Samadhan Services Limited, a concern of Grameen Telecom, has finally received the long-awaited approval to become a Payment Service Provider (PSP) in Bangladesh. The Bangladesh Bank granted the No Objection Certificate (NOC) on September 29, 2024, after nearly three years of delays.
The company had initially applied for the PSP licence on November 16, 2021. Despite meeting all regulatory requirements, the central bank withheld its decision until August 2024. Officials claim that former Bangladesh Bank governor Abdur Rouf Talukder intentionally delayed the approval process, allegedly due to political pressures from the previous government.
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With the NOC now in hand, Samadhan Services is preparing to enter the digital payment market. However, before securing its final licence, it must meet several regulatory conditions, including maintaining a Tk 20 crore paid-up capital, implementing anti-money laundering measures, and ensuring strict ICT security compliance.
Samadhan Services’ board comprises key figures linked to Grameen Telecom, including Chairman M Shahjahan and Managing Director Md Ashraful Hassan. Industry insiders suggest the company’s entry could intensify competition in Bangladesh’s growing digital wallet sector, where major players like iPay Systems and D Money Bangladesh already operate.
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With the rise of digital transactions, Samadhan Services’ approval marks a significant shift in Bangladesh’s fintech landscape, potentially opening doors for more competition and innovation in the sector.
