Caribbean fintech company, WiPay, is responding to recent reports regarding the verification of its license by the Grenada Authority for the Regulation of Financial Institutions (GARFIN). 

According to the following notice issued by GARFIN, the money services business (MSB) license for WiPay has been revoked.

The notice stated, “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.”

WiPay CEO and founder, Aldwyn Wayne, clarified the situation by stating that WiPay was granted an MSB license for the periods 2021-2022 and 2022-2023. This license was intended to provide over-the-counter, in-store cash remittance services. However, WiPay’s business model is inherently cashless, making the license inapplicable to their operations.

“In 2023, as the license was approaching its end, we made it clear that we would not renew it since we had no intention of operating an in-store cash remittance business,” said Wayne. “When the renewal payment was due in January 2024, we confirmed that we would not be making the payment, thereby ensuring no new license would be issued.”

Despite the statement from GARFIN, WiPay continues to operate in Grenada, actively providing online payment processing and facilitation services.

The company says that this underscores WiPay’s dedication to digital financial solutions and its support for local businesses and consumers through its cashless payment model.