Business Desk :
The Bangladesh Bank has instructed all commercial banks not to open “Trust-cum-settlement account” under the name of “Nagad Ltd” without the permission from the Bangladesh Post Office and the central bank.
In banking terms, Trust cum Settlement Account means a custody account where the legal tender shall be stored against the issuance of e-money by a Payment Service Provider.
The central bank sent a letter to the managing director of all commercial banks on Monday In this regard. The Business Post has obtained a copy of the letter. Mobile Financial Services provider “Nagad” was being operated by Third Wave Technologies Limited. Recently, the company has changed its name to ‘Nagad Ltd.’
Till now, Bangladesh Post Office has no share in Nagad.
A high official of the central bank said, “Officially, we have not been informed that the company had changed its name to Nagad Ltd, which has prompted the central bank to issue the directive.”
