The Grena­da Au­thor­i­ty for the Reg­u­la­tion of Fi­nan­cial In­sti­tu­tions has re­voked the li­cence of Wi­Pay, a Trinidad and To­ba­go elec­tron­ic mon­ey ser­vice busi­ness, which was es­tab­lished in 2017, but launched there in 2023.

“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, which was dat­ed Ju­ly 3, and signed by Den­nis Fe­lix, the au­thor­i­ty’s Ex­ec­u­tive Di­rec­tor.

At the launch of the com­pa­ny 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 had said then. —ST GEORGE’S, Grena­da (CMC)