Nogod to Be Transferred to Private Sector; Bangladesh Bank to Seek New Investor

Bangladesh Bank Governor Dr. Ahsan H. Mansur has stated that the mobile financial services (MFS) provider Nogod will be transferred to the private sector. He mentioned that a notification will be issued within a week to find a new investor for Nogod. The central bank’s goal is to make the institution more capable and stable through this initiative.

He made these remarks as the chief guest at the “Cashless Bangladesh Summit 2025” held yesterday Wednesday at the Sonargaon Hotel in Dhaka. The summit was jointly organized by Mastercard and the Bangladesh Institute of Cost and Management Accountants (ICMAB).

Dr. Mansur said, “Unfortunately, only one MFS provider has grown significantly in the country. To increase competition, more capable institutions are needed. That is why Nogod is being transferred to the private sector. A technology company must be brought in as the principal shareholder.”

He further noted that major reforms have already been implemented at Nogod. Issues related to e-KYC caused by previous owners have been resolved, and approximately 1.5 million fake or inactive accounts have been removed. To stabilize and restructure Nogod, a strategic investor from the technology sector is essential.

The Bangladesh Bank Governor also mentioned that an inter-transaction system is necessary to reduce Nogod transactions. A new system called Mozolup is being implemented, which is expected to launch in September. Additionally, plans are underway to run digital banks and agent banking entirely digitally.

He also stated that five private sector institutions will be approved as credit bureaus. This will consolidate loan information from telecoms, MFS, and banks, and maintain the credit history of every household.

The summit included two discussion sessions. In the first session, prominent figures such as Shish Haider Chowdhury, Secretary of the ICT Division; Mahtab Uddin Ahmed, President of ICMAB; and Syed Mohammad Kamal, Country Manager of Mastercard Bangladesh, delivered speeches.

In the second session, CPD Fellow Dr. Devapriya Bhattacharya presented the keynote, highlighting the need for a separate framework in the private sector to avoid income loss while building a cashless economy. He also called for political parties to include Cashless Bangladesh implementation in their election manifestos.

In the inaugural session, Dr. M. Masrur Riaz, Chairman of Policy Exchange Bangladesh, presented the keynote on “The Role of Fintech in Building a Cashless Economy.” Participants included Syed Mahbubur Rahman, MD of Mutual Trust Bank; Sharafat Ullah Khan, Director of Bangladesh Bank; and Ali Ahmed, Chief Commercial Officer of bKash, among others.