On May 29, 2020, some officials of Payboy Company Limited, a payment company that was appointed by Menzgold Ghana Limited to negotiate a settlement with its unpaid customers were arrested by the Economic and Organised Crime Office (EOCO).
Initial investigations revealed that the company was operating without the requisite licenses from either the Bank of Ghana (BoG) or the Securities and Exchange Commission (SEC).
EOCO in the press statement signed and issued by its Head of Public Affairs, Jacqueline Avotri on Friday, May 29, 2020, advised the public to be circumspect when dealing with companies or individuals if it involves financial commitments.
Fast forward, the Chief Executive Officer of Nana Appiah Mensah, otherwise known as NAM1 directed all customers who still want their monies to go through Payboy.
It had initially asked customers to pay an amount of GH¢650 for their transactions to be verified before they are given their due.
Menzgold urged customers with genuine indebted transaction claims to acquire the Menzgoid digital verification access card from Payboy Agents.
These verification cards priced at GH¢650 each will allow customers to verify their transaction validation status from August 10, 2023 to September 14, 2023.
"To request an Access Card for verification, we require customers to satisfy proof of transaction with Menzgold by providing the following documents via Email at; mailto:[email protected]. A copy of the customer's Gold Trading Agreement and a copy of any National ID card, with both documents bearing the same name," part of the release read.
"We urge Customers to contact any of the authorized Payboy Agents introduced in our release on the 16th August, 2023, for courier arrangements to receive the Verification Access Cards," it added.
Reports sighted on Dailyguidenetwork and thepublisheronline in April 2020 described Payboy as a digital payment vendor.
It said Payboy as part of its works to promote several digital payment services solutions for individual and corporate clients worldwide, the company has so far brokered debt settlement agreements between Menzgold and hundreds of its clients.
With several people bedridden with sicknesses and others dead, some Ghanaians wonder whether these customers of Menzgold will still pay money to Payboy or Menzgold in a bid to retrieve their locked-up cash.
Whiles many perceive it to be a bait to trap these already heartbroken customers and dupe them of the little they have, others have a glimmer of hope that NAM1 will pay them their monies some five years on after going through the directed procedures.
The option is still on the table for Menzgold customers on whether or not to partake in this new procedure outlined by Nana Appiah Mensah.
It is important to note that checks by GhanaWeb Business show that PayBoy Ghana is not a registered entity by the Bank of Ghana to undertake any form of fintech or payment related transactions.
Ghana’s leading digital news platform, GhanaWeb, in conjunction with the Korle-Bu Teaching Hospital, is embarking on an aggressive campaign which is geared towards ensuring that parliament passes comprehensive legislation to guide organ harvesting, organ donation, and organ transplantation in the country.
SA/NOQ
Read EOCO's release on arrested Payboy officials below;
Watch the latest edition of BizTech and Biz Headlines below:
Payboy has been authorized by Menzgold to pay its clients
