Customers of collapsed gold dealing firm, Menzgold Ghana no longer need to buy a Verification Access Card to verify transactions and confirm claims, the company has announced.
After receiving widespread criticism, the firm created by Nana Appiah Mensah (NAM 1) reversed course on Sunday, August 20. Menzgold announced in a statement that it would stop making and producing PVC Digital Access Cards since doing so was too expensive.
The firm has stated that “the printing of the PIN codes only for onward distribution at no cost, subject to the following conditions: clients with invalid status may choose to either walk away or, still, in the face of one or several of the ten (10) invalidity status reasons provided, adamantly proceed to seek redress or review of the invalidity determination, which shall come at a fee to avoid the abuse of our time, human, and logistics resources.”
After announcing a customer validation process to help speed up the distribution of funds for clients whose investments had been blocked, Menzgold has decided to cancel that plan. The company emphasized the need for this validation process in a letter dated August 18, 2023, after finding alleged unacceptable violations in a large number of claims during early evaluations.
In a statement issued on August 8, Menzgold said that they had finished checking the documents that customers had sent in to back up their transactions. But it turned out that more than sixty percent (60%) of the claims had mistakes that made them invalid.
Menzgold’s original strategy included implementing a system for clients to use digital verification access cards to confirm transactions and verify complaints. These membership cards were supposed to cost GHs650 each and be sold by authorized Payboy agents.
The cards were issued to customers so they could monitor the validation status of their transactions between August 10 and September 14, 2023. In addition, they had to submit digital colour copies of the original supporting documents for their transactions.
Menzgold has changed its mind after receiving a backlash over its decision to make purchasing access cards mandatory.
