Prime News Ghana

You have no cause to worry, all is well - Menzgold to clients

By Clement Edward Kumsah
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A Media report Monday indicating delays in the payment of latest dividends to clients of gold dealing firm, Menzgold Company Limited, has been acknowledged with a firm assurance that customers have no cause to worry.

Management of menzgold has hinted they encountered a few problems with some account details which have been resolved.

Some clients of Menzgold Company Limited started agitating at various branches of the gold-trading firm over the several days’ delay in payment of their latest dividend.

One of Menzgold clients complained that his money has delayed for close to a week after he and other clients were made to fill forms that would enable the payment of their dividends through the banks henceforth, instead of the over-the-counter payments they had been receiving ever since the business started.

However, responding to clients complains, Head of communications at Menzgold, Goerge Quaye said “What has changed is the mode of payment of extra value following our engagements with the relevant institutions. You know that previously clients could make cash calls on their extra value (dividends) directly from the company. Now all payments go through the banks,”

He added that in Menzgold’s bid to better serve its clients and to regularize some of its processes, the company chose the safer and more convenient mode of working with the banks for onward transfer of the extra value to clients.

“It is safer and more convenient as clients can access their values via a number of options, whether through electronic banking, credit cards or simply by rolling them over into their bank accounts. Yes, we have heard a few complaints of delays, and those bottlenecks are being looked into to ensure that our clients are happy. The process is new and naturally, a few challenges could be expected to which we deeply apologise and assure the few affected customers that we are working with the banks to have them resolved as soon as possible."

Speaking to Graphic, Head of communications at Menzgold also stated that the Mengold’s readiness to assist any client unable to access their funds to retrieve same, saying Menzgold has never defaulted in the payment of extra values.

“If there are delays, of course, we are ever ready to assist to resolve them. We encourage all our customers to please feel free to alert us on any challenges so we can quickly help resolve it. Our customers matter to us and we cherish them dearly. We are ready to help anyone of our clients in need of help.”

In a related development, The central bank, on 7 August 2018, issued a public notice, the fourth of many, that it was in discussions with relevant regulatory authorities to sanction Menzgold for engaging in “solicitation, receipt of money or investment and the payment of dividends or returns to its clients” without a licence to do so.

The BoG, in an advertorial in the dailies signed by Mrs Caroline Otoo, Secretary to Governor Dr Ernest Addison, said in spite of several of cautions to Menzgold Ghana Company Limited to desist from the act, it persists in its deposit-taking activity in breach of section 6(1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

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