In the events of May 29, 2020, the Economic and Organised Crime Office (EOCO) apprehended certain officials of Payboy Company Limited, a payment firm designated by Menzgold Ghana Limited to mediate with its unpaid clients for a settlement.
Initial inquiries exposed that the company operated without the necessary licenses from either the Bank of Ghana (BoG) or the Securities and Exchange Commission (SEC).
In a press statement issued on Friday, May 29, 2020, EOCO, through its Head of Public Affairs, Jacqueline Avotri, cautioned the public to exercise prudence when engaging with entities or individuals involving financial obligations.
Moving forward, Nana Appiah Mensah, or NAM1, the Chief Executive Officer, instructed all customers who still wished to recover their funds to engage with Payboy.
Initially, customers were required to pay a sum of GH¢650 to validate their transactions before receiving their rightful dues.
Menzgold urged customers with legitimate outstanding transaction claims to obtain the Menzgold digital verification access card from Payboy Agents.
These verification cards, priced at GH¢650 each, would permit customers to verify the validation status of their transactions between August 10, 2023, and 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:info@payboy.com. 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.
In April 2020, articles sourced from Dailyguidenetwork and thepublisheronline characterized Payboy as a digital payment service provider. The reports indicated that Payboy engaged in promoting various digital payment solutions for both individual and corporate clients globally. Notably, the company had facilitated debt settlement agreements between Menzgold and numerous clients as part of its endeavors.
Given the prevalence of illnesses and even deaths among some of the affected individuals, there is a question about whether Menzgold’s clients are inclined to make payments to either Payboy or Menzgold in their pursuit to recover their locked funds. This dilemma has caused varying sentiments among Ghanaians.
Some view it as a potential scheme to ensnare already disheartened customers and extract whatever little they possess, while others hold onto a glimmer of optimism that NAM1 will eventually fulfill his promise of reimbursing them, even after a span of five years and adherence to the stipulated procedures.
For Menzgold customers, the choice remains whether or not to participate in the fresh protocol outlined by Nana Appiah Mensah.
It’s crucial to highlight that an investigation by GhanaWeb Business has revealed that PayBoy Ghana lacks registration with the Bank of Ghana to conduct any form of fintech or payment-related transactions.