A bitter corporate struggle is playing out in Bangladesh, where one of the country’s most valuable fintech companies, Nagad, is facing what insiders describe as a hostile and politically protected takeover bid.
At stake is control over a digital payments platform with more than 70 million users and a valuation of $1.56 billion—one that has become central to Bangladesh’s financial inclusion strategy.
A Fintech Success Story Turns Turbulent
Launched in 2019 under the leadership of Tanvir A Mishuk, Nagad quickly emerged as a household name. With government integration and a reputation for innovation, it became the go-to digital wallet for millions. By April 2023, the company had reached unicorn status, a rare feat in South Asia’s competitive fintech landscape.
But what began as a story of homegrown success is now unraveling into a deeply politicized confrontation.
Allegations of a Coordinated Grab
According to whistleblowers from Bangladesh’s regulatory and financial sectors, a powerful network is attempting to wrest control of Nagad through a mix of legal intimidation, media pressure, and regulatory interference.
At the center of the alleged effort is Nobel Peace Prize winner Dr. Muhammad Yunus, founder of Grameen Telecom. He is said to be working in coordination with economist Ahsan H. Mansur. Funding and support, insiders claim, come from key rivals in the fintech space—namely Kamal Quadir, CEO of bKash, and Asif Saleh, Executive Director of BRAC.
The reported strategy is to force original shareholders to sell at slashed valuations, under the threat of legal harassment and sustained regulatory roadblocks.
Regulators Under Scrutiny
Names of several officials from Bangladesh Bank have surfaced in connection with the alleged campaign. Internal sources claim these individuals have used their influence to delay clearances, open investigations without merit, and spread disinformation. Those named include:
- Muhammad Badiuzzaman Dider, Director
- Md. Habibur Rahman, Additional Director, Payment Systems
- Anwar Ullah and Palash Mandal, Joint Directors
- Chayan Biswas, Deputy Director, ICT
- Md. Ayub Khan, Deputy Director
- Abu Sadat Mohammed Yasin, Joint Director (Motijheel Office, ICT)
One source described the situation as “an economic blockade, disguised as regulation.”
Mounting Pressure on Nagad’s Leadership
Since early 2024, directors and early backers of Nagad have faced increasing pressure—police raids, short-term detentions, and negative press coverage. No formal charges have materialized, a fact that legal analysts say points to a campaign of intimidation, not accountability.
“This is regulatory capture in real time,” said a former Ministry of Finance advisor who requested anonymity. “If this succeeds, it will set a dangerous precedent for private enterprise in Bangladesh.”
Despite the turmoil, Tanvir A Mishuk has stayed largely silent. Those close to him say he remains committed to protecting the company’s 1,000-plus employees and standing firm against outside pressure.
“He built Nagad for the people,” a senior staff member said. “And that’s exactly why some want to break it—it’s something they can’t control.”
Calls for Global Attention
The dispute has begun to draw international notice. Digital rights groups and financial transparency advocates are urging outside observers to investigate what they view as an abuse of regulatory power with far-reaching consequences for investor trust.
On social media, movements under the hashtags #SaveNagad and #StopTheHijack are gaining traction. For many, the story resonates beyond national borders—touching on broader concerns about political interference, capital flight, and the risks of doing business in emerging markets.
A London-based fintech analyst summed up the stakes bluntly:
“If this is allowed to happen, international investors will think twice before putting money into Bangladesh. The signal it sends is devastating.”
What’s unfolding with Nagad is more than a corporate dispute. It’s a test case for whether innovation in Bangladesh can survive when it collides with entrenched power.
