The Governor of Bangladesh Bank said that the digital banking license of Digital Financial Service Nagad has been suspended for the time being.

Governor Ahsan H Mansoor said these things in a press release at Bangladesh Bank on Thursday (August 22).

The governor said the Nagad digital banking license process will be reviewed. If they are qualified according to the review, they will be re-licensed.

He said that it is not our intention to destroy the services of Nagd’s Mobile Financial Services (MFS), but to strengthen it.

Earlier on Wednesday, the central bank appointed director Muhammad Badiuzzaman Didar, who is working in the company’s Chittagong office, as the administrator of Nagad for one year.

The governor said that since they were promoting Nagad, they were postal department institutions, that’s why we have taken this institution under the postal department. We will work to create a strong framework for this organization to develop.

Ahsan H. Mansoor also said that a committee will be constituted to investigate the allegations of money laundering and irregularities.

Before this, on June 3, Bangladesh Bank, the financial sector regulatory body, gave final approval to Nagad Digital Bank as Bangladesh’s first digital bank.