by Linda Straker
- GARFIN revoked WiPay licence in July 2024
- Ministry of Education will Partner with WiPay Caribbean for Digital Student Grant Assistance Programmes
- WiPay company based in Trinidad does not need to be certified by GARFIN to operate in Grenada
Education Minister David Andrews announced that the Government of Grenada will continue to engage WiPay Caribbean to provide cashless electronic transactions to recipients of the schoolbooks and uniform programme, although the regulatory body for financial services has revoked the company’s licence to operate in Grenada.
A notice dated 3 July 2024 on the Grenada Authority for the Regulation of Financial Institutions (GARFIN) website informed the public that the licence issued to WiPay had been revoked, making it ineligible to operate in Grenada. “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. 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.”
However, on 1 August, Minister Andrews told a news conference that the Government of Grenada, through the Ministry of Education, will Partner with WiPay Caribbean for the Digital Student Grant Assistance Programmes, and the company’s agents are set to receive training in the upcoming days.
Minister Andrews said that the Ministry would issue to grant beneficiaries a system-generated QR code, which would be redeemable at participating merchants for school supplies and uniforms. This eliminates the cost associated with printing cheques.
When asked about the recent revocation of the WiPay licence to operate in Grenada, the education minister said that the company, which is based in Trinidad, does not need to be certified by GARFIN to operate in Grenada. “As it relates to WiPay, we engaged GARFIN and we engaged WiPay as well. What we did discover is that WiPay just provides a platform for cashless transactions; they do not need to be certified by GARFIN. We learned that and so there was no need for them to be recertified; that is what we were told by the officials from GARFIN.”
He further explained that WiPay is certified by the Eastern Caribbean Securities Exchange (ECSE) from which it operates. “We felt comfortable being guided by GARFIN that they were still in a very good position to continue offering the services because they didn’t do direct cash transactions, and so the GARFIN regulations did not need to have them certified and they did not have to renew that document.”
Launched in October 2001 and operating out of St Kitts, the ECSE is the regional securities market established by the Eastern Caribbean Central Bank (ECCB), and licenced under the Securities Act of 2001, a uniform regional body of legislation governing securities market activities. A search of the website does not show WiPay as one of the registered brokers or companies listed to trade on the exchange.
