We have paid over 5000 customers 'in the background' - NAM1

The embattled Chief Executive of defunct gold dealership firm Menzgold, Nana Appiah Mensah, popularly known as NAM1, has said that the company has paid over 5000 customers.

He said the claims that he has not made payments to affected persons are untrue.

According to NAM1, the payments were done “in the background” and that has led to the “sanity” that has been witnessed regarding the issue.

“Contrary to the wrong notion out there that each time we have said we are making payments, we do not make payments. I can tell you on authority that based on the records I have seen, and perused, we have paid over 5000 people.

"You see the sanity you see in and around town, it is by virtue of handwork in the background. We have paid people. We decided that we weren’t going to wait until we exhaust all the processes,” NAM1 said whiles speaking on a Twitter space on August 20, 2023.

NAM1 made the comments after several backlashes he got after the announcement of payment of some 650 for verification who affected customers to authenticate payments of locked-up funds.

Menzgold Ghana announced a fresh round of customer validation to facilitate the processing of payments for its customers whose funds have been locked up.

In a letter dated August 18, 2023, the company informed its clients that this validation is necessary following the initial assessments, which according to them revealed that a significant number of claims contained unacceptable infractions that rendered them invalid.

“As indicated in our August 8th release: Menzgold has successfully and finally completed the validations of the transaction supporting documents Customers presented for vetting. Unfortunately, it was determined that over sixty percent (60%) of the claims were fraught with unacceptable infractions which invalidate the claims in question.”

The statement further conveyed that customers seeking to access their locked-up funds would need to participate in the Menzgold Digital Verification Access Card process, designed to verify transactions and validate claims.

According to the release, the Menzgold Digital Verification Access Card will be available for purchase at a cost of GH¢650 each from authorized Payboy Agents.

This card will enable customers to check their transaction validation status between August 10, 2023, and September 14, 2023. In addition, customers will be required to upload original colored soft copies of supporting documents for their transactions.

“To the above end and as part of the final phase of our due diligence processes, we urge all Customers who believe they have genuine indebted transactions claims, to check their transactions status by acquiring the Menzgold Digital Verification Access Card at GH¢650 each. from any authorized Payboy Agent to verify their transactions validation status from the 10th August, 2023 to 14th September, 2023 and, to upload original coloured soft copies of their transactions supporting documents.

“Menzgold cannot offer free verification service like we did for the validation exercise, as we are committed to marshal all available resources into paying off our Company's debt (liability).

“Please be well advised, that this final exercise is the most important due diligence standard.
"Customers who fail to undergo this process risk forfeiture of their purported claims, as their right of claim would have been waived by the failure on their part to discharge their obligation,” the statement added.

SSD/NOQ

Watch the latest edition of BizTech and Biz Headlines below: