The Association of Bankers, Bangladesh (ABB) has issued a stern condemnation of the recent attack on Muhammad Badiuzzaman Didar, Bangladesh Bank-appointed administrator at Nagad, labeling it a direct threat to the nation's financial governance and regulatory framework.
Nagad, a leading mobile financial service provider, has been at the center of regulatory scrutiny in recent years, with Bangladesh Bank stepping in to address governance lapses and ensuring compliance. Recent vandalism at Nagad force Bangladesh Bank to appoint Badiuzzaman as administrator at the financial body.
Moreover the assault on Badiuzzaman's vehicle at Banani was not merely an isolated act of violence but a calculated challenge to the principles of justice, accountability, and regulatory oversight. In a strongly worded statement on Sunday, ABB Chairman Selim RF Hussain emphasized that the trouble makers must be brought to book
"Such actions have no place in a lawful society," Hussain said urging authorities to swiftly bring the perpetrators to justice.
The attack has sent shockwaves through Bangladesh's financial sector, raising concerns about the escalating risks to regulatory officials and the broader implications for governance in the country's rapidly evolving digital financial landscape.
ABB's statement reaffirmed its support for Bangladesh Bank's efforts to uphold transparency and accountability, calling on all stakeholders to unite against attempts to destabilize the financial system.
This incident is not an isolated event but part of a troubling pattern of resistance to regulatory oversight in Bangladesh's financial sector. Historically, the country has struggled to balance rapid financial innovation with robust governance, particularly in the digital payments space.
Nagad, which has grown exponentially since its inception, has faced allegations of non-compliance and governance issues, prompting Bangladesh Bank to appoint Badiuzzaman as administrator in 2024.
The attack on him highlights the risks faced by regulators in enforcing accountability, a challenge that is not unique to Bangladesh. Globally, regulatory officials in emerging markets often face pushback from powerful entities resistant to oversight, as seen in countries like India and Nigeria, where digital financial services have similarly outpaced regulatory frameworks.
Experts warn that such incidents could deter regulatory efforts, embolden bad actors, and ultimately erode investor confidence in Bangladesh's financial sector.
The ABB's swift condemnation reflects the banking sector's recognition of these risks, but the onus now lies on law enforcement and policymakers to ensure that such acts are met with decisive action.
