Home World Payboy terminates agreement with Menzgold following EOCO arrests

Payboy terminates agreement with Menzgold following EOCO arrests


Payboy Corporation Minimal, the payment firm that was recently appointed by Menzgold Ghana Minimal to negotiate a settlement with its unpaid customers says it has terminated its settlement with the latter.

The selection follows the arrest of officers of the corporation on Wednesday, May well 27 in relation to its job as a third-bash entity guaranteeing the payment of the financial investment of clients whose monies are still locked up.

In a statement saying the arrest, the Financial and Organised Criminal offense Workplace (EOCO) explained its original investigations have disclosed that the firm was working without the need of the requisite licenses from possibly the Bank of Ghana (Lavatory) or the Securities and Trade Fee (SEC), therefore cannot deliver on the companies purported by Menzgold.


Backing this assert, Payboy mentioned while it is a marketing and promotions company, it is not “an real digital payment company service provider or an electronic dollars issuer, dependent on the simple fact that the organization does not very own or operates a electronic or digital payment services infrastructure still.”

“We have indicated to Menzgold Ghana Enterprise Confined, our decision to decide-out of the ‘Payment facilitation Agreement’ we signed on February 7, 2020. Among other individuals, we indicated that we would not confess any Menzgold purchaser at our premises on the foundation of negotiating and facilitating mutually suitable payment mode or manner for the indebted consumer,” section of the push launch sighted by JoyNews said.

The assertion even more stated that despite the fact that the organization does not have a agreement with Menzgold, it will keep on to impress on the embattled gold dealership to proceed building payment to the purchasers that have contracted them.

The electronic payment marketing and promotions agency also reported administration is cooperating with EOCO in the ongoing investigations and expressed preparedness to guide in any type important.

Since September 2018, Menzgold has been in the information just after SEC purchased a shut-down of their functions following investigations uncovered they have been using dollars deposits illegally.

The growth led to the lock-up of cash which resulted in many legal tussles and demonstrations from the firm and its founder, Nana Appiah Mensah.

Menzgold subsequently appointed Payboy Corporation Minimal as a 3rd bash to negotiate debt settlement with its quite a few aggrieved shoppers.

But the actions of the electronic payment internet marketing and promotions firm led to teams like the Coalition of Aggrieved Prospects of Menzgold accusing Payboy of getting an additional ponzi plan initiated by Menzgold.

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