WiPay keeps its promises and proposes a proposal to the Ministry of Social Development
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On June 2, just a week after a fiery contribution to a Joint Select Committee hearing on fintech, WiPay’s Aldwyn Wayne held a press conference to announce his bid for a pilot digital distribution system for the Department of Development. social. WiPay delivered this document.
The proposal, delivered June 8, 2022, outlines a fully digital system to identify and track access to disbursements made to citizens in need and ensure the money is spent for what it is intended.
Aldwyn Wayne has confirmed that the documents leaked to me this week are authentic.
WiPay has proposed a proof-of-concept initiative, the Digital Disbursements Pilot, for a duration of three months, which the company estimates to be worth $1.2 million at an extraordinary general meeting on June 1, 2022.
Funding for the project comes from Color Bank, a neobank that targets the Caribbean diaspora.
Color Bank is an affiliate of WiPay, established in the United States with another board.
A neobank is a digital bank that does not have branches and is usually heavily invested in fintech solutions.
WiPay hopes to develop, with the government of Trinidad, a reliable, transparent and efficient way to deliver money to those in need while maintaining accountability for taxpayer dollars spent on these social support projects.
A Qure Covid19 household survey conducted in Trinidad and Tobago between May 4 and May 9 found the biggest complaint from families in need was the transaction process to access wage relief grants and food cards. .
According to Assistant Auditor General Louis Hernandez, who spoke at a June 8 public accounts committee meeting, analysis of the government grant-making process showed little fraud, but keeping records of Subsidies in public assistance grants and other government expenditures were generally poor and sometimes non-existent. .
The inconsistencies included issuing 404 grants to seniors totaling $1 million without recording check numbers or bank account numbers.
This is not the first time that WiPay has made its digital transaction systems available locally for social support.
In March 2020, the company set up a grant distribution system for the Living Waters community.
Since then, WiPay’s systems have been used regionally by Jamaica’s Food for the Poor to provide food subsidies and by that country’s Ministry of Labor and Social Security to provide its 10,000 Covid Assistance Cash grant. beneficiaries and then used it for its Cash Grant food assistance for 20,000 Jamaicans.
Grenada’s Ministry of Social Development used the technology for its Support for Education, Empowerment and Development (SEED) program for textbooks and uniforms.
Donna Cox, the Minister for Social Development, did not return a call to her mobile phone and did not respond to a WhatsApp message sent requesting a response from the department on the matter.
Calls to the permanent secretaries of the Ministry of Social Development and the ministry’s communications department went unanswered on its public telephone systems.