Nagad, a prominent mobile financial service provider, has alleged that it has long been the target of various conspiracies and smear campaigns.
In a statement issued on Monday, August 12, Nagad asserted, “Certain vested interests are deliberately spreading misleading and false information against Nagad. We believe this is an attempt to disrupt and destabilize the country’s financial sector. If such activities continue, Nagad will be compelled to take legal action.”
The statement highlighted that financial inclusion in Bangladesh has exceeded 52%, with Nagad playing a significant role in this achievement. Before Nagad’s inception in 2019, mobile banking was limited to a small segment of urban residents and was a costly process, with opening an account being particularly time-consuming.
Nagad revolutionized the process by introducing e-KYC, a system now widely adopted by financial institutions across the country. They also partnered with telecom operators to allow account opening via feature phones by dialing *167#, making formal financial transactions accessible to many people in remote areas for the first time.
Additionally, Nagad has enhanced market competitiveness through various initiatives, such as reducing cash-out charges and eliminating utility bill payment fees. These measures led to decreased profits for some dominant market players and made mobile financial services genuinely accessible and useful to the general public, catalyzing a financial inclusion revolution.
Nagad is now preparing to launch Bangladesh’s first digital bank, Nagad Digital Bank, which has already received a license from Bangladesh Bank. The project has seen collaboration with renowned global IT and security firms, signaling the beginning of another financial revolution.
However, Nagad claims that, at this critical juncture, a group envious of its success has begun spreading falsehoods and slander against the company. The company alleges that fake and misleading information is being propagated through Facebook pages created under various names, with some pages actively promoting anti-Nagad propaganda. Market experts believe these activities are not the work of individual customers but rather a coordinated smear campaign.
Nagad has reported incidents of leaflet distribution against the company, vandalism of promotional materials, and attacks on its agents. Legal action has been taken multiple times against these activities, with some unethical individuals from competitor companies reportedly involved.
Nagad is closely monitoring these activities and strongly condemns them. The company emphasizes that it will take legal action against those spreading unethical and false information. Nagad urges its customers, supporters, and policymakers to remain steadfast and not be swayed by conspiracies aimed at undermining its efforts to provide affordable services and strengthen the country’s financial base.
