Fintech: DASH APP to resume service in Ghana after months of suspension by BoG
Domestic and cross-border payments app, DASH, is expected to soon resume its operations in the country following company’s suspension by the Central Bank.
The company’s suspension by the regulator was premised on the basis of the former operating without the requisite license.
But fresh information reaching norvanreports indicate that DASH is preparing to resume operations in the next few months.
“I can tell you that we are in the final stages of restoring our services in Ghana and you will be notified once the service is fully restored,” said an official of the company.
In a letter dated March 9, 2022, Head of Fintech and Innovation at BoG, Kwame A. Oppong, said it had come to the notice of the BoG that through the Dash App, Spektra Technologies was offering services like Wallet Creation, Cross Border Payment, Holding of Float Balance as well as Bill and Utility Payment without the requisite approval.
The letter said “Payment Service Providers (PSPs) were required to obtain the appropriate regulatory approval from the BoG under Section 7 (1) of the Payment Systems and Services Act, 2019, (Act 987) prior to operating a payment service in Ghana.”
The Central Bank therefore directed the company to cease offering the above payment services with immediate effect until they obtained the appropriate approval from the BoG.
The BoG also reminded the company that offering payment services in the country without a license is an offense under Section 9 (1) of Act 987.
all other Fintech companies that were in partnership with Dash in Ghana were also ordered to pull the plugs on the company until further notice.
The suspension came shortly after Spektra Technologies had raised some $32.8 million funding to build connected wallets in Africa.
Since the suspension, Dash users in Ghana have been left stranded and unable to access their funds on in the App.
Dash first started operations in Ghana from 2019, connecting digital wallets across networks to facilitate payments both locally and across borders.
