Written by The Banking Post
The government has initiated the process of seeking new investors for Nagad, the mobile financial service (MFS) operated under the Bangladesh Post Office.
Earlier this week, the Bangladesh Investment Development Authority (BIDA) invited applications from financial advisory firms to act as an exclusive sell-side mergers and acquisitions (M&A) adviser for a potential transaction involving Nagad. Applications must be submitted by September 15.
According to BIDA’s call for expressions of interest, the selected adviser will refine Nagad’s positioning, prepare marketing materials, and identify potential strategic and financial buyers.
A senior BIDA official said a recent high-level meeting approved Nagad’s transition into the private sector, paving the way for investor participation.
The initiative follows concerns from Bangladesh Bank, which has concluded that the Directorate of Posts lacks the capacity to run Nagad efficiently. “A competent institution needs to take over,” Bangladesh Bank Governor Ahsan H. Mansur said earlier.
Mansur noted that irregularities under Nagad’s previous owners have been addressed. Nearly 15 million fake or inactive accounts were removed as part of restructuring, and reforms are already underway to improve its governance and operations.
