Nagad Controversy: Hijack or Fintech Revolution in Bangladesh?

In a country racing toward digital modernization, a firestorm has erupted around Nagad, Bangladesh’s fintech giant—forcing the nation to confront a provocative question: Is this a bold reform—or the covert hijack of a billion-dollar enterprise masked as regulatory progress?

At the eye of this storm are two names once hailed for vision and social good—Grameen Telecom and its legendary founder, Nobel Peace Prize winner Dr. Muhammad Yunus. Today, paired with newly licensed Samadhan Services Ltd, they stand accused of executing a hostile power grab of Nagad, a platform that transformed digital finance for more than 70 million Bangladeshis.

A Fintech Phenomenon Under Threat

Since its 2019 debut, Nagad’s rise has been extraordinary. Spearheaded by Tanvir A Mishuk, it grew from a state-facilitated concept into a USD 1.56 billion fintech leader by 2023. Embedded within welfare distribution and financial inclusion drives, it became the lifeline of digital transactions for millions.

Yet instead of celebrating its impact, the company now finds itself in the crosshairs of what insiders call a ‘billion-dollar ambush.’

The Alleged Playbook: Influence, Pressure, and Power

Reports citing whistleblowers and regulatory insiders allege that Grameen Telecom—via Samadhan Services, its PSP-licensed offshoot—is attempting to push Nagad’s founders out of the game.

The charges are serious: legal threats, media pressure, and regulatory slowdowns—all allegedly designed to devalue Nagad and force a takeover. Figures like Dr. Yunus, economist Ahsan H. Mansur, bKash head Kamal Quadir, and BRAC ED Asif Saleh are said to be part of a “fintech cartel” aiming to shift sectoral control through quiet coordination and soft power.

Their intent? To centralize influence, edge out rivals, and dominate Bangladesh’s digital payment future by shaping the rules and rewriting the narrative.

Samadhan’s Entry: Breakthrough or Trojan Horse?

On June 2, Bangladesh Bank granted Samadhan a full PSP license, allowing it to conduct digital transactions across the financial system. On the surface, it’s a win for innovation—a new Grameen-backed player with lofty promises of financial reach and equity.

But critics see troubling patterns.

How did a Grameen Telecom affiliate, with deep-rooted industry ties, secure its license just as Nagad faced escalating scrutiny? Is this truly about fintech progress—or is it a precision move in a larger boardroom chess game?

What’s at Stake for Everyday Bangladeshis?

Caught between legal manoeuvring and boardroom politics are the millions who use Nagad for basic financial access—from mobile top-ups to subsidies.

If such a company can be undermined via opaque tactics, what message does that send to local entrepreneurs, global investors, or the citizens it serves?

Is Bangladesh’s fintech promise rooted in fair play—or in shadow strategies and selective enforcement?

A Cautionary Moment for Developing Markets

This isn’t just Nagad’s battle—it’s a litmus test for Bangladesh’s digital economy. As other players like iPay, D Money, Recursion, and now Samadhan enter the fray, the nation is poised for a cashless leap forward. But that leap requires trust, rules, and independence from vested interests.

This moment is about more than market share. It’s about governance, trust, and the kind of digital future Bangladesh is building.

In the end, the question isn’t just who runs Nagad. It’s whether innovation in Bangladesh will be protected—or quietly captured.