Grameen Bank and Shamadhan Services Limited launched their GPay cashless service on Sunday to digitise instalment and deposit collection and improve transparency and financial inclusion at the grassroots level.
The joint initiative began with the inauguration of a GPay Experience Booth at Grameen Bank’s head office on 26 July, the organisations said in a press release. Shamadhan Services is an associate organisation of Grameen Telecom.
Grameen Bank Chairman Dr Abdul Hannan Chowdhury said digital transactions were essential to ensure transparency in grassroots cash dealings and expand financial inclusion. Technological transformation would also be necessary for the bank to keep pace with global advances during the next 50 years, he said.
Grameen Group Chairman Md Ashraful Hassan said the platform had been developed with strong cyber protection and technological security suited to the microfinance sector. Grameen Bank members would be able to pay instalments and deposit savings securely from home, he added.
Grameen Bank Director Nazneen Sultana said previous attempts had been made to digitise the bank, but this was the first time it had implemented a cashless service.
Managing Director Sarder Akhter Hamed said instalment and deposit collection would be made cashless through Shamadhan Services’ GPay app. The app is available on the Google Play Store and allows customers to complete and verify transactions instantly.
Shamadhan Services Chief Executive Officer Dr Ahmed Armaan Siddiqui said the service would provide round-the-clock support and a helpline. It would operate as a complete digital wallet offering Bangla QR and other services.
Also present were Grameen Bank Deputy Managing Directors Syed Motiur Rahman, A K M Sazzad Hossain and Md Rezaul Karim Chowdhury, along with senior officials from both organisations.
