Bangladesh Bank has granted a license to Samadhan Services Limited, a subsidiary of Grameen Telecom founded by Dr Muhammad Yunus, to operate as a payment service provider (PSP).
As a result, the company will now be able to offer e-wallet or cashless digital wallet services in the country under the brand name Samadhan, the Payment Systems Department of Bangladesh Bank announced in a circular on Monday.
It stated that, under Section 5(4) of the Payment and Settlement Systems Act, 2024, a PSP license has been granted to Samadhan Services Limited, effective from Monday, subject to certain conditions.
The company first applied for the PSP license on November 16, 2021.
However, the process was delayed due to various complications.
Sources at Bangladesh Bank said the delay stemmed from a negative stance towards Yunus and Grameen Telecom at the highest levels of the former government and the central bank.
In December 2023, the application was forwarded to then-governor Abdur Rouf Talukder, but it was not approved.
Later, following political changes driven by the July uprising, Dr Ahsan H Mansur, a renowned economist, took office as the new governor.
Under his leadership, the application progressed, and a No Objection Certificate (NOC) was issued on September 29.
After a prolonged process, the company officially received its PSP license.
The board of directors of "Samadhan Services Limited" consists of nine members, all nominated by Grameen Telecom.
The company’s chairman is M Shahjahan, former managing director of Grameen Bank, and the managing director is Md Ashraful Hasan, chairman of Grameen Telecom.
Currently, eight Payment Service Providers (PSPs) are approved by Bangladesh Bank.
Notable among them are iPay Systems, D Money Bangladesh and Recursion Fintech.
Meanwhile, mobile network operators Robi and Banglalink have expressed interest in launching their own digital wallets.
Online marketplaces Daraz and Chaldal have also applied for PSP licenses.
Additionally, 16 banks in the country are currently offering authorized Mobile Financial Services (MFS).
