Dhaka – What do you get when you mix unchecked power, a state job, a failing moral compass, and a girlfriend with no legal credentials? Apparently, you get Md. Habibur Rahman—the Central Bank employee-turned-‘administrator’ who’s running Nagad like his own backyard business, complete with cash collection, job auctions, and a revolving door for anyone with dignity.
Appointed as a so-called watchdog to “stabilise operations” at Nagad, Habib has instead become the very force destabilising it. Insiders claim he’s not just taking money under the table—he’s laying out a banquet on it. From sweetheart appointments to sweetheart deals, the administrator is turning a national fintech into a dark comedy.
171 employees—yes, you read that right—have either fled or been forced out of Nagad in recent months, allegedly because they didn’t pay up or didn’t play by Habib’s rules. Those who stayed? Many whisper they’re either scared or complicit.
And while the doors swing open for good people to leave, the top jobs are apparently being reserved for whoever’s on Habib’s personal guest list. Case in point: the new Head of Legal. Her primary qualification? Dating the boss.
“She didn’t go through any legal panel. No HR vetting. No corporate background. But she went on a few dinner dates with Habib—and boom—she’s Head of Legal,” said a disillusioned HR officer, who has now resigned in protest.
But it gets uglier. One female employee, speaking anonymously to avoid retaliation, said Habib offered her “protection” in exchange for personal favours.
“He invited me on a trip out of town. Said it would be good for my career. I said no—and suddenly I was marked for replacement,” she said, her voice shaking.
Perhaps most damning of all are the claims by CTO Raihan and Head of Finance Ops Rakib, both of whom were allegedly told to cough up 50 lakh taka each or risk “consequences.”
When they refused, they didn’t get a warning—they got false legal cases.
“He demanded money like it was a toll booth. When we didn’t pay, he used legal threats as punishment. This isn’t administration—it’s extortion wearing a necktie,” Raihan said in a blunt statement. And where’s the Central Bank in all this? Apparently hiding behind silence while their man on the inside torches the very institution he was meant to protect.
At this point, calling Habib an “administrator” is like calling a burglar a security consultant.
What started as a fintech revolution is now a soap opera of bribery, bullying, and backroom deals. Unless someone pulls the brakes fast, Nagad may not collapse from market forces—but from moral rot.
