Nagad Finance PLC has been approved by the Bangladesh Bank as the country’s 38th non-bank financial organization.
Some media sites stated that the central bank’s approval on Wednesday cleared the door for mobile financial service Nagad Ltd to operate under the new NBFI.
Tanvir A Mishuk, the managing director of Nagad Ltd, is also a director of Nagad Finance as an Osiris Capital Partners LLC local representative.
As a representative of Blue Heaven Ventures LLC in the United States, Muhammad Farid Khan will serve as chairman of Nagad Finance.
Nagad Ltd is temporarily permitted by the central bank to provide mobile financial services.
Muahammad Zahidul Islam, Nagad’s head of public communication, stated that the company will provide loans with a maximum interest rate of 9% to clients of all levels, particularly small entrepreneurs and marginal people, despite the fact that 57 percent of people in Bangladesh are unemployed.
Customers would also be allowed to deposit any amount, he said.
Nagad Finance is sponsored by Zen Fintech LLC and Singapore’s Finclusion Ventures PTE Ltd, in addition to Blue Heaven and Osiris Capital Partners.
The other sponsor directors are Maruful Islam Jhalak, Farhan Karim Khan, Rashedul Haque, Mohammad Iftekhar Zunayed and Niaz Morshed.
