Obopay, the first mobile money transfer service provider in the USA which was founded in March 2005, visited in Bangladesh from the 20th to the 23rd of May. Obopay personalizes money by making it instantly accessible, usable, and transferable.
This system has been developed to provide several mobile financial services: Person to Person, Domestic Remittance, Merchant Pay, Bill Pay, Pre-Paid Top up, Foreign Remittances, Micro-Lending, Collections & Mobile Check Out. According to ‘GSMA Mobile Money Transfer’, estimated growth of money transfer is $700 billion in 2012 from $350 billion in 2007. There is a massive market opportunity in case of consumer mobile payments and commercial payments as well. As the world’s financial system is heading towards a paperless society, it has become important to considerate it for Bangladesh. GSL will build up a team dedicated to extend the services of Obopay to the unbanked people of the country. Obopay executives met with the CEO of Grameen Solutions, Grameen Phone, Deputy Governor of Bangladesh Bank, Chairman of BTRC and MD of IFIC bank. They talked on various issues related to the operation of Obopay and several legislative matters. Carol Realini, CEO of Obopay, made a presentation to the GSL team. The Obopay executives have recognized that it has an opportunity to expand its business in the emerging countries in the world such as Bangladesh.