Bank of Ghana orders Dash App to cease operations immediately

In a letter dated March 9, 2022, signed by Head of Fintech and Innovation at BoG, Kwame A. Oppong, addressed to the CEO of Spektra Technologies, the central bank said it had come to their notice 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 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 US$32.8 million funding to build connected wallets in Africa.