Dhaka, August 12 — Nagad Limited, one of Bangladesh's leading mobile financial services (MFS) companies, has been facing persistent conspiracies and misinformation campaigns aimed at destabilizing the economic sector. The company has warned that it may be compelled to take legal action if these efforts continue.

With financial inclusion in Bangladesh now surpassing 52%, Nagad has played a crucial role in this achievement. Before Nagad's launch in 2019, mobile banking was a costly and limited service, primarily accessible to urban residents. Opening an account was a lengthy process, often deterring potential users.

Nagad revolutionized the MFS sector by simplifying account creation through the introduction of e-KYC (electronic Know Your Customer), a method now widely adopted by financial institutions across the country. This innovation, coupled with agreements with telecom operators, allowed users to instantly open accounts using basic feature phones by dialing *167#. As a result, millions of people in marginal areas gained access to traditional financial services for the first time.

In addition to these advancements, Nagad made the market more competitive by reducing cash-out costs and waiving utility bill payment fees. These measures challenged the profits of monopolistic companies, making MFS genuinely accessible and affordable for the general population. Consequently, a financial inclusion revolution swept across the country.

Following its success in the MFS sector, Nagad has set its sights on launching Bangladesh's first digital bank. Having already received a license from Bangladesh Bank, Nagad is poised to launch this new venture, collaborating with some of the world's most renowned IT and security companies.

However, Nagad's continuous success has also attracted detractors. A faction, envious of Nagad's achievements and market disruption, has been spreading misinformation and slander against the company. Anonymous Facebook pages have emerged, disseminating falsehoods and misleading information, often through paid promotions. Market experts suggest that these activities are not the work of individual customers but rather a coordinated campaign by those threatened by Nagad's impact on their excessive profits.

There have even been reports of physical attacks on Nagad's promotional materials and entrepreneurs, leading the company to seek legal recourse on multiple occasions. Some officials affiliated with rival institutions have also been implicated in these activities.

Nagad is closely monitoring these renewed efforts to discredit the company and strongly condemns the spread of unethical and false information. The company has issued a stern warning that legal action will be taken against those responsible for these malicious activities.

Nagad urges its customers, well-wishers, and policymakers to remain vigilant and not to be swayed by such conspiracies. With over 85 million customers, Nagad is committed to continuing its mission to provide affordable financial services and strengthen Bangladesh's economic foundation. 

The company assures its customers that Nagad will persevere, ensuring that the people of Bangladesh continue to save and benefit from accessible financial services.