Nana Appiah Mensah aka NAM 1
In a surprising turn of events, Menzgold Ghana Limited has reversed its decision to charge customers GHC650 for verification and validation of claims before they can receive payment for their locked-up investments.
This decision comes after concerns were raised by some Ghanaians and aggrieved customers of the company for allegedly hatching new scam.
In a statement dated August 20, 2023 signed by the Chief Executive Officer (CEO) of the distressed company, Nana Appiah Mensah stated that Menzgold has decided to discontinue the production and printing of the PVC Digital Access Cards, which were previously required for verification. Instead, they will now only distribute PIN codes for verification at no cost.
However, there are conditions attached to this change. Clients with an invalid status can choose to either walk away or proceed with seeking redress or a review of their invalidity determination at a fee, to avoid the abuse of the company’s resources.
To request an access card for verification, customers will need to provide proof of transaction with Menzgold by submitting a copy of their Gold Trading Agreement and a copy of a national identification card, with both documents bearing the same name.
Menzgold is urging customers to contact authorized Payboy Agents for courier arrangements to receive the Verification Access Cards. It is important to note that this change does not affect the roadmap outlined in Menzgold’s previous press release, and the verification exercise is still scheduled from August 14 to September 14.
In addition, Menzgold said it has re-engaged Payboy Company Limited, after its acquittal and discharge in a criminal proceeding initiated by the Economic and Organized Crimes Office (EOCO) in 2021.
Payboy Limited had negotiated and facilitated debt settlement agreements between Menzgold and some of its clients. Customers who engaged Payboy’s services will have their payment schedules readjusted to align with the current circumstances.
This recent decision by Menzgold comes after the company announced that customers would need to pay GHC650 for a digital access verification card to claim their funds. Many customers viewed this fee as an unjust financial burden after waiting for several years to retrieve their locked-up investments.
Others also view it as a new plot to defraud them.
Menzgold went under the cooler in 2018 amidst allegations of operating a ponzi scheme, and its CEO, Nana Appiah Mensah, also known as NAM 1, is currently facing criminal charges in court.
Overall, this reversal of the decision to charge customers for verification will likely come as welcome news to the Menzgold customers who have been eagerly waiting to receive their investments.
However, it remains to be seen how this change will impact on the repayment process and the overall resolution of the Menzgold crisis as some of the customers who bought the access card for the verification and validation were given March, 2025 date for repayment of the locked up funds.
By Vincent Kubi