by Linda Straker
- WiPay launched in Grenada in May 2023
- At launch, key advantages included streamlined and efficient money transfer experience
- GARFIN notice dated 3 July and signed by Denis Felix, Executive Director
The licence of WiPay, a Trinidad and Tobago electronic money service business which was established in 2017 and launched in Grenada in 2023, was recently revoked by the Grenada Authority for the Regulation of Financial Institutions (GARFIN).
“In accordance with the provisions of Section 33 (1) (a) of the Money Services Business Act Cap 198A, the Grenada Authority for the Regulation of Financial Institutions (GARFIN), as the Authority responsible for Money Services Business, hereby revokes the licence of WiPay Grenada Ltd with immediate effect,” said a notice on the GARFIN website.
“The general public, including persons interested in doing business with this entity, are asked to note the contents of this Notice and be guided accordingly,” said the notice dated 3 July and signed by Denis Felix, Executive Director of the authority.
At the company’s launch in Grenada in May 2023, Aldwyn Wayne, CEO and Founder of WiPay Group, and John Mollenthiel, COO of WiPay Group, highlighted the transformative potential of WiPay Remittance. They outlined several key advantages that the upcoming service will bring to individuals in Grenada, offering a streamlined and efficient money transfer experience.
“This will bring about a significant transformation in the remittance landscape of the Eastern Caribbean. Ria is a global leader in the remittance industry, with an extensive network of over 500,000 brick-and-mortar locations across 160 countries. This partnership will not only have a considerable positive economic impact but also save valuable time for individuals by eliminating the need for long queues, allowing them more freedom to pursue their desired activities,” the CEO said back then.
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Why was the license revoked? It is not enough just to say it was revoked.The citizens of Grenada should be told why!: