Grenada revokes licence of regional money service company WiPay
Published:Friday | July 19, 2024 | 12:20 PM
ST GEORGE'S, Grenada, CMC – The Grenada Authority for the Regulation of Financial Institutions has revoked the licence of WiPay, a Trinidad and Tobago electronic money service business.
The company was established in 2017 and launched its operation in Grenada 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 dated July 03 and signed by Dennis Felix, the authority's Executive Director.
The authority did not state the reason for the revocation.
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 said then.
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