Nagad Ltd, one of Bangladesh’s leading mobile financial service providers, has long been a target of various conspiracies and smear campaigns.
Certain vested interests are deliberately spreading misleading and false information against Nagad. The MFS provider believes this is an attempt to disrupt and destabilise the country’s financial sector. If such activities continue, Nagad will be compelled to take legal action.
Financial inclusion in Bangladesh has now surpassed 52 per cent, with Nagad playing a crucial role in this achievement, reads a press release issued Monday.
Before Nagad embarked on its journey in 2019, mobile banking was limited to a small segment of urban residents and was a costly process. Even opening an account was a time-consuming task.
Nagad simplified the account opening process by introducing e-KYC, a system now followed by almost all financial institutions in the country.
It then partnered with telecom operators to allow account opening from feature phones by dialing *167#. This initiative enabled a large number of the people in Bangladesh’s remote areas to engage in formal financial transactions for the first time.
The mobile money company also made the market competitive through many initiatives, from reducing cash-out charges to eliminating utility bill payment fees.
As a result, the profits of some dominant market players decreased, while MFS became genuinely accessible and useful for the people. This led to a financial inclusion revolution in the country.
After bringing a financial revolution to the MFS sector, Nagad has started working on launching the country’s first digital bank.
Nagad Digital Bank has already received a license from the Bangladesh Bank and is on the verge of a successful launch. Renowned global IT and security firms have collaborated with Nagad on this project, and a new financial revolution is just waiting to begin.
However, at this crucial time, a group envious of Nagad’s consistent success has started spreading falsehoods and slander against the company. Many have shown jealousy towards Nagad for breaking market monopolies and saving people’s money.
Currently, fake and misleading information is being spread through Facebook pages created under various names. Some of these pages are even boosting their anti-Nagad propaganda, which market experts believe is not the work of any individual customer or a person.
A particular group, fearing the loss of excessive profits, has initiated a smear campaign against Nagad.
There have been incidents of leaflets being distributed against Nagad, vandalism of Nagad’s promotional materials, and attacks on its agents, for which Nagad has taken legal action multiple times.
Some unethical individuals from competitor companies have also been involved in these activities.
Nagad is now observing that the same group has become active again, spreading various unjust, false, and fake information about Nagad. Nagad is monitoring these activities with great concern and strongly condemns them.
The authorities at Nagad would like to emphasize that they will take legal action against those spreading unethical and false information.
If Nagad remains in the market, the people's money will be saved, and the country’s financial base will be strengthened.
Nagad urges its esteemed customers, well-wishers, and policymakers not to be swayed by such conspiracies against Nagad, which serves over 8.5 crore customers by providing affordable services, including the lowest cash-out charge.
