Mobile financial services (MFS) provider Nagad and bKash have been instructed by Bangladesh Bank to run their business in an orderly manner. The directive was given by the central bank during a discussion with BRAC Bank's affiliated institution bKash and digital service of the Postal Department, Nagad on Wednesday.
The central bank has instructed the two mobile financial services to stop spreading disinformation about each other and maintain the publicity policy of the information ministry.
The central bank gave the instructions following an advertisement of Nagad, videos involving the chief executive officer of bKash, distribution of posters across the country against Nagad’s service, and Nagad’s filing of cases against 10,000 unidentified people. The regulators also said that such practices will not be tolerated in the financial sector.
Bangladesh Bank has said that all affiliations have to conduct their business within the regulatory framework of central bank. The two organizations have also been advised to restore order in the financial market. They were warned that the central bank would not hesitate to take new decisions to protect the money of people. Therefore campaigns and activities have to be analyzed before running.
A spokesperson for Nagad said that they have not yet received any official instructions from Bangladesh Bank regarding the advertisement. However, the advertisement will not be aired anymore.
Shamsuddin Haider, head of bKash's communications department, said that bKash has been asked to maintain order in the market and provide service within the jurisdiction of central bank.