Menzgold’s U-Turn: No More Payment for Verification, But Strings Attached

By Riddy10 3 Min Read

In a surprising turn of events, Menzgold Ghana, a beleaguered gold investment firm, has retracted its controversial plan to charge customers for a verification process aimed at facilitating payment to aggrieved clients.

The move comes after vehement public backlash and allegations of a potential scam.

The company initially announced its intention to validate customer claims through a paid process in a letter dated August 18, 2023.

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The letter stated that many claims contained infractions that rendered them invalid after initial assessments.

This announcement triggered outrage among customers who have been struggling to recover their funds and skeptics who suspected ulterior motives.

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Two days later, on August 20, Menzgold Ghana released a press statement retracting its earlier decision.

The company revealed that it would no longer produce physical PVC Digital Access Cards, citing the financial burden it imposed.

Instead, they would print PIN codes for distribution at no cost. However, this revised approach comes with certain conditions.

Menzgold's U-Turn: No More Payment for Verification, But Strings Attached

According to the press release, customers with an ‘INVALID’ status have two options: they can either choose to walk away or pursue a review of the determination, but this review would come at a fee to prevent resource abuse.

To initiate the verification process, customers need to provide specific documents, including a copy of their Gold Trading Agreement and a national ID card with matching names.

Furthermore, Menzgold has encouraged customers to engage with authorized Payboy Agents for courier arrangements to receive the Verification Access Cards.

The company emphasized that this adjustment would not affect the previously outlined roadmap for the verification exercise, scheduled to take place from August 14 to September 16, 2023.

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This sudden reversal marks a crucial point in the ongoing Menzgold saga. The company’s decisions have faced intense scrutiny and skepticism due to its history of financial controversies.

As customers and the public continue to follow developments closely, the fate of Menzgold and its clients remains uncertain.

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