According to a report from Benjamin Dada, the fintech company Dash will be cutting 50% of its workforce. This information was relayed in a company-wide town hall meeting held on 2nd October 2023.
Details
In February, a report circulated that Dash CEO Prince Boakye Boampong had been placed on administrative leave after auditors found financial improprieties in its records.
Weetracker reported that investors were “actively seeking to dispose of Dash’s assets“. Benjamin Dada’s sources stated that a deal was in discussion with a Nigerian fintech and an international IMTO but the deal fell through.
Why This Matters
In 2022, Dash announced a seed round of a whopping $32.8 million to fix fragmentation between mobile money and banking networks.
However, after the announcement, the Bank of Ghana raised red flags by stating that Dash was operating without a license and ordered the company to shut down its operations in the country.
After placing Dash’s CEO on leave, a WeeTracker investigation revealed the numbers and transaction volumes were fabricated intended to mislead investors. According to WeeTracker:
- Boampong told investors that “Dash’s total users had grown to around 4.5 million in Q4 2022, with total payment value (TPV) hitting USD 560 M and revenue of USD 13.7 M in the same quarter.”
- This meant Dash had quadrupled its transaction volume and quintupled its user count within five months.
Dash’s board named Kenneth Kinyua, who was previously the Head of Business Development, East Africa as interim CEO.
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