Dash App has raised $500,000 to launch in Kenya and Ghana to help users simplify money remittances, bill payments and allow them to send, receive, spend and save their money, all in a single app, with full transparency and security.
Dash App, building the AliPay for Africa, a unified wallet that works seamlessly across the continent, works seamlessly with all major Mobile Money accounts, debit and credit cards and bank accounts in Kenya and Ghana. In two years, the startup aims to be in at least 8 African countries with over 10 million users using Dash to streamline their finances on a day-to-day basis.
Founded in 2019 by Prince Boakye Boampong, Dash has raised $500K+ pre-seed financing and is currently participating in Techstars NYC accelerator. For Dash, Covid has been a catalyst as digitization and digital payments have become a necessity on the continent. The platform helps users send money, pay, receive, save and manage money easily, in a single app.
How it works
Sending and receiving money to/from a dash user is FREE. You can send money across countries instantaneously. You can also send money to any Mobile Money user, 80% cheaper than traditional means. Dash also allows users to send money to bank accounts and PayPal accounts instantly and cheaper as well.
For Bill Payments, Dash App allows users to pay, automate and split bills with friends. You can buy airtime, pay for your Zuku, KPLC Postpaid & Tokens, DStv, GOtv, StarTimes, Safaricom Home and Nairobi Water bills. You can even automate these bills, we will notify you 5 days before the bills are due.
Users can also use Dash for business payments such as Paybill accounts & Buy Goods Till numbers straight from the Dash app while users can save in two ways using Dash app. Saving for a goal, allows you to save towards that trip, fees, sneakers etc, daily, weekly or monthly.
Dash automates the savings to fit your budget, you earn 5% per annum. Savings for interest, you can earn up to 15% per annum using this saving method. Dash Reserve gives you 3.5% per annum interest on your app deposits monthly, no strings attached. You can cancel, withdraw and lock your savings at any time. Dash Pots has no withdrawal and deposit fees. You can save with friends and family as well.
Users are able to get rewards whenever they transact. One can redeem rewards anytime when they reach a threshold. You can redeem airtime, data bundles, KPLC tokens and more. The app also has monthly expense reports, where users can see where their money went to with a full visual breakdown of their expenses. With a customer support line, users can contact them when they want a refund or have an issue.
According to the team, the Dash Savings feature is a saviour as savings are very hard for many Africans therefore simplifying and automating it makes it a lifesaver. Saving on Dash also gives higher returns than that of Money Market funds and T-Bills/Fixed deposits from banks.
Dash sees the M-PESA app as a partner and not a competition.
“They have built a great infrastructure that powers and will power the next generation of FinTech products. We can co-exist nicely,” Dash rep told TechMoran. “We have exciting features coming that will really excite and make the lives of our users even more simpler. Among the few exciting features we will be launching are micro-insurance, investment (local and international stock) and more.
