The Bangladesh Investment Development Authority (Bida) has received applications from 10 companies vying to be the government’s consultant for the forthcoming sale of Nagad, the mobile financial service provider of the Bangladesh Post Office, sources familiar with the matter informed The Daily Star. Bida has not finalized the selection of any potential consultant yet. Notably, major global firms like Deloitte, PwC, and KPMG with operations in Bangladesh have expressed interest in the role.
A transaction consultant, typically a financial expert, assists the government in selling a company by advising on valuation, documentation preparation, and identifying potential buyers. Bida had called for expressions of interest from financial advisory firms by September 15 to appoint an exclusive consultant for managing the potential sale.
Nahian Rahman Rochi, Bida’s head of business development, stated, “We advertised for a transaction consultant for the Nagad sale at the request of the Directorate of Posts.” He highlighted that due to the prolonged absence of such sales, the existing regulations and policies need updating. The revised guidelines, currently in progress and soon to be presented to the cabinet for approval, will determine the next steps in the appointment process.
The appointed consultant will evaluate and enhance Nagad’s market position and value proposition, create marketing materials, and identify potential buyers. The decision to transition Nagad into the private sector was approved during a high-level government meeting in August, leading to Bida’s role in facilitating the sale.
This move follows concerns raised by the Bangladesh Bank regarding the Directorate of Posts’ ability to efficiently operate the MFS operator. Bangladesh Bank Governor Ahsan H Mansur emphasized that the directorate lacked the necessary institutional strength for managing a significant digital finance operation, necessitating the involvement of a more capable entity. Addressing previous irregularities, about 1.5 crore fake or inactive accounts have been deactivated, and the company is undergoing substantial restructuring.
Despite these developments, Nagad achieved its highest monthly transaction volume in October, processing over Tk 34,705 crore, primarily driven by government allowance disbursements to 79 lakh beneficiaries under programs of the Department of Social Services and the Department of Women Affairs. Previous transaction records stood at Tk 34,000 crore in March 2025 and Tk 32,000 crore in June 2024.