- In February, reports claimed Ghanaian fintech Dash was providing false metrics on its user base and transaction volume.
- An audit showcased a significant shortfall of at least $25 million in the company’s accounts.
- Dash Fintech’s high operating expenses and monthly burn rate of $500,000 significantly contributed to its rapid fall from glory.
Africa’s fintech industry is among the fastest, and most lucrative economic activities. According to the African Development Bank, the industry will surpass its $3 billion mark in 2022. Despite its significant growth, the industry has struggled to maintain its progressive rate. The steady increase of the cross-border payment platform has flooded the franchise, ultimately, creating a negative effect on the industry. In recent news, Dash fintech, a Ghanaian fintech, shut down after raiding over $86.1 million in five years.
Unfortunately, this has been a rising trend in the industry. If not addressed, Africa’s fintech industry may fall behind …
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