DHAKA, Oct 26, 2023 (BSS) - The Bangladesh Bank (BB) has given a Letter of 
Intent (LoI) with its approval to Nagad Digital Bank Limited for launching 
the country's first full-fledged digital bank.

Through this approval, a new window of digital banking system has been opened 
for the digital financial industry to thrive at a faster pace, according to a 
Nagad statement issued here on Wednesday.

The BB Governor Abdur Rouf Talukdar handed over the Letter of Intent (LoI) to 
Tanvir A Mishuk, founder and managing director of Nagad Ltd., at its office 
in the capital, the statement added.

BB's Deputy Governor Abu Farah Md Nasser, Director Md Shahriar Siddiqui, 
Additional Director Md Monirul Islam and Executive Director of Nagad Ltd Niaz 
Morshed Elite were present, among others.

Nagad, a leading mobile financial service provider in Bangladesh, has rapidly 
amassed a substantial customer base and claimed a notable market share 
through its innovative products and services.
 
With the trust of over 8.5 crore customers, Nagad has spearheaded 
transformative advancements in mobile financial services, fostering healthy 
market competition to the benefit of consumers. Notably, this state-owned MFS 
operator also earned recognition from Prime Minister Sheikh Hasina for 
becoming the fastest-growing unicorn in the country.

Over the past three years, Nagad diligently pursued regulators for permission 
to introduce digital banking services in Bangladesh.
 
Mentionable, Nagad Digital Bank Ltd has already started its preparation to 
take banking services to people's doorsteps.