smear campaigns.

Certain vested quarters are deliberately spreading false and misleading information against Nagad, which the company believes is an attempt to destabilize the country’s financial sector. If these activities persist, Nagad may be compelled to take legal action.

Financial inclusion in Bangladesh has now surpassed 52 percent with Nagad playing a crucial role in this achievement.

Before Nagad began operations in 2019, mobile banking was limited to a small segment of urban residents and was a costly and time-consuming process.

Nagad revolutionized this landscape by introducing e-KYC, a system now widely adopted by financial institutions across the country.

By partnering with telecom operators, Nagad enabled account openings from feature phones via a simple *167# dial-in, bringing formal financial services to remote areas for the first time.

Nagad's initiatives, such as reducing cash-out charges and eliminating utility bill payment fees, have made the market more competitive.

As a result, profits for some dominant market players have decreased, but MFS has become more accessible and beneficial for the people, driving a financial inclusion revolution in the country.

Building on its success in the MFS sector, Nagad is now preparing to launch the country’s first digital bank.

Nagad Digital Bank has already received a license from Bangladesh Bank and is on the verge of a successful launch. Collaborating with renowned global IT and security firms, Nagad is poised to spark a new financial revolution.

However, at this critical juncture, a group envious of Nagad’s success has started spreading falsehoods and slander against the company.

Many people are resentful of Nagad’s efforts to break market monopolies and save consumers money.

Currently, fake and misleading information is being disseminated through Facebook pages created under various aliases, with some even boosting their anti-Nagad propaganda—a move experts believe is not the work of individual customers.

A particular group, threatened by the loss of excessive profits, has initiated this smear campaign against Nagad. Incidents such as the distribution of defamatory leaflets, vandalism of promotional materials, and attacks on Nagad agents have occurred, prompting Nagad to take legal action multiple times. Some unethical individuals from competing companies have also been implicated in these activities.

Nagad has observed a resurgence of these efforts, with the same group now spreading unjust, false, and malicious information about the company.

Nagad is closely monitoring these activities and strongly condemns them. The company emphasizes that it will take legal action against those responsible for spreading unethical and false information.

Nagad remains committed to its mission of safeguarding the financial well-being of its customers and strengthening the country’s financial foundation.

The company urges its customers, well-wishers, and policymakers not to be swayed by these baseless conspiracies against Nagad, which continues to serve over 85 million customers with affordable services, including the lowest cash-out charges in the market.