NAM1's U-Turn: Menzgold Revises Verification Card Strategy After Backlash
In a surprising turn of events, NAM 1 (Nana Appiah Mensah), the CEO of Menzgold, has reversed course on their controversial Verification Card initiative. The company’s decision, as outlined in a recent statement, comes after facing mounting concerns and criticisms from various stakeholders and concerned citizens. The entire episode has stirred skepticism and outrage within the Ghanaian social media community.
In an official press release dated August 19, 2023, Menzgold announced its reconsideration of the initial plan to implement PVC Digital Access Cards for transaction verification. This step, which was met with considerable resistance due to its associated cost burden, is now being abandoned by the company. Instead, Menzgold will be opting for a different approach to verification, focusing solely on the distribution of PIN Codes. This shift in strategy aims to alleviate the financial strain that the Access Cards were poised to place on customers.
The new protocol comes with a set of specific conditions. Clients who have been assigned an INVALID status have been given two options. They can either choose to discontinue their engagement with Menzgold or, in cases where they believe their status was wrongly determined, they may opt to challenge the invalidity designation. However, this latter option comes at a cost, as customers will be required to pay a fee for the review process. According to Menzgold, this move is intended to prevent the misuse of the company’s resources and time, ensuring that the appeals process is utilized judiciously.
In order to request a Verification Access Card under the revised system, customers must provide proof of their transaction history with Menzgold. This is to be achieved by submitting essential documents via email to an email address the company has provided. Specifically, customers are required to furnish a copy of their Gold Trading Agreement, as well as a National ID card.
The documents are expected to bear the same name, thereby reinforcing the authenticity of the information provided. Moreover, copies of the supporting documents initially submitted for validation acknowledgment receipt must also be included in the submission.
To facilitate the distribution of the Verification Access Cards, Menzgold encourages customers to reach out to authorized Payboy Agents introduced in a prior press release on August 16, 2023. These agents will assist in arranging courier services to ensure seamless delivery of the required verification materials.
It’s important to note that despite these changes, the overarching roadmap detailed in Menzgold’s press release dated August 9, 2023, remains unaffected. The scheduled verification exercise, which spans from August 14, 2023, to September 14, 2023, is still set to take place within the specified timeframe.
In light of this unexpected shift in strategy, Menzgold is likely trying to address the concerns of its stakeholders and customers, fostering a sense of transparency and accountability within the company’s operations.
As the situation continues to develop, stakeholders and regulators may be closely watching how these alterations impact Menzgold’s relationship with its customer base and the broader public perception of the company’s practices.