BoG suspends operations of Ghanaian fintech firm ‘Dash’
A leading financial technology firm in Ghana, ‘Dash’, has been ordered by the Bank of Ghana to suspend operations.
This comes days after it announced a successful $32.8 million oversubscribed ‘seed round’ which had attracted the interests of global investors.
A letter from the Central Bank to Chief Executive Officer of Dash, Prince Boakye Boampong, indicated that “the company – which has been in operation since 2019 – reneged in securing “appropriate regulatory approval from the Bank of Ghana under Section 7 (1) of the Payment Systems and Services Act, 2019, (Act 987) prior to operating a payment service in Ghana.”
According to the BoG, Dash was not properly licensed to facilitate cross border payment, hold float balance, and allow wallet creation or offer bill and utility payment services.
In recent days, the Bank of Ghana has descended heavily on firms operating unlawfully in the financial technology space.
Source: Ghana News
