Nagad Finance PLC today received a licence from Bangladesh Bank to perform as a new non-bank financial institution (NBFI).

Now, Nagad Ltd—the operator of the mobile financial service (MFS) window of the Bangladesh Post Office—will implement its earlier goal of becoming an MFS under the new NBFI.

But to roll out the MFS, the Nagad Finance will have to take prior approval from the BB.

The MFS will act as a subsidiary of Nagad Finance with 51 per cent of its shares to be held by the NBFI while the rest by the existing directors of Nagad Ltd.

Contacted, Tanvir A Mishuk, managing director of Nagad Ltd, said the new NBFI would introduce its operation on July 1 this year.

Mishuk will serve the NBFI as a director of its board.