Dash directed by BoG to cease operations
Digital payments platform, Dash, has been directed by the Bank of Ghana to immediately cease its operations in Ghana.
The directive contained in a letter dated March 9, 2022, and signed by Head of FinTech and Innovation at the BoG, Kwame Oppong, follows an observation made by the apex bank that Skeptra Technologies – owners of the Dash payment platform – are offering services such as 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 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.”
The Central Bank therefore directed the company to “cease offering the above payment services with immediate effect” until the obtain 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.
This comes just days after news broke that Spektra Technologies had raised some $32.8 million funding to build connected wallets in Africa.
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Dash has been operating in Ghana since 2019, connecting digital wallets across networks to facilitate payments both locally and across borders.
Meanwhile, all other Fintech companies that work with Dash have also been ordered to pull the plugs on the company until further notice.
