Bangladesh Bank holds workshop for Nagad officials

Bangladesh Bank (BB) has organised an awareness workshop for the officials of mobile financial service Nagad aiming to provide an overview of authorised financial institutions in the country.

Hafia Tazrean, joint director of the Bangladesh Bank's Payment System Department, joined the workshop titled ‘Guidelines for Trust Fund Management in Payment and Settlement Services’ and also led the event.

The joint director, along with Tanvir A Mishuk—founder and managing director of Nagad Limited—distributed certificates to the participants at the end of the session held at a city hotel recently.

Tanvir A Mishuk said, “Nagad always believes in preserving utmost transparency. We are dedicated to adhering to all Bangladesh Bank policies as the regulating authority. With this in mind, we attended today's programme to gain more knowledge about Trust Fund.”

Hafia Tazrean discussed digital transactions, starting from the initial commodities, trade, and gold exchange system to banknotes. She emphasised the obligations and duties of non-banking financial organisations, says a media release.

"The financial industry is evolving at the same pace as the ongoing technological advancement. Bangladesh Bank consistently requests that all financial institutions operate with the utmost openness. Trust funds are client deposits held by financial organisations. Therefore, Bangladesh Bank anticipates that Nagad will be extremely vigilant when handling this fund,” she said.

The joint director also spoke about Nagad's obligations as an MFS institution and how MFS business can safeguard its customers' funds and the Bangladesh Bank's regulations in this respect.

She also discussed what a "Trust Fund" is, how it is administered, and the guidelines for utilising the Trustcom Settlement Account.

Mohammad Aminul Haque, the executive director of Nagad Limited, Sheikh Aminur Rahman, the chief business officer, and Md. Nurul Alam, FCS, were also present at the function from Nagad Limited.

Postal Attaché of Postal Department Masud Khan and Additional Post Master General Al Mahbub represented the Bangladesh Postal Department during the session.

A total of 50 selected employees joined the workshop.