Bank of Ghana has ordered Spektra Technologies, proprietors of Dash App, to end operations after the price software program company raised $32.eight million in oversubscribed seed to increase operations.
The funding is to assist virtual price networks throughout Africa interoperate and to resource it expand Mastercard and Visa-fashion middleman offerings for cellular price wallets throughout the continent.
But a letter dated March 9, 2022, from the Bank of Ghana (BoG), ordered Specktra Technologies to end running its Dash App, the price platform service, because of loss of regulatory approval from the crucial financial institution.
All different Fintech corporations that cope with Dash App have additionally been directed to halt operations till regulatory approval is granted.
The crucial financial institution stated withinside the letter that it had come to its interest that via the Dash App, Spektra Technologies changed into supplying offerings inclusive of Wallet Creation, Cross Border Payment, Holding of Float Balance, in addition to Bill and Utility Payments without the needful approval.
The Head of Fintech and Innovation on the Bank of Ghana, Kwame Oppong, stated in an interview that the flow changed to defend clients and to maintain the device safe. Protect consumers
“We have consumers to protect and a sector to keep safer to ensure that consumers are protected”, he said.
“Payment Service Providers are required to obtain the 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,” he added.
The BoG also reminded the company that “offering payment services in the country without a license is an offence under Section 9 (1) of Act 987.
Dash App, which has been operating in Ghana since 2019, was founded by Prince Boakye Boampong to connect digital wallets across networks to facilitate payments both locally and across borders.
At the moment, Dash has integrated six wallets of the said +200 wallets. The six have been completed in Kenya and Ghana.
Dash said that its approach was borrowed from the likes of AliPay, but was original in its own way; it was building value-added services on top of the product.