Shamadhan Services Limited launches digital payment platform gpay

Shamadhan Services Limited on Thursday formally launched the digital financial services platform gpay, with the stated aim of making financial transactions simpler, safer and more accessible to all. 

Under the theme “gpay, the Solution”, the platform was formally launched at an event at the Pan Pacific Sonargaon Hotel in Dhaka.

The programme began with a welcome address by Ashraful Hasan, Managing Director of Shamadhan Services Limited. 

The formal launch was then announced in the presence of Nobel laureate and chief guest Professor Muhammad Yunus, alongside members of the management team of Shamadhan Services Limited.

Presenting the platform’s key features, Dr Ahmad Arman Siddiqui, Chief Executive Officer of gpay, said, “Our goal is to reduce the complexities of financial transactions and make them simple and understandable for everyone. Our core commitment is to bring a solution to every financial challenge through ‘gpay, the Solution.’”

In his keynote address, Professor Muhammad Yunus spoke about financial inclusion and the future of digital finance. 

He highlighted the importance of using digital financial services to make transactions easier and more inclusive for ordinary people, recalling the early days of Grameen Bank when lack of electrical connectivity made inter-branch communications difficult.

“From that situation, Grameen Bank members can now do everything through their mobile phones,” he said.

Professor Yunus also recalled the early journey of Grameenphone, saying the company initially faced questions about whether mobile phones would be useful for poor rural women.

He said the original objective was to take mobile phones to the poor,  particularly women in rural areas. 

Although some people argued that phones were primarily needed by urban residents and businesspeople, he said rural women eventually demonstrated that they could use phones to communicate with relatives and even generate income.

He said Grameenphone’s experience demonstrated that technology-based businesses could also be built around the needs of people in rural and low-income communities.

Speaking about gpay, Professor Yunus said its objective is to free people from the fear and inconvenience associated with carrying cash.

“gpay’s goal is to free people from fear. People no longer have to carry money. This is a great relief. We no longer have to worry about carrying notes and papers,” he said.

He said the success of such services would depends on their ability to reach ordinary people.

“We will succeed if we can take the services to ordinary people. That is our effort. Wealthy people have many facilities, but poor people do not. We have to work to ensure that technological services are available for the poor,” he said.

Professor Yunus also referred to the success of Grameen America, which began in 2008 and now provides more than $1 billion in loans to its members annually, with a reported repayment rate of 99%.

“We learned the use of technology from Grameen America. We wanted to bring it here,” he said.

Describing gpay as a social business, Professor Yunus said the objective of a social business is to solve social problems rather than distribute profits to individuals.

“gpay is a social business. No individual will take the profit here. The company will use whatever profit it makes to expand. It will be expanded within the social business,” he said.

Before delivering his speech, Professor Yunus formally handed over TakaPay cards to borrowers of Grameen Bank.

The event was attended by ambassadors from different countries, representatives from the banking and financial sectors, officials from relevant organizations, and members of the media.

Md Fazlul Kader, Managing Director of the Palli Karma-Sahayak Foundation (PKSF), and Sarder Akhter Hamed, Managing Director of Grameen Bank, were also present at the programme.