Samadhan Services Limited, a subsidiary of Grameen Telecom, has made significant progress in its bid to become a licensed Payment Service Provider (PSP) in Bangladesh. After initially applying for the PSP license in November 2021, the Bangladesh Bank delayed its decision until August 2024, despite the company meeting all necessary requirements.
The central bank granted Samadhan Services a No Objection Certificate (NOC) on September 29, 2024, paving the way for the company to secure its PSP license. The delay had been attributed to alleged political motivations against Grameen Telecom and its founder, Prof. Muhammad Yunus.
Samadhan Services is now preparing to enter the local market as a digital payment service provider, although it must meet several regulatory conditions set by Bangladesh Bank, such as raising its paid-up capital and complying with anti-money laundering policies.
The company’s leadership includes a board primarily nominated by Grameen Telecom, with key figures from the organization holding leadership roles. The broader digital wallet industry in Bangladesh is expanding, with other mobile network operators and online marketplaces also seeking PSP licenses.
