Ghana-Based Fintech, Dash Set To Create A Mobile Wallet That Will Connects All Of Africa

The company recently closed one of the largest seed rounds in Africa of $32 million.

Founder and CEO Prince Boakye Boampong started OMG Digital in 2019. Before Dash, he was the co-founder alongside Jesse Ghansah — the current CEO of Float.

Boampong traveled to Kenya two years ago and was fascinated by how Kenyans sent and received money while paying bills with mobile money, a system of payments pioneered by Safaricom’s M-Pesa.

But having come from a mobile money background himself, being Ghanaian, Boampong experienced how interoperability posed a challenge within and outside mobile money systems.

Dash was created to solve interoperability poased challenge, and now a Kenyan traveling to Ghana or Ghanaian travelling to Kenya would be able to pay for stuff without having to change currencies or setting up accounts when they touch ground.

Dash is an alternative payment network which brings together mobile money and traditional banks and facilitates transactions for consumers and businesses.

It doesn’t aim to replace mobile money or banks. Instead, its wallet allows users to access a plethora of services they can’t find on their traditional provider.

The company makes revenue from processing fees, savings (interest earned when users save), FX fees when Dash is used cross-border, bill payments and subscription (for Dash+, its premium service).

The capital will help Dash expand to new markets such as Tanzania and South Africa, get the licenses needed to operate , partner with relevant regulating authorities, build out its team, invest in technology and launch new features.

Source:Charles Ayitey|LinkedIn

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