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Founder and Chief Executive Officer (CEO) of Dash, Prince Boakye Boampong, has been suspended temporarily suspended awaiting an investigation of alleged financial impropriety, TechCrunch reported.

Dash is a Ghanaian fintech company that provides an alternative payment network with connected wallets allowing interaction between mobile money and bank accounts in Africa.

According to the reports, the interim CEO is Kenneth Kinyua, the former CEO of Kopo Kopo, a Pan-African payments business, who recently joined Dash for a regional leadership role in East Africa. 

“Boampong was allegedly suspended as chief executive for engaging in financial misreporting…a spokesperson for the board said it placed the CEO on “indefinite administrative leave on January 24, 2023, pending a forensic financial audit of the company,” part of the report read. 

Dash was founded in 2019. Last March, raised $32.8 million in equity in a funding round that was led by Insight Partners, Global Founders Capital, 4DX Ventures and ASK Capital, among others. 

The firm has a unified payments app combining mobile money and traditional bank accounts, facilitating transactions for consumers and businesses, as it routes payments through banks and telcos regardless of who issued it. 

Users from Ghana, Nigeria and Kenya can connect their bank or mobile money accounts to Dash, pay bills, and send and receive money to other users while the platform handles currency conversions. 

Dash generates revenue from processing fees, savings, FX fees, bill payments, and subscription fees.