HomeStartupsDash Ghana’s Fintech Start-up Raises $32.8Million to Integrate Payment Wallets for Africans Innovations Dash Ghana’s Fintech Start-up Raises $32.8Million to Integrate Payment Wallets for Africans The success achieved in the fintech’s space in Africa is laudable considering the short time it took for the youthful population to align with the digital payment system. Visa and Mastercard are two largest payment processing networks in the world. The growth of mobile money wallets and online transaction through bank accounts has augmented digital transaction payments in both rural and urban centers in the continent. The real problem posed in the fintech’s space is lack of interoperability between the two ecosystem. Dash brought an unorthodox payment network with connected wallets enabling a mobile money user to transact with a bank account. The innovative gesture of Dash a fintech start-up just made the start-up raised $32.8Million in a successful seed round. The unified payment app would increase trade and business transactions in the continent. The founders Prince Boakye Boampong and Jesse Ghansah started the company in 2019. Two years before Dash was founded the CEO was in Kenya and he was blown away about how successful mobile money was in the country. The system of payment is pioneered by Safaricom’s M-Pesa which has more than 30million customers. Boakye noticed the challenge of interoperability in the mobile money infrastructure. According to Boampong the CEO of Dash, ” I was blown away by the ubiquity and convenience of mobile money in 2014 when I visited Kenya for the first time. However, there are over 200 mobile money wallets and 100 banks across the continent that do not work with each other.” The solution Dash offers means a Kenyan who uses M-Pesa can send money to a Ghanaian who uses Ghana MTN account. Dash’s alternative payment network allows interoperation between mobile money and traditional banks and facilitates transactions between consumers and businesses. The CEO of Dash also affirmed, ” We are building this interoperability so a Kenyan travelling 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.” He also said, ” We are taking a page from Alipay or Paytm by building features that will make lives of users easier without having to switch from different providers.” Dash’s script is like Visa and Mastercard helping payments through banks and telcos regardless of issued it. Users anywhere in the continent can connect their bank or mobile money accounts to Dash, pay bills, send and receive money to other users with the platform handling currency conversions. Support PisonTechAfrica.com For inspiring tech content and articles, PisonTechAfrica.com is the platform to go. Great content takes a lot of resources; we are poised to motivate young start-ups and give them leverage with our platform. It is a platform for inspiring tech entrepreneurs to display their talents. Africa is the next big thing for technology. PisonTechAfrica.com is the tech media platform committed to positioning Africa in the Fourth Industrial Revolution. Donate Oluwagbenga Oyebanji Share This Previous ArticleSudo Africa, Fintech Start-up Raises $3.7Million Pre-Seed Funding for Card-Issuing API Platform Next ArticleYep! Nigerian Start-up Digital Bank Raises $1.5M Pre-seed to Help the Unbanked Customers March 8, 2022
