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By Asif Showkat Kallol (Dhaka Bureau)
Tanvir A. Mishuk, founder and former Managing Director of Nagad- one of Bangladesh’s most prominent and debated Mobile Financial Service (MFS) providers- has expressed his intent to return to Bangladesh after two years abroad. In a social media statement, Mishuk announced that he is prepared to resume work with ’10 times more speed’ to help rebuild the country’s fintech sector.
Coming amid a political transition, legal disputes, and regulatory oversight by the central bank, his statement has sparked renewed discussion across Bangladesh’s rapidly growing financial and technology landscape.
Legal Controversies and Political Context
Under Bangladesh Bank and new administrative oversight, Nagad currently faces intense legal and regulatory scrutiny. Allegations have been brought against the institution regarding the creation of Tk 645 crore in electronic money (e-money) without the required reserve backing. In February 2025, Bangladesh Bank filed a case against Mishuk and several former company officials.
Mishuk has denied the allegations, maintaining that the accusations are false and politically motivated. He argued that any financial shortfall or irregularity emerged only after the Bangladesh Bank-appointed administration assumed control of the company.
During the former Awami League government led by Prime Minister Sheikh Hasina, Nagad received substantial state support and publicity. The government purchased a symbolic Tk 10,000 share in the company, a move widely presented as an endorsement of one of Bangladesh’s most promising fintech ventures. However, following the political transition in August 2024, the central bank dissolved Nagad’s board of directors, removed Mishuk from his position, and appointed an administrator to oversee operations.
Financial Risks and Global Comparisons
Some economic observers have compared the allegations surrounding Nagad’s e-money creation to the broader risks of creating credit or money without adequate backing. Excessive risk-taking, unbacked credit, and weak financial oversight famously contributed to the 2008 global financial crisis and the collapse of Lehman Brothers. However, experts note that the circumstances surrounding Nagad and the 2008 U.S. financial crisis stem from fundamentally different contexts and should not be viewed as directly comparable.
‘Conspiracy and Character Assassination’: Mishuk’s Statement
In a post published on his verified Facebook page, Mishuk stated that he left Bangladesh exactly two years ago, describing the period as one marked by ‘blackmail, conspiracy, false allegations and character assassination.’
‘I never forgot my people or my institution. My heart has always remained in Bangladesh. If Allah wills, I will return very soon with new strength, new courage, and new dreams to take the fintech sector forward.’
He expressed confidence that Nagad would navigate its challenges, rebuild its strength, and continue serving millions of customers across the nation.
Nagad’s Role in Financial Inclusion
Launched in March 2019 under the Bangladesh Post Office, Nagad rapidly emerged as a leading mobile financial service provider in the country. Under Mishuk’s leadership, the platform introduced digital e-KYC, low-cost money transfers, and digital government payment disbursements, significantly expanding financial inclusion among unbanked populations.
The enterprise achieved rapid growth, was widely recognized as achieving unicorn status, and subsequently secured a license to establish Nagad Digital Bank. However, debate continues among economists regarding whether its rapid expansion was fueled by regulatory leniency and political backing.
Uncertain Future and Current Administration
While Mishuk has signalled his intention to return, he did not specify a timeline or explain what formal role he expects to play at Nagad upon his return. Currently, Md. Motasem Billah, an Executive Director of Bangladesh Bank, serves as Nagad’s administrator.
As Bangladesh navigates its post-transition financial sector reforms focusing on governance and transparency, Mishuk’s potential return and the resolution of his ongoing legal cases serve as a critical test for the country’s regulatory and judicial landscape.
Asif Showkat Kallol: Works for the German-based online outlet The Mirror Asia as Head of News and is a Contributor at Pressenza-Dhaka Bureau.
