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Bangladesh Bank (BB) has suspended the digital banking license granted to mobile financial service (MFS) provider Nagad as it would start a review of the licencing procedure, central bank governor Dr Ahsan H Mansur said on Thursday.
“The Nagad digital banking licence has been put on hold while we conduct a thorough review,” Dr Mansur said during a briefing at the BB headquarters. “If Nagad meets the requirements after the review, the licence will be reinstated. Until then, it remains suspended.”
The central bank awarded the digital banking licence to Nagad in October last year. However, there have been allegations that the MFS service-providing entity availed the licence bypassing the existing rules following interventions by two influential persons linked to the recently ousted Awami League-led government.