Bangladesh’s Postal Department has formally assumed oversight of mobile financial service provider Nagad, following a Supreme Court stay that halted Bangladesh Bank’s attempt to install an administrator.

In a directive issued Thursday, the Postal Department named an eight-member oversight committee led by Director Abu Taleb to supervise Nagad’s operations and report on its activities. The move follows ongoing legal disputes over the company’s governance.

Bangladesh Bank had sought to appoint an administrator in August 2024—a decision challenged in court by then-Nagad executive Md. Shafayet Alam. Though the High Court initially supported the central bank, the Appellate Division later issued a stay order, blocking the move and restoring authority to the Postal Department.

Nagad, launched in 2019, operates under a public-private partnership through a revenue-sharing deal with the postal department. With the central bank’s intervention on hold, the department—Nagad’s legal custodian—has resumed direct supervision.

The oversight panel includes senior postal officials such as the Director of Md. Aminur Rahman and Md. Moniruzzaman, along with other high-ranking staff.

“This decision clarifies the structure under which we’ve always operated,” said Nagad’s newly appointed CEO, Md. Shafayet Alam. “We welcome the committee’s formation and urge customers not to be swayed by misinformation.”

Nagad remains one of the country’s top mobile financial services. The Postal Department now steers its operations amid continued legal scrutiny.