Fintech Startup Dash Suspends Founder and CEO over Financial Misconduct Allegations.
Dash, a leading fintech firm in Africa, has suspended its founder and CEO, Prince Boakye Boampong, over financial impropriety allegations, according to sources familiar with the matter.
The company’s board has replaced Boampong with Kenneth Kinyua, former CEO of Pan-African payments business Kopo Kopo, who will serve as interim CEO.
Dash offers a unified payments system for mobile money and traditional bank accounts and raised $32.8 million in equity funding in March 2021, valuing the company at over $200 million. By March 2022, Dash’s total processing volume topped $1 billion and had acquired a million users from Ghana, Kenya, and Nigeria.
However, questions have been raised about the accuracy of Dash’s user and transaction volume figures, leading to allegations of financial misreporting.
While the company’s rapid growth over the past year has attracted significant investment, sources suggest that executives repeatedly concealed financial information and described a disorganized workplace where employees resigned and were laid off at will.
Dash’s board has stated that Boampong is on “indefinite administrative leave” pending a forensic financial audit of the company, which is expected to be completed within a month. The company’s reputation and credibility will depend on the outcome of the audit and the measures taken to address any identified shortcomings.