Menzgold Ghana has rescinded its previously initiated paid customer validation process in a bid to streamline payment procedures for its disgruntled customers.

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Menzgold Ghana earlier demanded GHS650 from its client in a new phase of customer validation in order to expedite the disbursement of funds to customers whose investments have been trapped.

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In an earlier statement released on July 29, 2023, the Defunct gold trading company announced that it has successfully completed the transaction validation process assuring to make payments to its customers soon.

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But in a release on August 18, the company indicated that customers looking to recover their trapped funds would be required to engage in the Menzgold Digital Verification Access Card procedure, aimed at confirming transactions and validating claims.

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According to Menzgold, this has become imperative as their initial assessments identified a substantial number of claims that did not meet the necessary criteria and were therefore considered ineligible.

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Over sixty percent of claims submitted for validation were plagued with several defects including irregularities or inconsistencies of the records on the face of the documents, fake (fraudulent) supporting documents, fake authorized signatures, among others, the company noted.

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As per the announcement, the Menzgold Digital Verification Access Card will be obtainable for GH¢650 each through authorized Payboy Agents.

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This card will grant customers the ability to review the status of their transaction validation from August 10, 2023, to September 14, 2023. Additionally, customers will be asked to upload original colored digital copies of supporting documents for their transactions.

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In response, aggrieved customers have deemed this initiative as unlawful. Spokesperson for the aggrieved customers of Menzgold, Fred Forson, noted that the company cannot make such demands after its closure in 2018 by the Securities and Exchange Commission (SEC) for contravening the Securities Industry Act, 2016 (Act 929).

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Following the backlash, the company has discontinued its initiative in a press release dated August 20.

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It read in part: “Following concerns by some well-meaning Ghanaians and an extensive engagement with stakeholders with respect to our 18th August, 2023 press release, we have resolved as follows;

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“That Menzgold would cease the production and printing of the PVC Digital Access Cards, which imposes cost burden and shall resort to the printing of the PIN Codes only, for onwards distribution at no cost."

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