The Bangladesh Bank has restructured the board of directors for ‘Nagad’, the digital financial service operated under the Postal Department. A seven-member board has been formed with former AB Bank Managing Director Kayser Ahmed Chowdhury appointed as the new chairman.
An official directive regarding the reconstitution was sent to the Director General of the Postal Department on 23 June.
The newly appointed board members include Professor Niaz Asadullah of Monash University, Malaysia, who also serves as an honorary professorial fellow at North South University; Dr. Bazlul Haque Khondker, research director at the Policy Research Institute (PRI) and a member of the previous board; and former Executive Director of Bangladesh Bank, Md. Anwar Hossain.
Additionally, Supreme Court lawyer Barrister Tanim Hossain Shawon, the director general of the Postal Department, and the joint secretary of the Debt Management Division under the Finance Division of the Ministry of Finance will serve as ex-officio members.
Notably, members of the previous board stepped down after 5 August last year. In response, on 21 August, Bangladesh Bank appointed an administrator and subsequently formed a five-member interim board in September, led by Dr. K.A.S. Murshid, former director general of BIDS.
However, the legality of the administrator’s appointment was challenged in court. After an extended legal process, the court upheld Bangladesh Bank’s decision.
According to sources, the new board was reconstituted by Bangladesh Bank upon the request of the Postal Department.
The directive stated that the new board has been established to ensure strategic management and future planning for Nagad. The decision was made under the authority of the “Payment and Settlement Systems Act, 2024.”
Stakeholders believe the restructured board will enhance transparency and operational efficiency in Nagad’s management.