Summary:
- Ghana fintech startup, Dash, has suspended its founder and CEO, Prince Boakye Boampong, due to an ongoing investigation into allegations of financial impropriety.
- Kenneth Kinyua, former CEO of Kopo Kopo, has been appointed to replace Boampong.
- The company’s board claim that Dash founder is currently on “indefinite administrative leave” pending the outcome of the investigation.
Ghana fintech Dash has suspended its CEO and founder, Prince Boakye Boampong, as it conducts an investigation into financial impropriety allegations.
TechCrunch cites people close to the situation as its source in its report because the company is yet to issue an official statement.
Dash is an alternative payment platform founded in 2019 and Boampong has a reputation in the African startup scene for also co-founding the media company OMG Digital, which is backed by Y Combinator.
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The startup raised a funding of $32.8 million in March 2022, taking it to a valuation of more than $200 million. Its funding was a major spotlight of the year as it was one of the biggest since Nigeria’s PalmPay raised $40 million in 2019 and famous investment company Insight Partners was among its investors.
While the Dash’s board did not admit suspending the CEO, their veiled statement of him being on ‘indefinite administrative leave’ offers the same explanation. The board also mentions carrying out a forensic financial audit of the company.
Kenneth Kinyua has been picked to replace Boampong at Dash. Kinyua has served as the CEO of Kopo Kopo, a payments business outfit. He is taking over a company that allegedly has a disorganised work culture with employees coming and going frequently due to poor practices.
It is not exactly clear what Boampong did wrong but the report claimed that he sold millions of dollars’ worth of his shares in a secondary sale. He has not issued any statement to defend himself from the accusations at the time this article was published.
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